Where to put equity from house sale while i rent

imavillan

Hi all, 

My wife and i have  sold our house are i'm planning to move away from the area we are in now to a totally different part of the country. We are planning to rent so we can get to know the area better and wait for the right house to come on the market. We are not too bothered about renting for 6/12/18 months or so or however long it takes.  We have no mortgage so all of the proceeds from the house sale is ours and this is in excess of 450k 

My question is where is the best place for us to put the money, It's not an investment, it's effectively on hold until we need it for our next house purchase so it needs to be somewhere safe and easily accessible. We are aware of the protection given up to 85k or double for couples and we pay basic rate tax.

We are thinking of just using our existing bank account and opening some other accounts with different banks to capture the difference in the amount.

Any thoughts?

Thanks in advance

Albermarle

Yes you could scroll through the threads on the forum as the same question is asked on a very regular basis .

whitesmith

Your limit for protection is 85k per institution, although that goes up if the deposits are as a result of a house sale (for 12 months I believe).

Given that everyone's savings rates are rapidly heading towards zero, you might save yourself a lot of hassle just putting it into NS&I direct saver for the 18 months.

If, on the other hand, you like hassle, look around for the best rates and be prepared to split it up once the 12 months is up.