Save £200k for three months

homelyn

I have a sum of money that I need to keep safe for three months whilst buying a house, do I save it in a single account (probably not) or in multiple bank accounts. 

If so where, any ideas?

thanks

eric

Zanderman

There'd (probably) be no problem in one account if it's FSCS protection you're worrying about.  It would (I'm guessing as you don't say where it's from) come under their temporary high balance rules:
https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

Or NS&I would give full protection too.

medias

I'd put it all in 2-3 savings accounts with the highest interest rate I could find. I wouldn't keep all my eggs in one basket even though protection is over £85K for such money. Just before the end of December I'd transfer £50K to NS&I premium bonds, to be eligible for the 1 Feb draw. 

JGB1955

I'd put it all in 2-3 savings accounts with the highest interest rate I could find. I wouldn't keep all my eggs in one basket even though protection is over £85K for such money. Just before the end of December I'd transfer £50K to NS&I premium bonds, to be eligible for the 1 Feb draw. 

The 'over £85K' protection is only for certain temporary high balances - see Temporary high balances | Check your money is protected | FSCS  The OP hasn't said the source (or amount)  of the money

eskbanker

JGB1955 said:

I'd put it all in 2-3 savings accounts with the highest interest rate I could find. I wouldn't keep all my eggs in one basket even though protection is over £85K for such money. Just before the end of December I'd transfer £50K to NS&I premium bonds, to be eligible for the 1 Feb draw. 

The 'over £85K' protection is only for certain temporary high balances - see Temporary high balances | Check your money is protected | FSCS  The OP hasn't said the source (or amount)  of the money

OP did specify £200K in the thread title, and states (or at least heavily implies) that the money is for buying a house, so, as long as it'll be their main residence, the source of the funds shouldn't matter, as the FSCS THB life events include:

Real estate transactions (property purchase, sale proceeds, equity release - relating to your main residence only. This does not have to be a UK property but must relate to your main residence).