200k where to put this amount for Savings

quattros

Evening all 
My Parents are currently in the process of a House Sale and would like to know where they could put this amount of Money so they could get good interest on it? I know banks/Building society rates are pretty poor at the moment.

Also Reference the FCSC money protection I believe is £85,000 is this still the case?

Thanks in Advance

grumiofoundation

FSCS protects temporary high balances in your bank account, building society account or credit union account of up to £1million for up to twelve months so this is not a worry initially.
https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

For highest rates see link below. Although the return is not guaranteed they could put 100k (50k each) in premium bonds and with average luck would return ~0.9% (all prizes also tax free).
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/


Will they be holding this money for the longer term?

quattros

Hi Thanks for your Reply , Ok that’s good they cover larger amounts 
they will be looking for another property at some point but not in a rush so could be short or long term until they find something suitable.

Hi Thgrumiofoundation said:

FSCS protects temporary high balances in your bank account, building society account or credit union account of up to £1million for up to twelve months so this is not a worry initially.
https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

For highest rates see link below. Although the return is not guaranteed they could put 100k (50k each) in premium bonds and with average luck would return ~0.9% (all prizes also tax free).
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/


Will they be holding this money for the longer term?

Eco_Miser

grumiofoundation said:

For highest rates see link below. Although the return is not guaranteed they could put 100k (50k each) in premium bonds and with average luck would return ~0.9% (all prizes also tax free).
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Note that the 'average luck' return is based on holding the bonds for a year or more.

Bonds are not entered into the draw in the month they are bought, nor the following month, so for short term savings, while the capital is completely safe the return is completely unpredictable.

Albermarle

https://forums.moneysavingexpert.com/discussion/6222847/where-to-keep-my-250k-for-3-6-months#latest

MEM62

quattros said:

My Parents are currently in the process of a House Sale and would like to know where they could put this amount of Money so they could get good interest on it? 

In truth, you cannot get good interest on it in today's market and any offer that they may receive to the contrary is likely to be a scam.  Investing is pretty much the only route to any kind of return at the moment.     

quattros

The Rates are pretty poor in a lot of banks/ building society’s, I would ideally be looking at putting money into a easy access type of account so can retrieve it quickly .

Dazed_and_C0nfused

Savings champion has 0.55 or 0.50 as the rate on their best buy "easy access" accounts.

So just £83-£91/month on the full £200k.