Money from house sale

patricia222

Where do I put money from house sale temporarily. Will be over £85,000 so do I have to split it between banks for safety?

pumas

No, it's protected for 6 months.
https://www.moneysavingexpert.com/savings/safe-savings/

Neil49

If it's longer than 6 months then move it to NS&I which is government backed.

I think £2 million is the limit in a savings account but I may be wrong. 

Flugelhorn

Neil49 said:

If it's longer than 6 months then move it to NS&I which is government backed.

I think £2 million is the limit in a savings account but I may be wrong. 

I used this one - easy to open direct savings account online - transfers in and out (to designated account) easy 

Greatgimp

For the sake of the poxy interest rate, consider branching off £50k to premium bonds at the same time.

xylophone

If it's longer than 6 months 

https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

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. The protection begins from the date the temporary high balance is credited to an individual depositor's account, or to a client's account on an individual's behalf. This date may be earlier than the date the temporary high balance was credited to your account with the failed firm. You don't need to tell us if you have a balance higher than £85,000.

macman

Put it into easy access or short term notice savings accounts (max £85K in each), which will pay several hundred times more than NS&I are currently offering (though it'll still be sub-1%).

Mutton_Geoff

Neil49 said:

If it's longer than 6 months then move it to NS&I which is government backed.

0.01%. No thanks. That's £10 a year per £100k invested. You can get £500 per £100k in any number of accounts (but would limit those to £85k for security).