Best short term account - between houses

swinstan

Looking for the best place to put £125000 within next few days, after a house sale, waiting for next purchase. Not rushing to buy to beat the stamp duty deadline. That seems unrealistic, so probably be in the account for around 6 months, maybe more. Also, not sure about how they manage ID checks for opening a new account. Do I need to take this into consideration too?
Thanks

colsten

You won't get much interest anywhere if that's what you are asking. Check out https://moneyfacts.co.uk/savings-accounts/

If the account is in your name only, you have FSCS protection on up to £85,000; double that for joint accounts (assuming you pick an account with FSCS protection). Although there is temporary high balance protection.

All financial institutions will attempt to verify your ID electronically. If they don't find you, they might ask you for additional ID. ID requirements are usually published on the respective provider's website.

evanescent

I would consider placing £50K in NS&I premium bonds if I were you. For the rest of the money you could open a Virgin Money current account - their linked instant savings account offers 0.5% interest rate, and the VM current account offers 2.02% on the first £1,000. Plus you could get a case of wine if you switch an old account to VM and meet the other switch criteria. 

swinstan

Thanks for the advice