Short term place for house sale money

FJArmstrong

We have sold our house subject to contract but haven’t been able to find a new one to buy yet. We are therefore continuing with our sale but will rent for a short time to be in a better position when the right house comes along.  Has anyone done this and/or can advise on the safest place to put our house sale money in the short term?  Thank you 

eskbanker

In terms of safety, up to £1m of proceeds from selling your main residence is protected by the industry compensation scheme (FSCS) for up to six months, so you can use any account (within the remit of that scheme, as most are in the UK), although obviously you'd be looking at easy access products.  If the period extended beyond six months, you'd either have to spread your money into £85K chunks or use NS&I's derisory rates - slim pickings all round just now though:

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Albermarle

Has anyone done this

Considering the large  number of identical questions we get on this same subject , it must be a very popular thing to do !

El_Torro

Long story short: Use NS&I. Put £50k each in Premium Bonds and the rest in a Direct Saver. 

The Direct Saver has a terrible interest rate, but at least all the money is secure and you don’t have to worry about the protection expiring after 6 months.

tostaky

In a similar position.....
Where do I find info on Premium bonds? Can you withdraw money after 6 months if invested in premium bonds?
Thank you

george4064

NS&I Premium Bonds

Swipe

tostaky said:

In a similar position.....
Where do I find info on Premium bonds? Can you withdraw money after 6 months if invested in premium bonds?
Thank you

All the info is on the NSandI.com website