where to put house sale money

penguin_sam

I'm just about to receive £600,000 from sale of my house. I'm moving to wifes old flat whilst we look for a new property. Where should I put the money. Might need it quickly when we find somewhere but want to offset as much as possible the  rising market 
Cheers

Slithery

In your bank account?

penguin_sam

cheers

NameUnavailable

Bitcoin? You make millions overnight apparently.

hazyjo

Both should max out on premium bonds. That still leaves £500k though...

davilown

I think, iirc, you’re covered up to a million if it’s from a house sale in your bank account?

JJR45

NS&I account, that is what we have done. But 6ou not going to get hardly anything 8n interest. But it's safe.

JJR45

davilown said:

I think, iirc, you’re covered up to a million if it’s from a house sale in your bank account?

I think that is for a short period of time, like a few days maximum. Could be wrong though.

hazyjo

davilown said:

I think, iirc, you’re covered up to a million if it’s from a house sale in your bank account?

Yeah, but they're hoping to make something. They won't get much interest from a standard bank account. (Wouldn't get much from a savings account either lol.) I can't imagine there's many places they can put it for what will prob be less than 6 months. Plus then it would have to be split up to be safe (as you mention).

Ramouth

I thought it was up to a year at the moment but have just checked and see that it is 6 months:
https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

As for where to put the money - just find the account with the best interest rate.  They are all pretty poor at the moment but you can get slightly better rates for limited withdrawal accounts etc.

JJR45

Ramouth said:

I thought it was up to a year at the moment but have just checked and see that it is 6 months:
https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

As for where to put the money - just find the account with the best interest rate.  They are all pretty poor at the moment but you can get slightly better rates for limited withdrawal accounts etc.

Cheers, did not know it was that long.