We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Easy access, safe savings account for funds of house sale

Hello, 
We've sold our property and are going into rented as we can't find anywhere to buy presently.

I'm wondering what to do with the equity in the interim, obviously it cannot stay in our current accs. We have one savings acc currently but it's only covered up to 80k so we need another for the remainder. Preferably one which:
Covers more than the 80k
Is super safe (I work with elderly people and do a lot of notifications around scams and it has made me really paranoid)
Is easily accessible when we need it - I've heard of some accounts where it can take weeks and weeks to draw down a withdrawal - don't want that. 

The above criteria is much more important than any interest we may earn, clearly a nice bonus but in an ideal world this money would barely have touched us and would have gone back to a mortgage provider as part of a house purchase. 

TIA :smile:

Comments

  • eskbanker
    eskbanker Posts: 38,163 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    After selling your main residence, you're covered for up to £1m for up to six months under the FSCS temporary high balances provision, so your money is safe wherever it is (in FSCS-protected accounts!) for now.

    If you're looking for protection for more than £85K after that, then NS&I is the only one-stop shop, or you could split the money across multiple easy access savings accounts:

    https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
  • BonBons2021
    BonBons2021 Posts: 21 Forumite
    Third Anniversary 10 Posts Name Dropper
    Thank you @eskbanker I had no idea re the first point! Good to know, although I don't want it hanging around in my CA. 
    Yes we are its 220 in total so I'd rather just open one other account, I will check out NS&I. 
  • MX5huggy
    MX5huggy Posts: 7,170 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    £100k (as £50k each) in Premium Bonds, then you only need 2 other accounts for the rest after the 6 month high protection period. Although I’m not sure I would bother with worrying about FSCS protection if it was going to cost me. 
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.4K Banking & Borrowing
  • 253.7K Reduce Debt & Boost Income
  • 454.4K Spending & Discounts
  • 245.4K Work, Benefits & Business
  • 601.2K Mortgages, Homes & Bills
  • 177.6K Life & Family
  • 259.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.