Large amount of cash account

oscar1985_2

Hi All,

I am in the process of selling two houses two buy a bigger one. After the first house goes through I’ll have a large amount of money to keep somewhere until I buy the bigger house. 

It’s likely to be for a period of about 6 months. 

Can anyone recommend a good account to place this money in, that’s protected and can be withdrawn at any time. Even better if I can accrue some interest on it in that time. 

I don’t really want to gamble with it.

Many thanks in advance, 

Sarah

masonic

If it is for no longer than 6 months, then you'll have temporary high balance protection up to £1m for proceeds of the sale of your main residence but not a second property: https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

All deposits at NS&I are backed by the Treasury, so you may be best using saving account(s) there.

Any money saved elsewhere that wouldn't qualify as a temporary high balance for FSCS protection would need to be spread around and limited to £85k per institution if you want it to be completely safe. You could potentially earn more interest, but would need to do more work for it.

Daliah

masonic said:

All deposits at NS&I are backed by the Treasury, so you may be best using saving account(s) there.

Also Premium Bonds

maxsteam

I agree that NS&I should be something to look at. They do, however, have a few gremlins in their works so, when it comes time to withdraw, you should not leave things to the last minute in case issues arise. They are definitely the safe option but you need patience to deal with their inefficiencies.

oscar1985_2

Thanks everyone. I thought NS&I would be the best option too. Many thanks 

oscar1985_2

Sorry all, I should have asked, what sort of account do I need to get from ns&i?

masonic

oscar1985_2 said:

Sorry all, I should have asked, what sort of account do I need to get from ns&i?

It shouldn't be difficult to choose: https://www.nsandi.com/products