should we move the money from the sale of our house for 3 months?

nicky_h_4

We have just sold our house and will not complete on the our new house purchase until February. Is it worth or even allowed moving our money from the sale to a higher interest account or some other savings pot?

MX5huggy

The best easy access savings account is paying 0.66% for 3 months you would earn £165 interest for each £100k in the account. Only you can decide if it is worth it. 

msallen

As to whether its worth it. You haven't told us how much you would consider worthwhile doing it for - would you move it around to gain 5p? Would you for £10K? Somewhere in between? Only you know that figure, not us.

How much could you earn in interest by moving it around? You haven't told us how much cash is involved so we can't work that out for you.

What law exactly do you imagine might prevent you from being allowed to move your own money between accounts?

Albermarle

or even allowed moving our money from the sale 

It's your money , you can do what you want with it . 

nicky_h_4

msallen said:

As to whether its worth it. You haven't told us how much you would consider worthwhile doing it for - would you move it around to gain 5p? Would you for £10K? Somewhere in between? Only you know that figure, not us.

How much could you earn in interest by moving it around? You haven't told us how much cash is involved so we can't work that out for you.

What law exactly do you imagine might prevent you from being allowed to move your own money between accounts?

We have £200K 

AskAsk

i would say yes as you won't get much but better than nothing.  every little counts as they say.

redpete

If you know you won't need the money until Feb, you could use notice-accounts with 30-60 day notice period to get a bit extra interest.

For me the small amount of effort to open maybe 3 new savings accounts and manage the notice period would be worth the ~£500 available in interest.

george4064

Stick it all in an easy access savings account, which one you choose depends on what account(s) you may have already and how much effort you’re willing to put in.

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

FSCS protection is temporarily increased from £85k to £1m since you qualify for the ‘temporary high balance rule’, more info here: https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

grumiofoundation

nicky_h_4 said:

We have just sold our house and will not complete on the our new house purchase until February. Is it worth or even allowed moving our money from the sale to a higher interest account or some other savings pot?

As mentioned above it is up to you want is worth it.

Normally you are only FSCS protected up to 85k but as this is from a house sale you should be protected on full amount.
https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

Although you mention we - is this in a joint account or split across 2 peoples accounts?


As well as instant access savings accounts you could put 50k per person in premium bonds (if you don't already have).

nicky_h_4

grumiofoundation said:

nicky_h_4 said:

We have just sold our house and will not complete on the our new house purchase until February. Is it worth or even allowed moving our money from the sale to a higher interest account or some other savings pot?

As mentioned above it is up to you want is worth it.

Normally you are only FSCS protected up to 85k but as this is from a house sale you should be protected on full amount.
https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

Although you mention we - is this in a joint account or split across 2 peoples accounts?


As well as instant access savings accounts you could put 50k per person in premium bonds (if you don't already have).

Yes it is a joint account.