Where to safely deposit proceeds of house sale

SueShipley

I sold my home at the end of 2021 and am still looking for the next one. I understand the proceeds of the sale deposited in my bank account are protected for up to six months but after that I may have to open several accounts with different banks. 

Any thoughts on the best easy access accounts I could use? Or is there an alternative solution? Thanks in anticipation. 

Sue S

c-m

Online accounts will be the quickest. Starling, Monzo, Chase. All have Full FSCS protection up to £85k

If it's going to be sitting around the a long time, you may want to collect interest on it. In which case take a look at the MSE easy access saver guide. Just be sure the institution doesn't share it's FSCS with another you have deposits in. For example HSBC and First Direct. 

When it comes time to buy, it can be a little slower to move money out of savings accounts, but normally we're only talking a day or two. Otherwise with current accounts you've access to faster payments. I think with Starling you can move up to £250,000 a day, Chase you can move £25,000 at time, but Monzo has a £10,000 limit. 

Thrugelmir

NSI is an option. Can deposit up to £1 million. 

VKE

Have a look at:

• Chase; Save acc is 1.5% & Current acc gives 1% cashback for 12mths
• Zopa; Smart Saver standard is 1.19% & Boosted Pots: 7days 1.23%, 31days 1.34%, 95days 1.44%
• Cynergy 1.20%
• Tandem 1.10%
• Atom, Marcus, Saga 1%

wmb194

Thrugelmir said:

NSI is an option. Can deposit up to £1 million. 

No, more like £4m per person spread across its various accounts.

SueShipley

c-m said:

Online accounts will be the quickest. Starling, Monzo, Chase. All have Full FSCS protection up to £85k

If it's going to be sitting around the a long time, you may want to collect interest on it. In which case take a look at the MSE easy access saver guide. Just be sure the institution doesn't share it's FSCS with another you have deposits in. For example HSBC and First Direct. 

When it comes time to buy, it can be a little slower to move money out of savings accounts, but normally we're only talking a day or two. Otherwise with current accounts you've access to faster payments. I think with Starling you can move up to £250,000 a day, Chase you can move £25,000 at time, but Monzo has a £10,000 limit. 

Thanks. Looks like I’m going to have to open about 12 new accounts if I want protection for the full amount currently on deposit. I’m assuming NSI still only protects £85k? 

Notepad_Phil

SueShipley said:

c-m said:

Online accounts will be the quickest. Starling, Monzo, Chase. All have Full FSCS protection up to £85k

If it's going to be sitting around the a long time, you may want to collect interest on it. In which case take a look at the MSE easy access saver guide. Just be sure the institution doesn't share it's FSCS with another you have deposits in. For example HSBC and First Direct. 

When it comes time to buy, it can be a little slower to move money out of savings accounts, but normally we're only talking a day or two. Otherwise with current accounts you've access to faster payments. I think with Starling you can move up to £250,000 a day, Chase you can move £25,000 at time, but Monzo has a £10,000 limit. 

Thanks. Looks like I’m going to have to open about 12 new accounts if I want protection for the full amount currently on deposit. I’m assuming NSI still only protects £85k? 

From https://www.nsandi.com/get-to-know-us/security/protect-your-money

"NS&I is a little different from your normal bank or building society. Yes, we're like a bank in that we’re a place to put your savings, but we’re also part of the government. And, as the government’s savings bank, we have the backing of HM Treasury, who guarantee 100% of everything you invest in NS&I. Not just £85,000 - every penny."