Best way to use proceeds from house sale

grambulf

I can't believe that this is a new topic but I'm brand new on here so please bear with me.

We've just acquired £100k from a house sale. We don't immediately need it so we would like to put it, or some of it somewhere it can grow?

Any suggestions

Keep_pedalling

You say you don’t need it immediately, but you do need to give us an idea of any short, medium or long term plans you have for this money. Don’t expect to get any real term growth in the short term.

Linton

When will you need access to the money? If it is less than 5-7 years you should keep to savings accounts.  If some/all wont be needed for > 10 years you could consider at least some in shares using investment funds.  If the money won't be needed until you retire then pensions are normally the best option.

If you are keeping the money in bank accounts for more than 6 months you should split the money between different banks since FSCS protection should a bank fail is normally limitied to £85K though much larger amounts are protected for 6 months from when they are deposited if they are just being held temporarily  - eg after a house sale.

I suggest you have a look on the "Savings" forum.

MSE_ForumTeam5

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