Just sold partners house for £600k - where to stick the cash?

Aberdeenangarse

Won’t need it for at least six months, which I believe is protected by FCS. Then we have to decide how to invest the £85k chunks after that.

Any ideas?

thanks

Daliah

https://moneyfacts.co.uk/savings-accounts/, and/or https://www.nsandi.com/

p00hsticks

Aberdeenangarse said:

Won’t need it for at least six months, which I believe is protected by FCS. Then we have to decide how to invest the £85k chunks after that.

Any ideas?

thanks

So when are you likely to need it - are we talking months, years or decades ?

The timescales involved are likely to influence both the recomendations and the relative impact of different interest rates...

Aberdeenangarse

p00hsticks said:

Aberdeenangarse said:

Won’t need it for at least six months, which I believe is protected by FCS. Then we have to decide how to invest the £85k chunks after that.

Any ideas?

thanks

So when are you likely to need it - are we talking months, years or decades ?

The timescales involved are likely to influence both the recomendations and the relative impact of different interest rates...

We’re using some of it to extend my house. Architect’s currently in planing stage, probably nearer a year before we get the builders on site.

Flugelhorn

I have put similar in NS&I as it is all protected

km1500

All protected yes, but at a cost.

NS&I direct saver pays 1.2% so £7200 a year on 600,000

Compare that with 2% in instant access (£12,000 a year) or even more if you fix it then you are paying a lot for that protection ...

Bigwheels1111

I would split it up into multiple pots.
Just make sure with interest add it’s not going over 85K
I'm using Al Ryan 2.1% and Gatehouse 2.0% easy access.
Then some 3-6 month fixed pots.
Just make sure you know the daily withdrawal limits when you need the cash.

ForumUser7

And as there will probably be a lot of accounts, I’d recommend keeping a spreadsheet with account details, providers, balances etc. in case you somehow forget about any

xylophone

https://www.fscs.org.uk/what-we-cover/banks-building-societies/

https://www.fscs.org.uk/industry-resources/deposit-protection-banks/#:~:text=We are joint account holders,within the bank/banking group.

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

MX5huggy

Probably put £50k each in Premium Bonds currently averaging 1.4% but is more like 1.3 once you ignore the big prizes. But its tax free and basically instant access (under a week). Buy before the end of the month because you have to hold for a calendar month before they go in a draw. 

Millyonare

How critical is it really to "extend the house"? Be honest.

My mate just wasted £50k on landscaping his house / garden, and it looked little different to when he started.

When someone pointed out that he could've thrown that 50k in his pension, and subsequently retired perhaps 5 years early, he looked crestfallen. He knew it was a bad choice.