What to do with house equity for 3 months?

foofaroo
foofaroo Forumite Posts: 5
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We will complete the sale of our house in c.3 weeks and won’t complete our purchase until October (lucky to be able to move in with family short term).  This does pose the question, what to do with our equity for 3 months (>500k).  My objectives are to put it to work to earn a return, but clearly have a limited appetite for risk but would tolerate some risk on a proportion of it.  Any ideas?

Foofaroo

Comments

  • kaMelo
    kaMelo Forumite Posts: 2,128
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    For three months I would say a savings account is the only suitable option. Three months just isn't long enough to take risks with money for a house purchase
  • Bobziz
    Bobziz Forumite Posts: 493
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    A 95 days notice account should net you about £5k assuming 20% tax over £1k interest.
  • RobM99
    RobM99 Forumite Posts: 2,414
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    Bobziz said:
    A 95 days notice account should net you about £5k assuming 20% tax over £1k interest.
    Would this all be covered by FSCS as it's a "lifetime event"?
    Now a gainfully employed bassist.
  • Bobziz
    Bobziz Forumite Posts: 493
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    RobM99 said:
    Bobziz said:
    A 95 days notice account should net you about £5k assuming 20% tax over £1k interest.
    Would this all be covered by FSCS as it's a "lifetime event"?
    https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

    Not completely without risk. Only risk free option is NS&I.
  • foofaroo
    foofaroo Forumite Posts: 5
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    Bobziz said:
    RobM99 said:
    Bobziz said:
    A 95 days notice account should net you about £5k assuming 20% tax over £1k interest.
    Would this all be covered by FSCS as it's a "lifetime event"?


    Not completely without risk. Only risk free option is NS&I.
    I had no idea! You’ve saved me a load of time. Thank you
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