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Savings bank
L123
Posts: 82 Forumite
I’m about to receive a large proportion of money from a house sale. I will fill my ISA allowance but where should I place the reading money? I will need access to it to buy another house at a point in the future.
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Comments
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In the absence of information about how much money and how long for, check out leading easy access options at:
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
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Easy access savings and/or notice savings; fixed term savings but only if you know you won't need it for that length of time: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
Although there's temporary protection for larger sums, it might still be worth considering the £85k FSCS protection limit0 -
Only relating to main residences, OP wasn't clear on that either, simply referring to "a house sale" and buying another.amanda1024 said:...there's temporary protection for larger sums...0 -
L123 said:I’m about to receive a large proportion of money from a house sale. I will fill my ISA allowance but where should I place the reading money? I will need access to it to buy another house at a point in the future.
Not withstanding the lack of clarity around this being an investment property, if it is indeed their main residence, the protection mentioned is only available for 6 months.eskbanker said:
Only relating to main residences, OP wasn't clear on that either, simply referring to "a house sale" and buying another.amanda1024 said:...there's temporary protection for larger sums...
ETA. only
Temporary high balances | Check your money is protected | FSCS
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After ISA allowance spread your cash across best paying currently available easy access accounts. Don't exceed £85,000 per institution (go a bit lower than £85k to allow for interest to be protected too).L123 said:I’m about to receive a large proportion of money from a house sale. I will fill my ISA allowance but where should I place the reading money? I will need access to it to buy another house at a point in the future.
When you receive your money go to https://www.moneysupermarket.com/savings/goals/?goal=SAV_EASYACCESS , scroll down to the bottom, click on "show me these accounts" and you will get the list to choose from.0
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