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Proceeds of house sale question.
wp1234
Posts: 5 Forumite
Just hoping I could pick the collective minds.
I will be selling my house soon and just want to place the proceeds of the sale in a safe place for a number of months whilst hunting for a new house possibly abroad.
I will be selling my house soon and just want to place the proceeds of the sale in a safe place for a number of months whilst hunting for a new house possibly abroad.
I am aware that UK banks have an £85k protection for individual accounts and £170k for joint accounts but the money I need to 100% protect is more than this. Is it just a matter of opening more UK bank accounts to cover the amounts necessary or is there an easier way ?
Thanks all.
0
Comments
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there are a couple of things you can do -
one is to read up on "temporary high balances in accounts" - these are protected in circumstances like yours
https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/
or
open an NSI account (which is what I did) - it is all protected in there - rates not great but it can all be in one place as long as you like2 -
You can chuck a load in premium bonds as well - my other half had inheritance from sale of family home and the IFA we use even suggested as an option, giving a load to me for bonds as well - it's safe and you can get the cash back easily and might win something
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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