Proceeds of house sale question.

wp1234

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 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.

Flugelhorn

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 like 

Nasqueron

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