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House sale funds
funkymonkey969
Posts: 4 Newbie
Good afternoon all!
I have recently completed the sale on my house and will likely be completing the purchasing of my next house in around 3 months time. Obviously the funds are above the 85k limit but are protected for 6 months under the FSA life event cover, however if I were to move this to a high interest savings account, would they still be protected? I am unsure of what to do, I want to make the money work for the time I have it, but also don't want to put it at risk.
Any thoughts would be greatly received!
I have recently completed the sale on my house and will likely be completing the purchasing of my next house in around 3 months time. Obviously the funds are above the 85k limit but are protected for 6 months under the FSA life event cover, however if I were to move this to a high interest savings account, would they still be protected? I am unsure of what to do, I want to make the money work for the time I have it, but also don't want to put it at risk.
Any thoughts would be greatly received!
0
Comments
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https://forums.moneysavingexpert.com/discussion/comment/80811881#Comment_80811881 links to other threads about this - the bottom line is that FSCS have given out contradictory advice on this subject but are reluctant to be definitive until examining actual cases. The very last bit of the linked post is noteworthy IMHO!
1 -
NS&I Direct Saver 4%. 100% protection. Max £2m.
Not the highest rate going but as you're only looking to do for 3 months or so it is possibly the most straightforward option with the least risk.3
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