Most efficient use of house sale proceeds whilst looking for another...

keep_it_simple2

Hello All,
We have sold our house and are going to rent for a short time whilst we look for another house.

I will have a sum of money (more than 85K) from the sale and am looking for suggestions on the best place to put it (earning interest) while we look around.

It will need to be easy access (or reasonably easy access), pay interest monthly and secure for sums over 85k.  I could split it  between several account but would prefer to keep it together for ease if poss.

NS&I comes to mind but as far as I can see the intterest on their easy access is paid annually.

What are peoples thuoghts or suggestions?

Many thanks

Neil.

ritz55

Would suggest to put £20k into an isa so it's tax free and the rest split into £85k chuncks. If it's a joint account you can open a joint account and put in £170k in each so you are protected. 

wmb194

keep_it_simple2 said:

Hello All,
We have sold our house and are going to rent for a short time whilst we look for another house.

I will have a sum of money (more than 85K) from the sale and am looking for suggestions on the best place to put it (earning interest) while we look around.

It will need to be easy access (or reasonably easy access), pay interest monthly and secure for sums over 85k.  I could split it  between several account but would prefer to keep it together for ease if poss.

NS&I comes to mind but as far as I can see the intterest on their easy access is paid annually.

What are peoples thuoghts or suggestions?

Many thanks

Neil.

By closing them you can receive interest on annual accounts at any time you like.

ColdIron

NS&I Income Bonds are easy access and pay monthly

Great for you if …

• You want your interest paid out every month
• You want to add to your savings pot as you go
• You need easy access to your money

https://www.nsandi.com/products/income-bonds

6022tivo

50k into premium bonds. 
It's fun and easy access and tax free. 

Won £400 this month! 

keep_it_simple2

Thanks a lot for yuor suggedtions folks - a couple to have a think about. 

Bigwheels1111

Split it up, keep deposits around 80k.

85k is protected but interest over that is not. So you could lose some money.

Chip's ISA is near instant access, less than one minute.

Easy access, select rate order and or lenth.

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&product-favorites-first=false

Notice accounts

https://moneyfactscompare.co.uk/savings-accounts/notice-accounts-up-to-90-days/?quick-links-first=false&product-favorites-first=false

gt94sss2

You don't necessarily need to split your balance in £85,000 chunks.

See https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/