House sale proceeds

Stegor

Hi everyone, we are in the process of selling our house in Scotland and relocating yo England. There may be a gap between selling and buying so we will have around £200k that we need to stash somewhere safe, any advice on where tk put it would be appreciated, thanks.

lisyloo

I would go for 3 savings accounts with no notice period.
For FSCS protection make sure they aren't in the same group e.g. lloyds/halifax.

If they period is very short you could go for one account with NS&I but you'll get more interest with the first option.

penners324

lisyloo said:

I would go for 3 savings accounts with no notice period.
For FSCS protection make sure they aren't in the same group e.g. lloyds/halifax.

If they period is very short you could go for one account with NS&I but you'll get more interest with the first option.

House sale proceeds are protected for 6 months under FSCS

Stegor

Thanks for the quick replies. I've looked at the FSCS website which confirms temporary high balances from house sales are covered for 6 months, I wasn't aware of this so that's a great piece of information penners324, thank you. The gap between selling and buying should be less than 6 months so that puts my mind at ease, thanks again.

Bigwheels1111

You say we, do you bath pay tax ?.

High or low rate ?.

Have you opened an ISA this year.

2 X Trading 212 5.17% easy access ISA would cover 40k.

https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/

Then easy access for the rest.

I would use Chip as near instant deposits and withdrawals via open banking.

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/

I have a sidekick account but not worked out how to fund.

Having 40 plus accounts with other banks etc that is not good for sidekick is it.

WillPS

lisyloo said:

For FSCS protection make sure they aren't in the same group e.g. lloyds/halifax.

This is good advice, except for the example - Lloyds Bank and Bank of Scotland (including Halifax) have separate FSCS protection despite common ownership.