Savings Account

Mike_May73

Hi. We are in the process of selling our house and there will be a gap of 4-6 weeks before we move in. We will have around £250,000 to bank for that iinterim period and I was wondering:
a) Do we need to split the amount into separate accounts? or
b)Put it into one account to gain the maximum interest over a short period.

Any assistance will be greatly appreciated

eskbanker

Splitting into multiple accounts is normally only considered as a way of protecting savings by virtue of the FSCS £85K limit, but they offer coverage of temporary high balances of up to £1m for up to six months for sums relating to significant life events, such as selling your home, so no need to consider splitting here:

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

flaneurs_lobster

Just a single account will be fine. Do you have a suitable account available? Chase have an easy access savings account available (if you have their current account) paying 5%.