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House Sale Lump Sum for Short Term Savings
webbieads
Posts: 2 Newbie
Hi there,
First time posting so hope I'm in the right place. We are selling our house and will receive around £600k. We are then moving into rented accommodation for about 9 months. After the rented we will purchase a house for about £400k saving the £200k. I'm wondering how to save the £600k. As we will need access to the money I'm thinking an easy access savings account/s. To protect our money I'm thinking about 6 savings accounts. What would you do?
First time posting so hope I'm in the right place. We are selling our house and will receive around £600k. We are then moving into rented accommodation for about 9 months. After the rented we will purchase a house for about £400k saving the £200k. I'm wondering how to save the £600k. As we will need access to the money I'm thinking an easy access savings account/s. To protect our money I'm thinking about 6 savings accounts. What would you do?
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Comments
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No need to split it into 6, it's already covered by FSCS as part of their rules for temporary large balances from property saleRemember the saying: if it looks too good to be true it almost certainly is.1
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webbieads said:We are then moving into rented accommodation for about 9 months. After the rented we will purchase a house for about £400k saving the £200k. I'm wondering how to save the £600k.
Only for the first six months....jimjames said:No need to split it into 6, it's already covered by FSCS as part of their rules for temporary large balances from property sale3 -
Temporary high balances | Check your money is protected | FSCS
Alternatively you can save the money with NS&I. As they are effectively the Govt, balances are safe up to any limit, although the interest rates are not the best.( but not that bad)
Direct Saver | Our Savings Accounts | NS&I
Be aware that you will very likely owe some tax on the interest gained, in any account.3 -
Albermarle said:Temporary high balances | Check your money is protected | FSCS
Alternatively you can save the money with NS&I. As they are effectively the Govt, balances are safe up to any limit, although the interest rates are not the best.( but not that bad)
Direct Saver | Our Savings Accounts | NS&I
Be aware that you will very likely owe some tax on the interest gained, in any account.
Except for Premium Bonds where any prizes are tax-free. If you can put (2 x) £50k in, you are likely to win some prizes over the timescale, although nothing is guaranteed so it could only be a couple of the small prizes, and you would gain less than in a taxable account.
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