House Sale Lump Sum for Short Term Savings

webbieads

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?

jimjames

No need to split it into 6, it's already covered by FSCS as part of their rules for temporary large balances from property sale

eskbanker

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.

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 sale

Only for the first six months....

Albermarle

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.

LHW99

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.