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where should I put the proceeds from the sale ?
Need some advice and would appreciate any help at this time
Hi all, I’ve sold my Home and moving back into my mothers due to my ill health and recovering from my cancer surgery
where should I put the proceeds from the sale ? Roughly £160,000
(Likely to be a year ?).
Many thanks
Comments
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For just a year a savings account. If tax is an issue think about ISAs for some of it: £20k this tax year and £20k next.Karis1111 said:Hello
Need some advice and would appreciate any help at this timeHi all, I’ve sold my Home and moving back into my mothers due to my ill health and recovering from my cancer surgery
where should I put the proceeds from the sale ? Roughly £160,000
(Likely to be a year ?).
Many thanks
Moneyfacts is one of the best places to look but when looking at the tables make sure to change the sort to, ‘rate.’
https://moneyfactscompare.co.uk/savings-accounts/
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Apparently you can put up to £120k in one banking group and have it covered by guarantees so it will be safe. I "think" you can put the whole proceeds of a house sale into an account for 6 months so you have time to shift it about as needed. Best to split the money in half to give you head room for interest.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇🏅🏅🏅🏅🏅🏅0 -
Two options spring to mind for you to look into:
(a) NS&I accounts: These will be 100% protected as you are loaning money to the UK Government.
(b) FSCS TEMPORARY HIGH BALANCE (6 month) arrangement: Details can be found here.
https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/
Normal FSCS Savings Protection has been raised from £85,000 to £120,000,
This protection only applies to Banks, Building Societies & Credit Unions on the FSCS list.
So check them out at: https://www.fscs.org.uk/check/
Hope you have a quick recovery and a happy 2026.
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Thank you all for taking the time up comment and give advice 🙏0
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Could do £20k in an ISA now and another 20k in April, Chase savings are paying are 4.5% atm should be good for the rest. If you havent completed yet it's worth opening accounts just beforehand, as i had trouble getting approved just after selling due to address changes and credit agency lag.{Signature removed by Forum Team - if you are not sure why we have removed your signature please contact the Forum Team}0
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