Selling Property in UK

Pilkgrim

I am selling my home in April and not sure when or where I will buy again. Where should I keep the money in the meantime? Are there things I need to know?

user1977

This sounds more like a savings/investment query than a property-selling one?

dinosaur66

i would put it in a traditional high street bank like nw in a 3 point.something interest account with maximum 3 withdrawls account for 4 or 5 months to you decide what you want to do and where to live

i would not lock it up in any fixed term and NW are so big that your money is safe from any bank crashes

but this is only my view of what i would do

SiliconChip

Two relevant questions: how much is it, and how long is it likely to be until you might need to use it?

The FSCS now covers amounts in any one financial institution for up to £120,000, so if it's less than that put it in whatever savings account pays the best interest (although whether that's easy access, limited access or fixed term will depend on your circumstances).

If it's more than £120,000 and you'll be buying within 6 months you can take advantage of the temporary high balance provisions of the FSCS for up to £1.4 million. If you're leaving the money for longer than 6 months then you should split it across more than one financial institution.

LHW99

Or use NS&I - their accounts are covered by the Government for any amount I believe

Albermarle

If it a largish amount and it is there for any length of time, then you will end up owing some tax on the interest.

Still a lot better than getting no interest at all !

Bigwheels1111

As above time scale is the first issue.

1 month, 3 months, 2 years etc.

Interest and tax, get the best rate and just pay the tax.

You can get over 4% - 4.5% easy access.

Depending how much work you want to do, there are regular savers.

I deposit £5000 a month into them from 5.5% to 7.5%.

Let alone an easy access isa, 20k now and 20k in April.