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Temporary parking large sums
Hi All - I am raising a large amount of cash by remortgaging my current house for building work. While going through the planning part, it will be another 4-5 months before the funds start getting used. I am thinking to put it in Cash ISA (not sure if Vanguard money market funds or easy access ) and NS&I, wondering if that is the most optimal use of ideal cash. Is there another low risk option? Thanks for your advise.
Comments
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How large?
You can't pay more than £20K into an ISA, for example.
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about 150K, which is why remaining would go to NS&I after using cash ISA allowance of spouse as well.
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Fair enough, it did cross my mind that there might be two of you, despite the references to "I" rather than "we"! If you stash £40K in ISAs, the remaining £110K would comfortably fit within the FSCS protection limit (which would be £240K for a joint account anyway), so no need to use NS&I for safety, just pick a leading easy access account.
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