Not where, but how to save house sale proceeds

Oldhand_2

We're moving house in a few days time and stand to receive some £200k paid into our joint account. The savings rates the bank offers are abysmal, so we would like to move the proceeds to a instant access savings account elsewhere. However to open a new account inevitably we would be asked for utility bills or other proof of residence which we wouldn't have. How have other house movers overcome this?

Should we open a new account now, with our current lived-here-30-years address, and then tell them later, or is that too sneaky to pass scrutiny?

mebu60

Open accounts before you move.

Even if you do post move the likelihood is that they will ask for previous address and time spent there as your new residence would be less than three years and they'll probably be happy with that.

You will need to provide details of a current bank account and as long as you are on the electoral roll for the previous address the likelihood is you will be validated electronically.

eskbanker

https://forums.moneysavingexpert.com/discussion/6657636/not-where-but-how-to-save-house-sale-proceeds

While opening an account pre-move might appeal, there's always the risk that key product information (e.g. online banking details) sent by post might not all come through in less than 'a few days' - will you have mail forwarding set up?

Oldhand_2

I never thought of that, thanks. We will have mail forwarding setup.

J63320

Be aware that your online banking might have a daily limit on how much you can transfer. When I was in that position I had already opened an NS&I Direct Saver for the proceeds - full FSCS protection, though strictly speaking not necessary for funds from a “life event” - and set it up as an online banking payee, but I went into a branch to do the transfer at the counter. I took the documentation from the house sale in case they asked where the money had come from, but they didn’t.