950k from house sale, where is best to put it?

RJD123 · 17 July 2018 at 2:18PM

Hi everyone, any advice appreciated. We are about to sell our house but do not have a place to move to yet. We are going to live in rented accommodation for the interim but we are worried how best to safeguard the £950,000 from the sale of the house.

We will need easy access to it again when we buy the next which will hopefully be sooner rather than later.
Is it better to spread the money in different accounts or stick with barclays, who we have banked with for years.
Thoughts please, and thank you in advance.

MallyGirl · 17 July 2018 at 2:32PM

I think you get 6 months where sums > £85k are protected. It depends on your timescales as to what you do after that

SG27 · 17 July 2018 at 2:59PM

Yes you get increased FSCS protection up to £1m for 6 months after a house sale.

https://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/

So for 6 months you could put it all into a savings account for example tescobank at 1.3%

Or for ease and unlimited protection you can use NS&I direct saver at 0.95%. This is the option Im going for after my house sale as it may be longer than 6 months and I dont want to do multiple transfers.

950k from house sale, where is best to put it?

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