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  • FIRST POST
    • Pattyg
    • By Pattyg 17th May 17, 10:49 PM
    • 1Posts
    • 0Thanks
    Pattyg
    Where can I put my money to keep it safe
    • #1
    • 17th May 17, 10:49 PM
    Where can I put my money to keep it safe 17th May 17 at 10:49 PM
    Hello,
    I have sold my house, I have not found a new property and will be living with family temporarily. My question is I will have a lump sum and I wanted to put this somewhere safe so I can access it when I find a new property. I know there is only a certain amount that is safe in a banking institution and wondered what people would recommend?
Page 1
    • cjv
    • By cjv 17th May 17, 11:08 PM
    • 206 Posts
    • 107 Thanks
    cjv
    • #2
    • 17th May 17, 11:08 PM
    • #2
    • 17th May 17, 11:08 PM
    Spread it around in current/instant access savings accounts, so you do not hold more than 85,000 with any one institution and your money will be safe, as the compensation scheme is per institution. Just be sure all the providers you choose are covered by FSCS

    Some useful info here too: http://www.moneysavingexpert.com/savings/safe-savings
    • xylophone
    • By xylophone 17th May 17, 11:10 PM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    • #3
    • 17th May 17, 11:10 PM
    • #3
    • 17th May 17, 11:10 PM
    Or just put the lot into NS&I Income Bonds.
    • chockydavid1983
    • By chockydavid1983 17th May 17, 11:11 PM
    • 580 Posts
    • 352 Thanks
    chockydavid1983
    • #4
    • 17th May 17, 11:11 PM
    • #4
    • 17th May 17, 11:11 PM
    You are covered for a 'temporary high balance' for 6 months.
    Otherwise, split over a few accounts or put it all in NS&I.
    • Gadfium
    • By Gadfium 18th May 17, 7:23 AM
    • 639 Posts
    • 1,199 Thanks
    Gadfium
    • #5
    • 18th May 17, 7:23 AM
    • #5
    • 18th May 17, 7:23 AM
    Or search for the million other threads in this forum alone that all ask the exact same question....
    • MEM62
    • By MEM62 18th May 17, 11:32 AM
    • 1,572 Posts
    • 1,193 Thanks
    MEM62
    • #6
    • 18th May 17, 11:32 AM
    • #6
    • 18th May 17, 11:32 AM
    Safe from what?
    • EdGasketTheSecond
    • By EdGasketTheSecond 18th May 17, 12:32 PM
    • 550 Posts
    • 303 Thanks
    EdGasketTheSecond
    • #7
    • 18th May 17, 12:32 PM
    • #7
    • 18th May 17, 12:32 PM
    In NS&I the whole amount is protected. Put it in there.
    • eskbanker
    • By eskbanker 18th May 17, 1:14 PM
    • 7,118 Posts
    • 7,534 Thanks
    eskbanker
    • #8
    • 18th May 17, 1:14 PM
    • #8
    • 18th May 17, 1:14 PM
    Or search for the million other threads in this forum alone that all ask the exact same question....
    Originally posted by Gadfium
    But it's only the first 85,000 that can be relied on as safe advice
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