House Sale Ghopper02

#1
Hi,



Just registered with the site and have a question if anyone has any help???



My wife is selling her house and we stand to gain around £50,000 from the sale. We want to save the money till we can sell the house we are in now and use both profits to buy a bigger house.



My question is..... where is the best place to save the money till it's required? Band account, ISA, Investment etc??



Thanks in advance



Richard

#2



Hi,



Just registered with the site and have a question if anyone has any help???



My wife is selling her house and we stand to gain around £50,000 from the sale. We want to save the money till we can sell the house we are in now and use both profits to buy a bigger house.



My question is..... where is the best place to save the money till it's required? Band account, ISA, Investment etc??



Thanks in advance



Richard
Originally posted by Ghopper02


You surely don't want to risk losing that money as it will have a big impact on your plans. It sounds like you will need it fairly soon, too.



You should just put it in a bank account until you need it. There is a part of the MSE site dedicated to which bank accounts are the best.



You won't get much interest, as "high interest bank accounts" don't currently exist.





Off the top of my head, between you and your other half, you can get about £40K into a Santander 123 account at 1.5%. BoS will give you each 3% on £15K. And Nationwide will give you each £2500 at 5%.

#3
Temporarily high balances



From 3 July, 2015, FSCS increased cover for temporarily high balances, for instance an inheritance or a redundancy payout.

Deposits up to £1m can be protected for up to six months from when the amount was first credited.



NS&I income bonds are one of the account that other MSE'rs have used, not that high interest but you wont have to split the money.



NS&I Income Bonds



Have a look at the link see if its suitable.



Westie983

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