Temporary high balance savings

(8 Posts)
Savagebeauty Thu 02-Jun-16 19:42:08

I have a large amount of money by coming my way from a house sale. I'm not buying immediately... probably within 6 months.
I was originally going to open a number of accounts to ensure I only had £75000 in each so was covered if the bank went tits up.
Came across the "life events" cover...up to £1million covered if money only in one account for 6 months.
I want immediate access to the money, so not locked away.
Would you go for one account to begin with, then spread it out if next house purchase not imminent?

Sunseed Fri 03-Jun-16 07:47:58

Don't forget that a deposit with NS&I will be fully covered as backed by the Government so might be worth a look. Even if not great interest rate, on such a short timescale won't make much difference to returns but will save you the hassle of opening multiple accounts with different institutions.

Savagebeauty Fri 03-Jun-16 07:50:12

Ah...was researching that last night.
Think I'm going to go with that.
Thanks!!

Sunseed Fri 03-Jun-16 13:31:14

smile

specialsubject Fri 03-Jun-16 20:09:00

Might be worth some hassle given that appalling 0.8% interest rate. .. A bit of work will pay you some more.

Savagebeauty Fri 03-Jun-16 20:51:50

I can't face opening 8 different accounts

specialsubject Fri 03-Jun-16 21:53:53

Think of it as paid work. Or don't do it and lose cash.

FinallyHere Fri 08-Jul-16 13:12:53

While you wait, Id certainly put the maximum into premium bonds, no loss and no tax to pay on any wins.

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