House sale proceeds

(5 Posts)
JadeFeather Wed 16-Mar-16 14:25:39

Hi
We are about to complete and looking for a new house to buy whilst we live with family. I'm wondering where we should put the proceeds of our house sale (200k).
I have my own santander 123 and a joint one with my husband that's empty. I'm thinking about putting some into our joint account so Sanatnder hold £150k. For the remainder (around 100k) are there any recommendations or should I just go with NSI? Thanks

wowfudge Wed 16-Mar-16 14:52:09

Aren't savings only protected up to £75k in an account? You might want to consider having less in each account. From the new tax year, you each get a tax free interest allowance (the amount depends on your tax rate) so something else to bear in mind.

JadeFeather Wed 16-Mar-16 14:58:47

In a joint account I believe it's up to 150k.
Thanks for tip on tax free allowance

MrsSteptoe Wed 16-Mar-16 15:00:20

Also worth knowing that if you are holding the proceeds of a house sale, at least some and possibly all banks have a much higher temporary ceiling for protected funds. IIRC, it's up to a million for six months.

MrsSteptoe Wed 16-Mar-16 15:01:19

Link re temporary high balances

www.fscs.org.uk/news/2015/july/new-protection-from-today-for-temporary-high-balances/

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now