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Best short term home for significant sum

(4 Posts)
Chasingsquirrels Wed 05-Apr-17 08:19:17

Unfortunately I should be receiving a significant sum from a life insurance policy, and while I'll plan to do something with longer term I'll need an immediate home for it, where it is safe.

I know about the protection limit (although would have to check what it currently is - £85k?) and am therefore going to have to split the amount over a number of accounts.

Is there anything else I can do with it?
Any NS accounts where the protection isn't limited.

Obviously interest would be good but given current rates I don't expect much, and it isn't intended for the long term - just while I get through the current period and then decide how to invest it more permanently.

Thanks

PoundlandUK Wed 05-Apr-17 08:21:24

NS? Do you mean National Savings?

kimnews Wed 05-Apr-17 08:28:10

The Financial Services Compensation Scheme covers temporary high balances up to £1 million for occasions such as this, so it will be fine in any one savings account.

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

Chasingsquirrels Wed 05-Apr-17 08:31:57

I didn't know about that kimnews, that's very helpful - thank you.
Six months will definitely give me breathing space to think about things, and to try and get the estate into some kind of order.

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