What to do with money from house sale?

[harpygoducky]

House sale went through today finally but we haven’t found anything to buy yet and are staying with family in the short term. What’s the safest place to keep the money while we look for a purchase? Obviously getting some interest would be nice but far more important is that money is safe. As I understand it, banks only guarantee money up to value of £85k and this is quite a bit more than that. It would be for about 6 months (hopefully!)

I am not a Financial Adviser.
Was listening to Money Box on Radio 4 the other day and they said that all deposit money (i.e. including over the £85k) is guaranteed at NS&I.
DirectSaver

85k is guaranteed at each bank so you Dan have multiple accounts for it

Just make sure they are actually different banks e.g first direct and hsbc are different brands but same bank

Premium bonds? You can have £50,000 per person, you should get about £150 a month in "prizes" -you might win more (but you might get nothing) cashing out is easy and usually quite quick.

Thank you. I do have an N S and I account so will try them. It’s quite a considerable sum of money (I know I am lucky- South East property prices) so I don’t think splitting it between multiple accounts is practical

When monies come from the proceeds of a house sale or certain other things the £85,000 limit is increased so you can keep the monies in one place for 6 months. The below is copied from the FSCS website

Temporary high balances
FSCS protects temporary high balances in your bank account of up to £1million for up to six months. The protection begins from the date the temporary high balance is credited to an individual depositor's account, or to a client's account on an individual's behalf. This date may be earlier than the date the temporary high balance was credited to your account with the failed firm. You don't need to tell us if you have a balance higher than £85,000.

Certain life events could have caused a temporary high balance in your bank account, including:

Real estate transactions (property purchase, sale proceeds, equity release - relating to your main residence only).
Benefits payable under an insurance policy.
Personal injury compensation (unlimited amount).
Disability or incapacity (state benefits).
Claim for compensation for wrongful conviction.
Claim for compensation for unfair dismissal.
Redundancy (voluntary or compulsory).
Marriage or civil partnership.
Divorce or dissolution of their civil partnership.
Benefits payable on retirement.
Benefits payable on death.
A claim for compensation in respect of a person's death.
Inheritance.
Proceeds of a deceased's estate held by their personal representative.
To prove you've held a temporary high balance we may ask for proof, which could include (but not be limited to) the following:

A property sale receipt or agreement.
A court judgement.
A will.
A letter from an insurer regarding an insurance payout.
A letter from a lawyer, conveyancer, mortgage provider, former employer, pension trustees.
Court orders.
Social security statements.
Probate/letters of administration.
Death/marriage certificate.
Land register and HMRC records.
This list is not exhaustive and the evidence required will depend on the life event of your individual circumstances. If you provide the relevant supporting evidence, we'll pay you compensation within three months.

The highest interest rate is currently with NS&I so is the best choice plus is fully guaranteed so is a no brainer.

You want the income bond and might want to think about£50k of premium bonds as you should get close to that interest rate with a small chance of beating it.