Where to put cash safe in the short term?

[CashPanic]

We’ve sold our house and are renting for a short while. The sale proceeds hit our account and it’s making me VERY nervous. Where can I put it that’s safe (and safe from us dipping into it!)

Other MN threads have recommended premium bonds, but we’re over the maximum. Where else can we stash it?

Gahhh ‘cash safely’, not safe. I don’t have a cash safe.

NS&I, 100% backed by the government with no limit www.nsandi.com/our-products, although how much that's worth?

Otherwise spread it around keeping under the £85k limit with each related instution.

How long will you need it for?

Anything up to £85k is 100% safe in each bank, as you will be refunded in the (very, very unlikely) event that the bank hits problems.

If you have more than that it might be best to split it between banks - but make sure that the banks are actually separate, for instance RBS and NatWest are the same group so are covered by the same limit.

Assuming it will be in cash for less than a year, I'd stick it in a savings account that requires 60/90/180 days notice to withdraw money, to avoid the temptation to dip in.

I've not checked recently, but Investec generally do good ones.

Open an easy access savings account and put it in there. The small amount of interest you'll get will be nice.

All UK banks have protection up to £85k (eg if bank went under like northern rock) so perhaps spread it between a few providers if you've got more than £85k and want belt and braces.

Also, depending on how long it will be there is also the £1m 6 month protection.

www.fscs.org.uk/your-claim/temporary-high-balances/

Ok that’s good to know, thank you! We should only be renting for 6 months, all being well.