Best place to put proceeds of house sale for a short period?

[CorporateBull]

Just that really - we are selling our house and have an uncertain (could be several months) period before we buy our new one. We'll be temporarily in charge of a six figure sum. What's the best thing to do with it? I've heard that Premium Bonds can be good but Martin Lewis recently said they weren't as good as a savings account - but is that still valid if you need instant access and only a short investment period?

My bank account is at your disposal 😇

😂😂

I love my premium bonds! You can only put £50000 each in them. Not entered into draw until second month so do it quick if you want to before the end of the month. Then join us on the premium bonds thread and put the rest into a high interest instant access account.

I'd just go with two savings accounts (split across two different banks so you get the £85k government backed guarantee)

Premium bonds are only drawn once a month so you'd likely miss a few months draws depending on deposit and withdrawal times

I put my house sale proceeds in the NS&I.

I've just noticed that MN lists all the near-identical threads at the bottom of your own thread now (did it always?) so you can see just how many other people have asked the same question recently. The shame.

NS&I seems to be the most popular answer!

www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Best instant access rates here. £85k per person in each (so £170k if it's a joint account) will be protected

NS&I- unlimited protection but it only pays 1.8%.

So the Q is whether you can be bothered opening multiple accounts for the extra interest or would you rather keep it simple? For me, the extra interest makes it well worth the extra faff- £100,000 in the top paying instant access account for year would make nearly £1k more in interest than in NS&I.

I’d do account opening for the interest but am in a role with quite a lot of AML issues so it could be a pain for that reason.

So funny!
Just noticed this as well

The FCSC protect temporary high balances up to £1,000,000 for a period of up to 6 months. So whatever you elect to do long term, you don’t have to do it immediately

atom bank - run by former CDEO of first direct

has a 6 month bond paying 3.55 so on £50k would earn you £872 9 months bond would earn you 3.93% and make you £1496 on £50k

if there are two of you, then two accounts with £50k would still be safe if not a joint account and obviously make you £2996 over 9 months