What sort of account do you keep the proceeds of your sale in?

[SleeplessNutNotInSeattle]

When you my house these days, it far exceeds the £85,000 that is guaranteed in an ordinary bank account. What do people do with the money in the short term if they aren’t buying again immediately?

I put mine in an NS&I account because it’s backed by the Treasury and so the £85k limit doesn’t apply (it’s uncapped). That said, given all that’s happened this year I’m not sure Treasury-backed is as reassuring as it could be!

I think (and check this in case I’m wrong) that you’re covered for up to 6 months with the proceeds of a house sale in any account, even if it’s over £85k.

I second National Savings as well.

Definitely OK for six months in normal bank account. I'm going to transfer mine to NS&I now.

Thanks so much, I should have thought of this before!

Which type of National Savings account did you use?

@SleeplessNutNotInSeattle

Which type of National Savings account did you use?

It depends how quickly you will want to take the money back out. All rates are low at the moment but I think I used whichever instant access product had the highest rate at the time. You could even put some in Premium Bonds if you are not bothered about the interest and feel lucky! There is a per person max for premium bonds. The website is very clear with the features of the various options. It takes a while to get set up online so best start before the money arrives.

I inherited from house sale and out some in premium bonds (50k limit) and have won each month ! Actually makes me sick that those with money just get richer.i also opened and resurrected various bank accounts.
Be careful about the 85k limit as some banks are linked (no separate licence) and so money in two just counts as limit of 85k. Martin Lewis site has good list of linked banks.
THANK YOU re ns&i bank account - I actually didn’t know they existed and certainly not that there was no limit of protection (?!) I just went straight for premium bonds. I too am going to investigate !

Ypsilanti - thanks from the bottom of my heart for the ns and I 100% security point. I already had premium bonds but have now opened another product with them - peace of mind and saves me scurrying round openings/managing multiple accounts.
And thanks op for the thread.

Temporary high balances from house sale or inheritance are fscs protected for 6 months as a previous poster said.... Info here www.fscs.org.uk/how-we-work/temporary-high-balances/

Pleased to be able to help! I was anxious about it too. I used the investment bonds, but as others have said, the majority of their accounts are suitable.

@Ypsilanti

Pleased to be able to help! I was anxious about it too. I used the investment bonds, but as others have said, the majority of their accounts are suitable.

Income bonds, even 🙄

The easy access account seems to have a £100K limit or am I misreading something?

Just took another look - income bonds max is 1 mill. Other products have other maxima (eg premium binds 50k) can’t see on with 100k max
Go to nsandi (make sure you are on their site) national savings and investment - then look at ‘our products’.

Thanks everyone, esp @Ypsilanti, this has been so helpful. I actually wondered if I was missing something because I have seen nothing anywhere about what to do with the proceeds of a sale when it's a large amount.

Opened accounts with differs providers after buying the obligatory 50k premium bond lottery ticket (I won about a grand in 6 months).