How to protect cash from house sale

[whyamidoingtgistomyself]

Ok, so planning ahead

It is most likely that we will have sold our house and be living with family for a few months. Just easier with distances and COVID

Which means we will have a lot of money, for buying the next house. More than the 80k which is the maximum you can keep in a bank and have it secured against bank failure

What do people do in this situation?

Have another account at a different bank.

I think proceeds from house sales aren't subject to the cap, I could only be half remembering that and getting it wrong but worth you having a google to check

I think there are different provisions if it is sale proceeds - could be 12 months for funds up to GBP1,000,000. Have a look at the FSCS site, that will have the actual limits.

NS&I is backed by the Treasury and your money will be safe up to 1mil.

N S and I.
I opened an account there for this. I would also buy maximum amount of premium bonds.

Thanks all! Off to nsi !

There's temporary high balance protection here:

www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

Otherwise split it in £85k bundles between different banks but check banks are not linked as some banks share the £85k total, FSCS site has the list of who is linked.

House sale funds in your normal bank have protection for six months.

If you do want to transfer to NS&I I found that HSBC bank don't recognise them as a company. I rang NS&I and they recommended I transfer a tester amount, which worked, so I'm now transferring in chunks :)