Proceeds from sale where to keep interim

[Sweett00th]

So off back of flat sale funds came through into account. We are due to hopefully exchange and a complete mid January. I’m nervous having the funds in my account is it worth moving and how easy is. It to do.

How much is it? The FSA protects up to £85K or £170k for joint accounts so you could split it around a few banks. Make sure to check the ownership structure though. If you're exchanging in a few weeks I would probably just leave it in the bank TBH.

It’s above the 85k. I can try move to another account and split and not put all eggs in one basket.

ownership structure?

You are covered for up to £1,000,000 up to 12 months from house sale proceeds at the moment, not just 85k.

I've opened Premium Bonds and set the rest aside in the best east access savers, not great interest but it's something!

I believe money from property is secured to a higher amount (£1million) as we've recently looked into this as will be in same position soon. Sorry can't find the link.

@DiesalFive

You are covered for up to £1,000,000 up to 12 months from house sale proceeds at the moment, not just 85k.

I've opened Premium Bonds and set the rest aside in the best east access savers, not great interest but it's something!

Ok great thanks.

Yes as others have said you’re covered for 12 months for house sale proceeds up to £1m. We’re in a similar situation as we took £100k out of the proceeds of our house sale to cover future renovations and have kept them in an online Marcus account.

@theresagiantonthebeach the £85k protection only applies to funds saved within each financial institution with a banking 'authorisation' - not each bank account, or even each bank. So, if you’ve saved more than £85,000 with two banks that are owned by the same institution with just one authorisation, you're only covered for £85,000 in total. Hence needing to check ownership.

Here's a tool to help: www.fscs.org.uk/check-your-money-is-protected/

I think the 1 million pound protection for 12 months has been extended until February due to Covid, after February I think it goes back to 6 months. How long ago did you sell the house?

Sold this week, given 1million protection I’ve kept most in my main account and rest topped bonds so should be ok 👍🏽

We transferred to NS&I Direct Saver. Secure as Government backed and instant access. Interest rubbish at 0.15% but everywhere is.

I laboriously transferred mine to NS&I from HSBC at 25K a time, but then saw on moneysavingexpert they had a technical glitch and transfers were taking time. Lots of posters on the NS&I Fb page. Radio 4 were also discussing NS&I on Moneybox and said they need to improve their systems. Have managed to transfer it back to HSBC at £50K a time. It's worrying isn't it!

With the Ns&i bonds I just logged into their website to pay money in and did around 15k each time to top up bonds. I do have direct saver and have tried same method but then left it as was being decline by bank. Think as I was doing few times so they put a halt.

We will be in the same position next week. We are putting £170k in our savings account (just dropped to 0.36% interest unfortunately) and the remainder (30ish k) in premium bonds, hoping for some good luck!

Really good to know though that we're protected for longer, although it may be a while before we buy again. I am going through all of the security features on my bank account to make sure everything is in place. I almost got scammed a few months back so I'm very nervous.

I was out walking around with my current account bank card in my purse when my house sale funds were credited, I rushed home to transfer it to my 'flex saver' account which doesn't have a card. With all these scams it is a real worry.