If you moved into rented what did you do with house sale proceeds?

[1Hazel1]

We are about to have around £320k transferred into our bank account from a house sale - we've gone into rented to break the chain, and we are hoping to buy somewhere else in the next year. What would you do with the money in the meantime? We thought to maybe max out our premium bond accounts and spread the rest between bank accounts so it will be protected by the £85k bank protection limit. Does that sound like a good plan? We wouldn't want to invest in shares or anything longer term like that as we need it to be available when we need it. What have other people done in this situation?

Ns&i has a 1million protection limit. So I did exactly what you suggest, maxed out premium bonds (for both me and partner) and then opened an account with them and put the remaining funds in.

Premium bonds and bank accounts

NS&I - I thought the protection was up to £3m but actually their website now says they'll protect all your savings (www.nsandi.com/get-to-know-us/security/protect-your-money). So I'd Premium Bond everything you can and then put the rest in an NS&I Savings Account.

Proceeds of sale are protected for up to 12 months. During that time the £85k limit doesn't apply.

If you're planning more than 12 months I'd probably say bonds and across bank accounts

I think it’s reverted to six months now, 12 was a temporary measure due to Covid. It’ll be on the FSCS website.

Thanks everyone - useful info. I've just opened a NS&I saver account, which seems like the safest option :)