Question for those that are selling, but not buying (yet)

[areyouhavingagiraffe]

Long story short, but I may be moving in with family following my Sale (fingers crossed). My purchase is going a bit pear shaped. Anyway, for those of you in a similar position (i.e not buying), what are you doing with the funds from your sale? I will have a fair bit of money (well for me anyway, just under £200K), and I know funds are only guaranteed in the Bank up to £75K (if one person named on account). This £75K is per Institution, and not per Account. I know the chances of a Bank going bust are very low, but......How are you protecting yourself? Getting a number of Accounts with different Institutions? (I think this can be complex as you have to make sure they are not sister companies/ subsidiaries etc)

Premium bonds? You can put 50k into bonds per person with direct access to get them out when you want.

There are exceptions to the amount that is protected if proceeds of a property sale, under temporary high balance rules. Agree with the point on putting up to £50k into premium bonds. I won £25 last month

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

@coffeequeenindevon, amazing thanks! I was thinking I may need to open several more accounts. I think I will speak to my Bank beforehand.

My money is mostly with my lawyer as my anticipated purchase was to happen this week. Anyway I've got the rest in an instant access savings account. I'd only buy short term bonds o the like if I didn't need it very soon. And frankly if NatWest goes under in the next couple months then there's something much bigger going wrong with the world!

@Livingintheclouds, ha ha love it. I am with NatWest too :-)

I just left it with NatWest, too big to be allowed to fail

We put ours in Ns&I bonds and an NS&I savings account, because we wanted it away from our normal accounts so we couldn’t just spend some of it Willy Nilly as if if we felt flush we tend to “treat” ourselves....

Haha, once NatWest accidentally transferred all my savings to someone else’s account when the bank clerk keyed in the wrong sort code. Took weeks to rectify. They gave me £100 and a sorry-not-sorry apology. I’d stick it all in a box under my bed.

Watching with interest! We will be completing hopefully next month but renting for a year or so.

I'd definitely put it in separate accounts to safeguard it and in addition to NS&I I'd consider putting it into a cash ISA or shares ISA.

I'd not personally bother with premium bonds - but that's just me.

I may be wrong but I am under the impression that monies from the sale of a property that was your principle private residence are ring fenced for 6 months from the date of completion and do not count for purposes of banks going bust. They are protected as a separate entity.