Where to keep money between house sale and house purchase?

[RightImDoingThis]

I think that there's going to be a space of weeks or months between selling my current house and buying my next house. What's the best way to keep this money safe? It'll be at least £160k and there's no mortgage to pay off.

We had 7 weeks between sale and purchase. Solicitor kept the money and sent us the interest it earnt while it was with them.

I just put mine in a bank account. If it’s a sole account, it’s worth splitting it across a couple of banks as the FSCS only protect up to £85k. Didn’t worry too much about earning interest as I knew it wasn’t going to be there for long.

Thank you. I knew there was a a limitation on the protection (thought it was £70k, so glad that's risen). Am dreading this whole process, but trying to feel the fear and do it anyway.

Proceeds from primary house sales are protected upto £1m by FSCS for 6 months. Second home/ buy to let are not covered by this.

Stick it in a high interest savings account that has FSCS protection and you can access the full amount when you need to as some facilities limit the daily withdrawal amount.

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

There's additional protection for temporary high balances due to house sales and inheritance. It means anything up to £1 million is protected for six months under the FSCS scheme.

As to what to do with it, outside of the usual high interest accounts, I'm going to be THAT person that suggests premium bonds given the short time frame.

Oh, that's fab thank you @EveryDayisFriday and @ItsFineReally.

National Savings guarantee all your money, not just first 85k.https://www.nsandi.com/products

I had about 2 weeks between inheriting and exchange/completion, just kept it in a savings account.