[Closed] Cash from House Sale

Despite the lowered chances of winning, premium bonds are my choice.

The money I have in premium bonds would get me about £50 a year interest if I had it in my RBS account, whereas I've been averaging £50 a month in my premium bonds

Bob - How quickly can you withdraw funds from premium bonds ?

Unless it's a very cheap house, multiple accounts are essential. £85k in each, unless my memory fails me.

Alternatively I've heard Rolls Royce share are a sure fire win at present ( assuming you are downsizing)

Where you 'invest' it would surely depend on how long you're planning on leaving it there before buying your next house. So Premium Bonds could be an option, else your bank. I would consider the threshold at which your money isn't protected (can't recall what that is these days) should the bank goes belly-up.

If its over £85k I would try and spread it across a number of accounts

I'm not bothered about 'investing it' as such as will hopefully need it again soon. Does the £85k limit you refer to separate bank brands, or parent companies ? We're talking circa £300k.

I believe Octopus Cash do (or did) some fixed interest accounts where you can put in a large amount and they spread out across multiple banks, with up to £85k in each

Parent companies, so yes be careful.

Eg RBS NatWest etc

the limit is per person though, so (I think) a joint account has double that. I'm more sure that separate accounts (for him and her) under the same bank each have 85k protection, but I would double check before relying on it 🙂

Premium bonds has a 50k limit but funds transferred next day if sent before 3pm. Something close to that anyway.

Premium Bonds, 50k limit but you can do them for you, her, and the nippers, so that's £200k. Then you can have savings accounts, a sole account each for you and her with whoever, 85k each, so that's another £170k.

I can recommend a good Building Society 🙂

Op! I would suggest googling to find your answers as it is your money after all.

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

That's all useful to know, was forming much the same question.
Didn't know about the "temp. high balance" clause.

Edit/Update - Octopus Cash are no longer taking further investments.

Thanks all, especially dero.

Premium bonds has a 50k limit but funds transferred next day if sent before 3pm. Something close to that anyway.

Three days to receive the funds back in my bank account. This happened just a couple of months ago, and caused a bit of worry.

I wish I'd asked on here 6 months ago when I was in a similar position. I didn't know about the 'temporary high balance' thing either so opened multiple saving accounts.

@marcus if you do deposit with a bank it surely has to be the one that shares your name - https://www.marcus.co.uk/uk/en ?

Money saving expert will tell you the current best saving rates. You get 6 months of protection up to £85,000.

We're in a similar position - £50k each into premium bonds and we shoved the rest into NS&I Income Bonds (unlimited protection) the problem if that from November, interest rates crash from 1.15% to 0.01% - so whereas I was getting just about enough to cover my rent, I'll now get enough to buy a pint of milk.

aren't banks protected by HM treasury up to 85k for each person?

NS&I its ALL protected by HM treasury

Stick it in your choice of NS&I product

Or Apple computer (joke)

But who seems more likely to go bust.... Apple or HM treasury...?

with premium bonds - beware for short-term savings, your bonds don't actually become eligible until a full calendar month after you deposit the cash (*). So if you might be buying a house quickly you won't even have a *chance* of winning anything.

(*) I haven't doubled checked the T&Cs but that used to be the case.

yup, it's a full calendar month dc.

Currently looking at mix of Bonds, and a couple of the higher paying instant access accounts for flat purchase. The temp. cash balance may or may not apply to me so am somewhat wary of relying on it in unlikely imperfect storm.