Depositing house sale proceeds

[Zonergem]

Selling London house, paid off the mortgage a while back so will have about 1.1m to warehouse whilst we look for the forever home.

Capital preservation, deposit insurance and the desire to avoid huge anti-money-laundering ballaches when getting it all out again are factors here.

What should I do?

[SlowcoachIII]

Not too sure about the other two but the FSCS covers large temporary balances up to £1m for up to 6 months in your Bank or Building Society account.

https://www.fscs.org.uk/what-we-cover/compensation...

[williaa68]

Assuming you want to be able to access it reasonably quickly I'd stick it in an NS&I instant access account. Interest rate isnt bad (0.95%) and so the different between that and the best instant access account around is about 35bps. Assuming 40% tax, that's 20 bps or about £200 a year. Even if no tax the difference is only £350. I'd rather be rock solid than relying on temporary FSCS protection for that sort of money TBH.

[Zonergem]

Thanks all, didn't know they'd introduced temporary high balance protection!

I'll can shelter the vast majority of it and then gleefully spunk the leftover 100k on c*** and h*****s because it was at risk anyway...

[bongtom]

Zonergem said:

Thanks all, didn't know they'd introduced temporary high balance protection!

I'll can shelter the vast majority of it and then gleefully spunk the leftover 100k on c*** and h*****s because it was at risk anyway...

Cats and hankies?
That's quite a lot of both but you will need the latter to clean up the former st.

[henrycrun]

Nat Savings https://www.nsandi.com/our-products - but not sure how quick they are to cash in ?