Where to put 300k for 6 months but need access to some?
Discussion
Imminent house sale going through and will have 300k in my bank for 6 months before it goes out again on a new place. I will need 70k for my 10% deposit on exchange about March, the rest in July/August.
I know I shouldn’t leave more than 80k in any one place but where do I put it at the moment for the best return?
Open several bank accounts?
I know I shouldn’t leave more than 80k in any one place but where do I put it at the moment for the best return?
Open several bank accounts?
Just completed an illustration with Flagstone, it’ll cost £1250 in fees if £300k is locked up for 12 months. I’m not sure why I wouldn’t just use MSE’s and the FSCS’s websites to gather info of who gives the best current fixed rates and how to spread that so there’s no overlap on FSCS protection, spend a couple of hours opening accounts of your own and saving yourself £1250? Any other advantages to Flagstone?
BorkBorkBork said:
Just completed an illustration with Flagstone, it’ll cost £1250 in fees if £300k is locked up for 12 months. I’m not sure why I wouldn’t just use MSE’s and the FSCS’s websites to gather info of who gives the best current fixed rates and how to spread that so there’s no overlap on FSCS protection, spend a couple of hours opening accounts of your own and saving yourself £1250? Any other advantages to Flagstone?
I just came to the same conclusion looking at it. Does anyone know if I get paid the 300k to my nationwide account (which is what will happen) then I move the 300k to another savings account outside nationwide whether I will need to split it into 85k chunks or as it’s the house sale money would I still qualify for the protection under the temporary high balance with fscs of up to 1m because I kept the proceeds together.This would make it much easier if I could just open one account somewhere for 6 months.
Afaik providing it is kept in one place and identifiable as such there would be no need to spilt the £300k as that would appear to defeat the whole object of the temporary uplifted protection.
I had a similar situation recently acting under LPA authority for a relative and had to sell their house to provide sufficient care home fees. Funnily enough that money was also with Nationwide and whilst it was parked with them ( for probably 3 months ) I was assured that the uplift in protection from £85k was not an issue.
I had a similar situation recently acting under LPA authority for a relative and had to sell their house to provide sufficient care home fees. Funnily enough that money was also with Nationwide and whilst it was parked with them ( for probably 3 months ) I was assured that the uplift in protection from £85k was not an issue.
alscar said:
Afaik providing it is kept in one place and identifiable as such there would be no need to spilt the £300k as that would appear to defeat the whole object of the temporary uplifted protection.
I had a similar situation recently acting under LPA authority for a relative and had to sell their house to provide sufficient care home fees. Funnily enough that money was also with Nationwide and whilst it was parked with them ( for probably 3 months ) I was assured that the uplift in protection from £85k was not an issue.
Ok thanks Alscar. I had a similar situation recently acting under LPA authority for a relative and had to sell their house to provide sufficient care home fees. Funnily enough that money was also with Nationwide and whilst it was parked with them ( for probably 3 months ) I was assured that the uplift in protection from £85k was not an issue.
Left field idea: you could buy premium bonds. Your principle sum is then 100% safe, and if you’re willing to risk not getting a few k in interest, you could just get a load more.
My father-in-law had £10k for a building project around for 3 months so recommended he do this and he won £10k!
My father-in-law had £10k for a building project around for 3 months so recommended he do this and he won £10k!
67Dino said:
Left field idea: you could buy premium bonds. Your principle sum is then 100% safe, and if you’re willing to risk not getting a few k in interest, you could just get a load more.
My father-in-law had £10k for a building project around for 3 months so recommended he do this and he won £10k!
Limit of premium bonds is £50k isn’t it? My father-in-law had £10k for a building project around for 3 months so recommended he do this and he won £10k!
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