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  1. #1
    Question submitted via Daily Express newspaper
    Join Date
    Jul 2008
    Posts
    1,927

    Where should I put proceeds from sale of my house?

    I am hoping to sell my house and will go into a rented property until I can find a new house. As the amount from the sale of my house will be about 200,000, where can I put this large amount?

    I already have three savings accounts each with nearly 50,000 in them. I will need the interest from the 200K to pay the rent.

    Where can I put it so it will be safe and easily available if a house comes up for sale?

    Sue Bailey

  2. #2
    Financial Journalist
    Join Date
    Sep 2003
    Posts
    4,269
    Blog Entries
    116
    You need to keep the money in a cash account somewhere where you can withdraw it fairly easily - in other words not an account that needs too much notice of withdrawal.

    You can find details of best buy savings accounts here:

    http://www.cashquestions.com/savings.html

    but steer away from the bonds and look for instant access or an account that only needs short notice - perhaps 60 days or less.

    Since you have 200,000 to invest, splitting it into four would be the wisest to take advantage of the Financial Services Compensation Scheme's 50,000 guarantee. Put the money in four different accounts in banks or building societies where you don't already have savings to get full protection.

    I don't believe that you will need to call on this guarantee, but better safe than sorry, particularly as this is likely to be a short term investment and the extra nuisance of opening several accounts and/or losing a few pounds extra interest is not likely to be significant in exchange for being able to sleep soundly at night.

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