Selling Your House

[bobbie22]

A friend of mine is selling her house and plans to go into a residential home. Where can she safely put the money bearing in mind the limit the bank can cover Is it £85 K. ?

[ToraToraTora]

put £60k in premium bonds for a start.

[ToraToraTora]

TBH though the £85k thing is a bit of misnomer, if it ever got to that stage we'd be into the break down of society and money wouldn't matter anyway.

[Buenchico]

If she won't need access to the money for the next three years, she might want to consider putting £100k into Green Savings Bonds. It would certainly be safe there:
https://www.nsandi.com/products/green-savings-bonds

[bobbie22]

Thanks for your replies. We will look into these.

[Buenchico]

>>> put £60k in premium bonds for a start

There are better investments! This is from December 2020:

[windywillow]

Has the upper limit for premium bonds increased? I thought it was £50k.

[ToraToraTora]

I know they are not the best investments but interest rates are jack anyway even if you tie the money up for 3 years. I like the idea of instant access and however small, a chance to win a significant prize. I won £25 on 7 occasions and a £75 on one occasion last year not.

[THECORBYLOON]

Good luck trying to buy £60,000 of Premium Bonds...

[bhg481]

£85K only applies to a single banking group. The money could be split into several banks/building societies after checking they are all separate companies.

[Buenchico]

As others have pointed out, the upper limit for holding Premium Bonds is £50k.
https://www.nsandi.com/products/premium-bonds

[THECORBYLOON]

If your pal has a joint account, the protected amount increases to £170,000.

[Maydup]

Your friend really should ask a financial adviser. If its more than £85k then its worth looking after properly.