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Find out more'Are the proceeds of my house sale safe in a bank account?'
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Bill deals with a range of areas, from staying safe from scams to insurance, benefits, care and equity release. He is passionate about improving people's financial wellbeing.
I sold my home last year and have had £420,000 in my account since then.
I was fully protected by the Financial Services Compensation Scheme (FSCS) for the first six months but that protection has now reduced.
Where should I move the cash to keep it safe and easy to access?
Paul from Hampshire
'You get six months of extra protection'
Bill Wilkinson-Hoy, Which? money expert, says…
To recap for other readers: the FSCS temporary high balance limit covers you for big life events, such as the proceeds of a house sale, a redundancy payment or benefits that were paid when you retired.
It protects up to £1.4m for six months, compared to the usual FSCS limit of £120,000.
Both limits apply from December 2025 for money that is kept in bank, building society or credit union accounts. Investment platforms still have the old limits of £1m and £85,000.
The simplest solution would be to open a savings account with NS&I
The simplest solution would be to open a savings account with NS&I. Money in NS&I accounts is 100% protected, regardless of FSCS limits, up to the maximum you can save in the accounts. That’s as much as £2m in the instant-access Direct Saver account, which paid 3.05% interest as of March 2026.
If you want to earn more interest, you could look at NS&I’s Guaranteed Growth and Guaranteed Income Bonds (paying interest of up to 4.07%), in which you can deposit up to £1m per account.
Both bonds have terms ranging from one year to five years, so won’t be suitable if you’ll need the money soon.
- Find out more: FSCS: are my savings safe?
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