Between houses - what to do with proceeds from house sale

Coldwarrior

Registered User
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355
We've just sold our house and are waiting on our new house to be built, which could be anywhere from 6 - 10 months from now. We have a few hundred thousand from the equity in the house we just sold currently just sitting in our current account, wondering is there somewhere better we should be keeping it before we need it for the next house? From looking at the various lump sum savings accounts available the rates seem to be all less than 0.1%, so not sure if its worth the hassle of setting up one of these. Anyone know of any better alternatives? (don't suggest bitcoin :D)
 

NoRegretsCoyote

Registered User
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2,667
Remember the deposit guarantee is only good for €100k per bank per person, or €200k per couple per bank. Spread it across different banks.

Otherwise it's not worth your while chasing deposit rates.
 

LS400

Registered User
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642
I did not know that!

Is it temporary guarantee per bank, or a blanket six month limit.
 

LS400

Registered User
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642
As in Coldwarriers case, the new house wont be ready until probably 10 months, after six months, should he change banks to avail of another six months (temporary high balance) guarantee, or spread it about?
 
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NoRegretsCoyote

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2,667
As in Coldwarriers case, the new house wont be ready until probably 10 months, after six months, should he change banks to avail of another six months (temporary high balance) guarantee, or spread it about?

At that point the balance is no longer "temporary" so he would have to spread it out like anyone else to avail of the normal €100k guarantee.
 

Smaug~~°w°~~

Registered User
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42
Prize bonds maybe? They can be cashed in with about a week turnaround and you might win something more than 0.1%
 

LS400

Registered User
Messages
642
Im selling an Apartment, the selling price is €250k, no mortgage. after all costs are taken out, say I have €230k left to deposit. My next Apartment purchase is not completed until a further 10 Months or so. When the temporary high balance Guarantee of six months has passed, what do I do for the next 4 months or so with the €230k to keep it safe?

Maybe I've not understood the line where you have a temporary high balance guarantee of six months. between properties falling through at the last minute and delays in the building trade, basically, if six months is not enough to safe guard your deposit. what do you do.
 

LS400

Registered User
Messages
642
Right, as I wasn't aware if the six months temporary high balance guarantee on a property sale, i thought you could probably reset the six month guarantee by moving it to another institution after the time had lapsed to avoid spreading it about.
 

peemac

Registered User
Messages
902
Surely it's a moot point as the chances of bank failure and deposits taken is miniscule. There's probably a better chance of winning the lottery without a ticket.

Whilst previous experience cannot always be relied upon, markets do tend to veer downwards in summer months.

So I'd play it safe.

Max prize bond purchase is €250,000 but would give you a "lottery" ticket with no risk

Leave the rest on deposit
 
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