What should I do with 120k from selling my flat?
06 December 2021
Question by Karen
Hi there, I am about to sell my flat which I have owned with a friend. I should have 120k but not ready to buy a new place and unsure what to do with this money.
Answered by Boring Money
If you're looking to buy something in the next few years, I'd take a closer look towards cash-based savings, whilst limiting the potential for any capital growth, or even growth above inflation, it does protect you somewhat from market volatility within stock markets.
Whilst interest rates are low, savings, current accounts, cash ISA's (£20,000 per annum limit) or even premium bonds are potential places for your cash. If you wish to have all of your funds in one place, the premium bonds cover 100% protection, where banks only allow £85,000 per financial institution if held for more than a few months of receipt of the cash.
If you're looking towards the longer term, i.e. 5yrs plus, then Stocks & Shares, perhaps in an ISA, could also be a potential consideration.
Hope this helps?