Deposit Accounts 600k

[dunkind]

Hi
Looking for some advice before approaching the relevant/suggested companies.

I’m looking to deposit around 600k into a number of accounts, probably in joint names to a maximum of 170k per account. Probably leave the money in the accounts for five years.
Joint names don’t pay any tax currently, no outstanding debts.
Each subsequent year I will want to pay an additional 80k into an account, so will need to open further accounts to manage this.
1. Which bank accounts should I be looking at?
2. What rates of tax is payable on the interest.
3. What companies do you recommend that could manage the accounts and the on going deposits?
4. Can I withdraw the interest annually?
5. Not interested in pensions, stocks, shares etc.
Any help very much appreciated.

[dunkind]

Thank you very much for the responses.

[dunkind]

GT4P said:

Joint names £170k don’t pay tax?
£600k at 5% is £30k , so £15k each is tax free if no other income but makes no odds if joint or single accounts?
If money is from sale of house then money is protected up to £1m for 6months

What I meant here was that neither of us pay tax, both retired at 50 and haven’t paid tax since.. (8 years). 170k is the maximum amount for a protected joint account.
Money isn’t from a house sale.

[dunkind]

mark seeker said:

I would personally buy a gilt,

Obviously do you on research, this is not advice and all such caveats etc.

Noted and thank you.

[dunkind]

alscar said:

info

Thank you

[dunkind]

Ken_Code said:

Shat a very strange request. This absolutely sounds like it’s money laundering and / or fraud.

Why on Earth do you want to do this?

Hi Ken, I’m assuming the comments are for me? I’ve shat a few strange requests in my time.

Making use of some funds that are available, I invested money from my trust fund and this is the interest I received on the investment, less taxes.

Edited by dunkind on Friday 3rd May 12:31

[dunkind]

alscar said:

Ken_Code said:

Shat a very strange request. This absolutely sounds like it’s money laundering and / or fraud.

Why on Earth do you want to do this?

Not sure using Bank account's or NSI would be a good way to " wash " -surely Crypto would have been mentioned ?
Perhaps the OP doesn't like the idea of the Stock Market,has just sold his company and likes the idea of cash where he can see it !

Absolutely @alscar. I’m at a point where I just want to see my cash. I’ve been living in Yorkshire for years and I’ve become tight. I’m happy to spend a grand on a bottle of wine in a restaurant but woe betide you if you put too much water in the kettle to boil if you only want one cup!!

[dunkind]

paulguitar said:

I like guitars as well

[dunkind]

Seventyseven7 said:

I have a similar amount in several accounts for FSCS protection.

I used Hargreaves Lansdown - Active Saving Account.

All the accounts are opened for you. A single account/app to manage everything. Yearly tax account sent to you. Interest paid monthly, money accessible immediately.

Would recommend it, never had a problem.

Thanks very much.