Deposit Accounts 600k
Discussion
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.
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.
Ohh how I hate this fractured approach. Its a messy convoluted nonsense to get that £85k protection.
Just make sure the banks you use are NOT part of the same group (or you don't get an extra £85k different if its a sub brand name) and leave a 'when I am dead' note for others to unpick, access and just even find the dozens of accounts...!!!
Just make sure the banks you use are NOT part of the same group (or you don't get an extra £85k different if its a sub brand name) and leave a 'when I am dead' note for others to unpick, access and just even find the dozens of accounts...!!!
Ken Figenus said:
Just make sure the banks you use are NOT part of the same group (or you don't get an extra £85k different if its a sub brand name)
Not necessarily correct. Some groups have different licences for their various banks, each of which benefits from the fscs scheme. It’s worth spreading it around a bit but not obsessing over the 85k scheme limit as the chances of a UK based bank going pop with no warning are very slim indeed. HMG would almost certainly intervene.
OddCat said:
Try Raisin. Hub account from which you can access dozens of sub accounts with different banks.
Very simple and very easy. All viewed in one place. Takes all the aggro out of it as, once you are validated by Raisin, the sub banks open accounts for you without any ID malarkey etc.
With this, and other deposit aggregators, make sure you understand and are happy with your counterparts risk (with the platform). Very simple and very easy. All viewed in one place. Takes all the aggro out of it as, once you are validated by Raisin, the sub banks open accounts for you without any ID malarkey etc.
I have yet to find one I would use.
Edited by LooneyTunes on Friday 3rd May 05:36
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. £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
Money isn’t from a house sale.
dunkind said:
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.
I would personally buy a gilt, TG29 matures at the end of January 2029, the interest will be minimal (circa £3.5k annually and can be paid to you but will be subject to your tax rate) and the remainder of the gain (Circa £110k on maturity) will not be subject to income tax or CGT. 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.
The gilt will give you the option to sell units if you need some of the money before 2029 and mean you can manage it from a one stop shop (rather than multiple accounts).
NSI will pay you 4% on a shorter term and lets you deposit up to 1m, however I don't view NSI anymore secure that Gilts from the government.
Obviously do you on research, this is not advice and all such caveats etc.
1. Which bank accounts should I be looking at?
Start by looming at MSE best buys or similar comparison tables.
Keeping to your requirements, a mixture of limited access or fixed rate accounts or NSI for the whole lot including future payments in up to £1m.
RCI bank for instance I find has a very good easy to use online portal and various accounts and decent interest.
2. What rates of tax is payable on the interest.
Will vary according to your overall income but there will be some tax due.
3. What companies do you recommend that could manage the accounts and the on going deposits?
Tbh you could do this yourself pretty easily given the numbers at stake and how many different accounts you may need.
4. Can I withdraw the interest annually
Depending on the type of accounts, almost certainly yes.Some accounts will have access to link interest payments to say your Bank.
Start by looming at MSE best buys or similar comparison tables.
Keeping to your requirements, a mixture of limited access or fixed rate accounts or NSI for the whole lot including future payments in up to £1m.
RCI bank for instance I find has a very good easy to use online portal and various accounts and decent interest.
2. What rates of tax is payable on the interest.
Will vary according to your overall income but there will be some tax due.
3. What companies do you recommend that could manage the accounts and the on going deposits?
Tbh you could do this yourself pretty easily given the numbers at stake and how many different accounts you may need.
4. Can I withdraw the interest annually
Depending on the type of accounts, almost certainly yes.Some accounts will have access to link interest payments to say your Bank.
Check out YBS not everything is on MSE these days, have had some good rates with Coventry in the past sitting on a 5.2% internet instant access at the moment, but they came out a while back. Hopefully no rate cuts next week so some good rates may come.
£100k in premium bonds
£20k x 2
£460k spread over a mixture of easy access/long term account's.
Or why not buy a property/holiday let property?
£100k in premium bonds
£20k x 2
£460k spread over a mixture of easy access/long term account's.
Or why not buy a property/holiday let property?
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 ?Why on Earth do you want to do this?
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 !
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. Why on Earth do you want to do this?
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
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