Money every month

challenger86

Hi can someone please tell me what bank pays you the most every month for keeping your money. Example the more money you put in the account the more money you get from the bank.

P.S.

Including this bank: coutts.com

Thanks.

Tixy

No simple answer.

Are you talking about a savings account or a current account? if its a savings account does it need to be easy access?
What size of balance will be held in the account?
How much will be added to the balance each month?
Is the account holder a UK tax payer?

bargainbetty

Unless you have a very substantial sum of money, you are unlikely to get an account at Coutts. They used to have a minimum opening deposit in the tens of thousands of pounds... not sure what it is now.

Tixy is right - it will depend entirely on the sum you intend to save, and the restrictions you are willing to have placed upon your access to it. My bank gives me a fiver a month just for having the account, which is good considering the interest rate is buttock-clenchingly poor.

challenger86

Tixy wrote: »

No simple answer.

Are you talking about a savings account or a current account? if its a savings account does it need to be easy access?
What size of balance will be held in the account?
How much will be added to the balance each month?
Is the account holder a UK tax payer?

I think a savings account gives you the most and im talk about half a million but none will be added each month and if theirs no other money coming in do i still need to pay tax?

challenger86

bargainbetty wrote: »

Unless you have a very substantial sum of money, you are unlikely to get an account at Coutts. They used to have a minimum opening deposit in the tens of thousands of pounds... not sure what it is now.

Tixy is right - it will depend entirely on the sum you intend to save, and the restrictions you are willing to have placed upon your access to it. My bank gives me a fiver a month just for having the account, which is good considering the interest rate is buttock-clenchingly poor.

Are you saying coutts is the best for half a million to gain interest on or others?

happymoneysaver1

challenger86 wrote: »

I think a savings account gives you the most and im talk about half a million but none will be added each month and if theirs no other money coming in do i still need to pay tax?

paying tax will depend on where the money has came from, where it is going, how long it is going away for and what you circumstances are -how old you are, etc. I think with this amount of money (especially if there is no more to be added to it) you definately need to speak to an independant financial advisor.
If you are expecting to live off this lump sum for the forseable future, they can advise how best this money could work for you and this would include items that are tax efficient.

Where you choose to put your money will depend on a lot of factors and this is where an IFA would be best equipped to help you as they will talk to you about your whole lifestyle, hopes, commitments, dependants etc etc

I don't know how much you are willing to discuss on here but half a million is a lot of money!