Personal tax allowance on savings interest

We have a substantial cash figure across our accounts (non isa, mid 6 figure).

We are not working and living off our savings. Neither of us are collecting pensions of any kind. 

How will this affect how much tax we are due to pay on our savings? Can we use our tax free allowance of £12,570 to offset any tax on interest over the £1k threshold? 

Hope this makes sense. Thanks in advance. 
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