100k savings

Thecar

We looking to put this money in savings account which will pay monthly interest I'm.a basic tax payer through work but wife is retired but not getting her state pension yet woukd it b best for us to put £85k in her name and rest in my name to get best tax returns it's been in premium bonds for1 Yr and returns have been not good its kind of lottery we no we have seen the metro bank doing a good offer any help tks 

ColdIron

Putting the account in her name would certainly allow you to take advantage of her Personal Allowance

You may have more 'allowances' than you think. Read about the Starting Rate for Savings and the Personal Savings Allowance

https://www.moneysavingexpert.com/savings/tax-free-savings/

Thecar

Many tks will into that

Middle_of_the_Road

You might not want to put the full 85k in a single account, that would leave no headroom for interest protection. I would feel comfortable with this amount of cash with any FSCS protected bank, with the exception of Metro at the moment. Yes they do have protection as other banks do, but are not in the best of health currently.
What is happening at Metro Bank and why is it in need of so much money? | Metro Bank | The Guardian

Edit. not applicable.

xylophone

https://moneyfactscompare.co.uk/savings-accounts/monthly-interest-accounts/?id=null&business-type=16&activity-type=null&investment-amount=80000&investment-type=1&account-types=3&interest-paid-frequencies=2&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2#

Which savings accounts pay monthly interest?

Bigwheels1111

Stop relying on 85k FSCS limit. Everyone focuses on it but is not seeing the bigger picture.
That covers 85k but what about your interest.
How long do you want to fix ?.
If your wife has no income she can get £18,570 of interest tax free.
As long as she has not given you her marriage allowance.
3 year fixed is the sweet spot, Gatehouse bank 5.50% monthly interest.
Expected profit, same as interest.
My first of 5 years fixed rate payouts is on Monday form Gatehouse.
Another from Tandem is tomorrow and showing in my bank for payment Tomorrow.
https://moneyfactscompare.co.uk/savings-accounts/monthly-interest-accounts/?quick-links-first=false

Select rate order.

eskbanker

Bigwheels1111 said:

Stop relying on 85k FSCS limit. Everyone focuses on it but is not seeing the bigger picture.
That covers 85k but what about your interest.

OP implies that it'll be paid away, therefore not being a significant issue from an FSCS limit perspective:

Thecar said:

We looking to put this money in savings account which will pay monthly interest

[...]

it's been in premium bonds for1 Yr

amanda1024

You might also want to consider an ISA - both to reduce the tax you pay on interest this year, but also because once it’s within the wrapper it carries on being protected. You can each put £20k in an ISA each year. My Barclays ISA pays interest monthly, for example, but check where the best rates are

Slinky

I'd go with splitting it into two £50K deposits with two unconnected banks both in your wife's name. The protection figure of £85K, only refers to money invested with one banking group. You would have £1K interest tax free, as a basic rate tax player, but anything over that you'll pay tax on.

Dazed_and_C0nfused

Slinky said:

I'd go with splitting it into two £50K deposits with two unconnected banks both in your wife's name. The protection figure of £85K, only refers to money invested with one banking group. You would have £1K interest tax free, as a basic rate tax player, but anything over that you'll pay tax on.

That does depend on how much basic rate tax the op is liable to.

Unlikely but some basic rate taxpayers could get as much as £5,999 interest taxed at 0%.  

Or as little as £1,000.

Albermarle

Tax-free savings: check if you're eligible - Money Saving Expert