Hight Tax Payer - Personal savings allowance for ISA?

Qyburn

Albermarle said:

we have some savings sitting in the bank around £200K playing only 1.7% interest

With current interest rates in the 4 to 5% region, you are losing £6K pa

Dead right. You say "we" so assuming you consider it joint money, you can move £40k into an ISA each right away. In April you can move another £40k

sheslookinhot

Qyburn said:

Albermarle said:

we have some savings sitting in the bank around £200K playing only 1.7% interest

With current interest rates in the 4 to 5% region, you are losing £6K pa

Dead right. You say "we" so assuming you consider it joint money, you can move £40k into an ISA each right away. In April you can move another £40k

The other 120k can be spread across 2 providers at 5% earning 6k interest free  in your name.

tooafraid2ask

Thanks for clarification

xylophone

Don't forget that if you earn interest in non isa accounts that amounts to over £10,000 per annum, you must advise HMRC, even if you are not liable for tax on that interest.

https://www.gov.uk/apply-tax-free-interest-on-savings