Small Private Bank experience for NWI over 500K

[CostcoFanofThree]

does anyone on mn have experience of using small private banks such as Arbuthnot Latham, Weatherbys Private Bank, or Hampden&Co.
maybe Barclays or Lloyd's one time large lump sum and financial advice.
single mom of 2 who has no financial background, needing a handhold with sheltering and investing.

This explains about the £5000 extra in savings interest tax free to those with other incomes excluding savings interest that are very low.

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

So if you say earned £12,000 a year you would get the extra £5000 savings interest tax free as well as the £1,000 and the rest of your tax free allowance.

https://www.jacksons.life/

run by the guy who blogs re meaningful money

So if you work for your income you just get £11,570 tax-free, but if you are rich enough to 'earn' £18k on interest, you don't. Hardly seems fair.

HSBC premier do a decent job and no fees unlike some private banks.

If you switch to HSBC Premier from another bank using the switching service they give you £500. You need liquid assets of over £100k but O don't think you need to move that amount of money to them.

Most of the big banks (HSBC, Barclays, Lloyds ,, Santander) have a premier tier current account which needs a high income &/or high savings.This gives access to their financial advice which is free for the first appointment but has high ongoing charges.

Monthly interest savings bonds from NS&I would be a straightforward option. Keep in cash if likely to buy in the next five years. Other rates are here:.https://moneyfactscompare.co.uk/savings-accounts/fixed-rate-bonds/

She should make use of her ISA allowance and consider a SIPP (pension). She can put in up to £2880 net and tax relief is added to make £3600 even if she has no income from employment.

No- the fees will be astronomical and not enough for them to feel they need to work to keep you.

And I have experience, via DH of quite a few now. 5 million is considered barely enough....

No need at all for a private bank.

https://www.nsandi.com/products/guaranteed-income-bonds - if she has no other income she can get up to £18750 per annum in interest tax free. Fix the rate for as long as she wants- rates here are pretty decent and she will make significantly more than the £1500 per month she wants. The bonds are designed to be easy to understand and the whole of the capital is protected (nb she can't then touch the capital at all for the fixed period so should give that some thought). She can move part into a cash ISA every year if she wishes.

Short-dated low coupon gilts would be another option but need a little more thought.

Yes. I agree no need for a private bank and I’ll try to update the thread.