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How much interest on 10 million pounds can you earn?

Find out how much interest you can expect to earn on £10 million if you want to build long-term wealth from this substantial sum. 


  • If you have £10 million, you can earn around £600,000 in interest per year.

  • You will pay tax on savings interest; however, various factors will affect how much.

  • Living off of the interest on £10 million is possible, even with high living standards. 

  • Traditional and challenger banks offer varying interest rates 

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How much interest can I earn on 10 million pounds?

With £10 million in a high-interest savings account, you can earn up to £600,000 per year in the UK.

However, how much interest you earn on 10 million pounds per month depends on the interest rate, which varies from bank to bank, making the choice of where you deposit your money an important one.

When choosing a bank, consider the interest rates available and the amount of money in question:

Below is how much interest you can earn based on the interest rate available, according to data from Money Sprout.

£10 million invested at: 




























With the above in mind, you’d need to invest £10 million at a bank that offers a 6% interest rate to earn £600,000 annual interest.

There are a few good options for high-interest savings accounts in the UK, such as the 5.2% interest rate offered by Ulster Bank (maximum deposit of £10 million) and 5.22% interest rate offered by Metro Bank, also with a maximum deposit of £10 million. 

It’s worth noting that the Financial Services Compensation Scheme (FSCS) only protects up to £85,000 of your money in an individual account and up to £170,000 for joint accounts.

They may also protect up to £1 million for six months after the initial deposit, but this is only a temporary option. So, it may be worth spreading your funds across several banks, even if this means a slightly lower interest rate due to a lower balance.

Do you pay tax on savings interest?

Yes. If you deposit £10 million into a savings account to grow over time, you will have to pay tax on the interest, especially for a sum as big as this one.

However, the amount of tax on savings interest varies from bank to bank and is also influenced by the amount of money invested.

In the UK, you may get a small personal savings allowance of £500 to £1,000, either of which is negligible considering the sums in question. 

What is the best way to invest 10 million pounds to earn better returns? 

There is more than one way to invest £10 million for decent returns.

If you want to earn interest as high as £600,000 from a £10 million savings account, you’ll need a strong investment strategy, such as one (or more) or the following:  

  • Business: Investing in a business can be very lucrative if you have experience in the industry you’re investing in. However, depending on the business, the risk may be large, so it’s best to diversify your investments across many businesses. You’ll also limit your liquidity, and your investment may take several years to pay off.

  • Property: Due to consistently high demand, property is one of the most popular forms of investment for people dealing with all levels of wealth. You can make quick returns if you purchase, flip, and sell a property. You can also enjoy long-term returns if you rent out a commercial or residential property and keep it in your portfolio.

  • Stock market: High risk and high reward are what stock market investments offer. If you invest in this type of asset, make sure you have ample experience to lean on. Diversifying your investments is crucial, as it offers protection if a stock drops. Depending on your investment time period, you can reap short or long-term rewards. 

If you lack experience with investing or managing large sums of money, it is crucial that you seek professional advice.

In these situations, choosing the right financial adviser is one of the most best decisions you can make. 

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Is it best to invest or save £10 million?

When it comes to whether it’s better to invest or save money, this is a personal decision and one that will come with negatives and positives no matter what you choose. 

Below, we reveal the pros and cons of saving your money.



You can earn a consistent amount of interest.

Interest rates can vary.

There’s a low to no risk of losing your money.

Your interest is taxable (and tax on savings interest on millions can be high).

You usually have easy access to your funds. 

Your bank may charge fees to hold your money.

The pros and cons of investing are below. 



You may benefit from long-term gains.

There’s a risk that you lose money.

There’s more potential for higher returns.

Your big gains are taxed.

It’s usually easy to buy and sell investments,

It can take a lot of time to conduct research.

Can you live off the interest from 10 million pounds?

£10 million is a large sum of money, but so is £600,000, which is the interest you can earn at a rate of 6%.  So, you can live off the interest on £10 million quite comfortably. 

However, as significant as the sum is, no amount of money is too big to lose, so if you do reach this financial goal, it is crucial to exercise caution.

Reckless spending is one of the most common reasons behind the loss of vast sums of money, and building it back can be a lifetime process. 

It’s a good idea to keep your money in an easy-access account, which tends to have decent interest rates and may beat inflation.

Get matched with a financial adviser 

If you are fortunate enough to have £10 million in the bank, knowing what to do with your money is crucial.

Whether you decide to invest it or deposit it in a high-interest savings account, make sure that your choices are well thought-out and researched. 

For professional guidance on money management and wealth growth, get matched with a financial adviser via Unbiased.

Not only can they advise you on how best to invest your money, but they can also help you with tax and inheritance planning, which are crucial to plan ahead for. 

View similar amounts: 1 million | 20 million | 50 million | 100 million

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About the author
Our team of writers, who have decades of experience writing about personal finance, including investing, retirement and pensions, are here to help you find out what you must know about life’s biggest financial decisions.