In this brief blog, we will answer the question “ how much interest on 10 million pounds “
How much interest on 10 million pounds?
On 10 million pounds you could earn as much as 1 million pounds a year if you were to find a financial institution willing to offer you 10% interest. You may also be able to earn up to 45% or even more by placing the 10 million pounds in special funds or banks.
This is because you wouldn’t put 10 million pounds in the same fixed deposit or retail bank accounts but rather you will place this money with a financial institution or a bunch of financial institutions which will then lend this money out to sovereign funds or states at much higher rates of return than what you would get with any retail account.
You could potentially earn hundreds of interest at the same time a fixed deposit may return 4% or 5%.
How much interest can I earn on a million dollars?
On a million dollars at 5% interest you could earn $50,000 per year and if the interest is left to compound you could find that you earn even more as time goes by.
What is the current interest rate in the UK?
The current interest rate in the UK is currently 0.75%. The base rate is currently 0.75%. The Bank of England explains the interest as: “What you pay for borrowing money, and what banks pay you for saving money with them.”
Can you live off interest?
It is possible to live off interest if you properly manage your savings and allocate them in a manner where it is diversified and limits risk.
In this brief blog, we answered the question “ how much interest on 10 million pounds “
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.