Discover the exclusive savings accounts for big deposits only

If you are in the lucky position of having a substantial savings pot, you might want to stash it somewhere that’s used to dealing with large sums.

Although the world of private banking may seem mysterious and sophisticated, many providers offer exclusive accounts or rate upgrades for those with smaller sums.

But big-money savers must be careful not to land themselves with an additional tax bill – and should think carefully about future planning. The personal savings allowance is removed from additional rate taxpayers who earn more than £125,000 a year, and stands at just £500 for higher rate taxpayers.

Wealthy savers also should be aware that the Financial Services Compensation Scheme only covers up to £85,000 that is held with each bank.

Savings experts warn that despite the allure of private banks, savers with large holdings should still chase the best rates available across the market.

Anna Bowes, of consumer website Savings Champion, said that in a high inflation environment, savers should be chasing the best possible rates, rather than keeping accounts for convenience.

“Any saver needs to earn as much interest as possible on their cash, these days, and therefore unless they are being offered something that is over and above the rest of the market, why leave your cash in an account that is paying you less?”

Here, Telegraph Money has a look at what the most exclusive savings accounts are offering savers.

THE DEALS

Weatherbys Bank offers 1.75pc on an easy-access account that requires a minimum deposit of £50,000, according to data provided by Savings Champion.

For those looking for a fixed- rate deal, exclusive provider C. Hoare & Co offers 4.75pc on one-year and 4.5pc on two-year deals on holdings of up to £ 10m. On maturity, an account of £ 10m earning 5pc will pay £10,512,674.96 after a year – and compounding over longer periods similarly improves returns.

On a 95-day notice account, the private bank offers 4.6pc on balances of more than £50,000, although all of the bank’s savings accounts are only available to customers who hold a current account with them.

Weatherbys also offers rates of up to 4.9pc on fixes for clients with more than £ 50,000 to deposit for a year, and up to 4.6pc on up to £ 2m over two years.

Private bank Cater Allen offers 12- month and 24- month fixed- term accounts at 5.05pc and 4.95pc respectively on balances between £85,000 and £5m.