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What is interest on a savings account?
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Why do savings accounts have higher interest rates?
For some accounts you can choose for interest to be paid out to an external account (for example, your bank account), while others pay the interest back into the fixed-term account itself. You can often choose how often interest is paid too, for example monthly or annually, or even at maturity.
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- Cash ISA
- Personal Allowance
- Starting rate for savings
- Personal Savings Allowance
- Interest covered by your allowance
- Interest on joint accounts
- If you go over your allowance
- If you already paid tax on your savings income
You can use your Personal Allowance to earn interest tax-free if you have not used it up on your wages, pension or other income.
If your other income is £17,570 or more
You’re not eligible for the starting rate for savings if your other income is £17,570 or more.
If your other income is less than £17,570
Your starting rate for savings is a maximum of £5,000. Every £1 of other income above your Personal Allowance reduces your starting rate for savings by £1. Example You earn £16,000 of wages and get £200 interest on your savings. Your Personal Allowance is £12,570. It’s used up by the first £12,570 of your wages. The remaining £3,430 of your wages (£16,000 minus £12,570) reduces your starting rate for savings by £3,430. Your remaining starting rate for savings is £1,570 (£5,000 minus £3,430). This means you will not have to pay tax on your £200 savings interest.
You may also get up to £1,000 of interest and not have to pay tax on it, depending on which Income Tax band you’re in. This is your Personal Savings Allowance.
To work out your tax band, add all the interest you’ve received to your other income.
Your allowance applies to interest from:
•bank and building society accounts
•savings and credit union accounts
•unit trusts, investment trusts and open-ended investment companies
•peer-to-peer lending
•trust funds
If you have a joint account, interest will be split equally between the account holders. Contact the savings helpline if you think it should be split differently.
You pay tax on any interest over your allowance at your usual rate of Income Tax.
If you’re employed or get a pension, HMRC will change your tax code so you pay the tax automatically. To decide your tax code, HMRC will estimate how much interest you’ll get in the current year by looking at how much you got the previous year.
If you complete a Self Assessment tax return, report any interest earned on savings there.
You need to register for Self Assessment if your income from savings and investments is over £10,000. Check if you need to send a tax return if you’re not sure.
You can reclaim tax paid on your savings interest if it was below your allowance. You must reclaim your tax within 4 years of the end of the relevant tax year.
You can claim through your Self-Assessment Tax Return if you complete one. If not, fill in form R40 and send it to HMRC. It normally takes 6 weeks to get the tax back.
Apr 10, 2024 · You might need to pay tax if you earn interest on your savings. Find out how your personal savings allowance works and how to pay the tax
Apr 3, 2024 · How is interest paid on your savings account? Different savings accounts pay interest in different ways. You generally earn interest every day your money is invested in the account, but while some accounts pay interest monthly, others only make one annual interest payment.
Sep 20, 2024 · Interest on savings accounts is the amount of money the bank or building society pays the depositor for keeping their money in the account. You'll be paid either a fixed or variable rate of interest. Fixed interest means you'll be paid at a set rate which won’t change during the term of the account.
Aug 22, 2024 · Interest on a savings account is the amount of money a bank or financial institution pays on your deposits. Compound interest is when interest is added to your deposit, then interest is...
5 days ago · In this guide, we reveal the top rates across instant-access, regular savings accounts and fixed-rate bonds, also showing you the best savings providers based on customer experiences and expert Which? analysis, so you can find the right home for your cash.
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