Tax
Will I pay tax on my interest?
The short answer
Only on interest above your personal savings allowance. Your personal savings allowance lets you earn some interest tax-free each year, and how much depends on your tax band.
Your allowance, by band
Basic rate£1,000
Higher rate£500
Additional rate£0
If your other income is under £17,570, the starting rate for savings can let you earn £5,000 more tax-free at most.
Work out your taxFree, and every sum is shown.