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Tax on savings

Former MemberFormer Member Posts: 122,046 The Mix Honorary Guru
in Home, Law & Money
Hi all, just want to clarify something...

Im aware that we get taxed 20% on interest on any savings so im right in thinking that the amount of interest i get is 80% overall yes?

Im trying to work out the better place to keep my savings since my ISA interest rate is 0.25% but my savings account (which will be taxed) is 0.5%.

Comments

  • Former MemberFormer Member Moderator Posts: 377 Listening Ear
    Hi Lexi :) As of April this year everyone will be able to earn up to £1000 in interest per year tax free. For the vast majority of people, this means no tax on interest at all.

    This means when you look at rates it will be a like for like comparison :)

    Hope this helps!
  • Former MemberFormer Member Posts: 122,046 The Mix Honorary Guru
    Cool, thanks. I also just managed to renew my ISA so the interest on that is higher anyway, woohoo!
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