Essential support for under 25s



Post of The Month (July)

Aidan is our Post of The Month winner voted by the community for the following post:

"Hey Lucie,

You say you're still on medication and have had lots of therapy? Maybe it's a matter of revisiting old coping techniques and anything else like that, that therapy taught you?

And Drea is absolutely right! Even someone with everything material that they could ever want isn't insusceptible to mental illness. Any sex, race, age, class; it doesn't discriminate...
(Click for full post)
See more
See less

Tax on savings

  • Filter
  • Time
  • Show
Clear All
new posts

  • Tax on savings

    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%.
    Love Is Not Love That Alters When It Alteration Finds

  • #2
    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!


    • #3
      Cool, thanks. I also just managed to renew my ISA so the interest on that is higher anyway, woohoo!
      Love Is Not Love That Alters When It Alteration Finds


      Hide this page

      Local Advice Finder

      Find local services

      The Mix. Registered charity number: 1048995