With interest rates on savings accounts soaring during the last tax year, more and more people are concerned that they will exceed their annual personal savings allowance (PSA).
While interest rates were in the doldrums it wasn’t an issue for many savers, but now it’s very different and people are once again switching some of their cash to ISAs to reduce their exposure to the tax man.
Currently a basic rate taxpayer can earn £1000 of interest totally tax free per year and for higher rate taxpayers the limit is £500.
If you’re still looking for a home for your tax free savings these are currently a selection of the best buy deals (correct as at 20th November 2023)
Easy Access with no withdrawal restrictions:
1 Year Fixed Rate ISA – no access:
2 Year Fixed Rate ISA – no access:
Information correct as at 20th November 2023
All the above accounts are covered by the Financial Services Compensation Scheme up to £85,000 per person