Interest on personal savings - banks automatically report to HMRC

Hi there, I am an employee in the UK and accordingly pay tax via PAYE. I do not require to do a self assessment. It seems from what I can read online that banks automatically advise HMRC of bank accounts and of any interest made on savings. HMRC will consider if any tax is due and change the tax code accordingly to note and collect this. Is this correct? I do not need to do anything further? This is the same for all bank accounts across the UK?

Hi Katherine Trail,
Yes, the banks and building societies submit the untaxed interest details to HMRC after the tax year end.
Once received we will amend your tax code code and review the tax year and if underpaid a calculation will be issued with the details. 
Thank you. 
 

Thank you. In the case of a joint account presumably this will be noted by the banks / HMRC when making calculations (given I understand its 50/50). Thanks again.

Hi Katherine Trail

That's correct.

Thank you
 

Good afternoon I have received a Tax notice for 6 Apr 2024 to 5 Apr 2025, which shows I owe interest on savings. I agree with the amount. The amount owed will be taken off by amending my current tax code. The amount owed will be paid off after 10 months staring from end of Feb 2025 (first payment taken by reducing one of my pensions). Wil HMRC automatically amend my tax code once amount owed is paid? Also from 6 Apr 2025 I will no longer have any savings which are liable to tax on interest (all in ISAs). How do I inform HMRC that tghis wil be the case?? Many thanks in advance for your asssitance.

Can the basis of untaxed interest on savings estimate calculation be seen if you have an online account?

Hi Sid2,
Currently we can only show the untaxed interest figure we have had reported as a combined total from all accounts that tax year.
We are working towards the customer being able to veiw the individual information but this will be for future update to the online accounts.
Thank you.

At what date does NS&I inform HMRC of interest recieved on saving

Hi,
Financial institutions have until 30 June 2025 to submit the information.
Thank you.