Tax payable on 5 year savings account

Looking at taking out a 5 year savings account ( not an isa) and would be looking at around £6500 interest at end of term ,interest paid yearly into the account . I have a psa of £1000 and earn approx £13 k a year , would I get a 5k psa over the 5 years and pay tax only on the £1500 I’ve gained over the 5k ??? Thanks in advance

Hi fm1,

HMRC cannot comment on future events as legislation may change.  
Please refer to Tax on savings interest for current guidance.

Thank you.

Thanks for that , only took 6 days for the response, great work !!