Dan Campbell

If your PSA is £1000 in the tax year and me and my wife have £20000 in a savings account we will get about £900 per year in interest at 4.8% this year? But does that mean we won’t get taxed on interest if we put in another £20K at 4.8% so we will get approx £1800 interest next year as ours is a joint account we will have our PSA split at £1000 each so we avoid paying tax if that makes any sense? All help is much appreciated.

Name removed admin .

Can anyone tell me if me and my wife have a joint savings account with £20000 in it at 4.5% we don’t need to pay tax on the intrest of around £900 as it’s split I believe and if so if we put it up to £30000 we will earn say about £1500 intrest in the tax year but is it right that we still wouldn’t pay tax on that yearly intrest as we have a joint account and our PSA allowance is split so that this would mean £750 each per annum which is still under the £1000 PSA for one person.