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  • RE: Savings Accounts

    Many thanks.
  • RE: Savings Accounts

    OK, I get the just. So, at least, that gives me some option, i.e. to choose the taxable year. And I assume from your previous answer that I can ignore annual "Certificates of Interest" on an account where I could not access the money anyway until the account matures? Thank you.
  • RE: Savings Accounts

    Thank you, that should really help me. That answers my first two questions. The third answer is a little ambiguous, however. I presume by "accessible" you mean when I could actually get at it regardless of my choice of how to have it (i.e. how it could have been accessible). In other words if, for example, I chose to have all the interest at the end of the term of, say, 3 years, but could have had it monthly, then the tax would be declarable (in the tax year) at the end of the 3 years. Sorry for being so pedantic, but I need to be certain. (And sorry for taking so long to reply.)
  • Savings Accounts

    Hi, Please can somebody answer my questions? 1) Do savings accounts of terms of more than 1 year, where you cannot access the money at all before maturity, get taxed each year, or only at the end of the final term's tax year? 2) What if such an account was one where you could, and do, take, say, the monthly or annual interest payment? I presume that payment would then have to be declared every tax year? 3) What if one could have taken an annual payment but chose to let the interest accumulate in the account instead? When then would tax have to be declared? Thanks in anticipation of any information.