Savings Interest is the reward given for depositing money into a savings account. Income tax is usually paid but tax-free accounts with deposit limits do exist.
Savings Interest is the amount of money that a financial institution pays to the saver for depositing money into a savings account. It is usually given as an annual rate but can be calculated on a daily, monthly or a yearly basis.
There are many different types of savings accounts where you can earn Savings Interest. For example, Cash ISAs allow individuals to earn tax-free interest. For 2023/24, there is a maximum of £20,000 that you can save in ISAs. Another common savings account is an easy access savings account, which will have lower interest rates but money can always be withdrawn.
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