Five facts about paying tax on savings interest you might not know

Interest is counted in the tax year you can access it, which might not be the year you earned it

Interest in a joint account is usually split equally for tax purposes

Most people are allowed to earn a certain amount of tax-free interest every tax year

If tax is payable on savings interest, it’s charged at your usual rate of income tax (0%, 20%, 40% or 45%).

If you earn over £125,140 there’s no tax-free allowance – you’ll pay tax on any interest earned