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100% secure savings and investments, backed by HM Treasury.

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Most people can earn some interest from their savings without paying tax.

Your allowances for earning interest before you have to pay tax on it include:

your Personal Allowance

starting rate for savings

Personal Savings Allowance

You get these allowances each tax year. How much you get depends on your other income. The tax year runs from 6 April to 5 April the following year.

Personal Allowance

You can use your Personal Allowance to earn interest tax-free if you have not used it up on your wages, pension or other income.

Starting rate for savings

You may also get up to £5,000 of interest and not have to pay tax on it. This is your starting rate for savings.

The more you earn from other income (for example your wages or pension), the less your starting rate for savings will be.

If your other income is £17,570 or more

You're not eligible for the starting rate for savings if your other income is £17,570 or more.

If your other income is less than £17,570

Your starting rate for savings is a maximum of £5,000. Every £1 of other income above your Personal Allowance reduces your starting rate for savings by £1.

Example You earn £16,000 of wages and get £200 interest on your savings.

Your Personal Allowance is £12,570. It's used up by the first £12,570 of your wages.

The remaining £3,430 of your wages (£16,000 minus £12,570) reduces your starting rate for savings by £3,430.

Your remaining starting rate for savings is £1,570 (£5,000 minus £3,430). This means you will not have to pay tax on your £200 savings interest.

Personal Savings Allowance

You may also get up to £1,000 of interest and not have to pay tax on it, depending on which Income Tax band you're in. This is your Personal Savings Allowance.

To work out your tax band, add all the interest you've received to your other income.

Interest covered by your allowance

Your allowance applies to interest from:

bank and building society accounts

savings and credit union accounts

unit trusts, investment trusts and open-ended investment companies

peer-to-peer lending

trust funds

payment protection insurance (PPI)

government or company bonds

life annuity payments

some life insurance contracts

Savings in tax-free accounts like Individual Savings Accounts ( ISAs) and some National Savings and Investments accounts do not count towards your allowance.

Interest on joint accounts

If you have a joint account, interest will be split equally between the account holders. Contact the savings helpline if you think it should be split differently.

If you go over your allowance

You pay tax on any interest over your allowance at your usual rate of Income Tax.

If you're employed or get a pension, HMRC will change your tax code so you pay the tax automatically. To decide your tax code, HMRC will estimate how much interest you'll get in the current year by looking at how much you got the previous year.

If you complete a Self Assessment tax return, report any interest earned on savings there.

If you're not employed, do not get a pension or do not complete Self Assessment, your bank or building society will tell HMRC how much interest you received at the end of the year. HMRC will tell you if you need to pay tax and how to pay it.

If you already paid tax on your savings income

You can reclaim tax paid on your savings interest if it was below your allowance. You must reclaim your tax within 4 years of the end of the relevant tax year.

You can claim through your Self-Assessment Tax Return if you complete one. If not, fill in form R40 and send it to HMRC. It normally takes 6 weeks to get the tax back.

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Most people can earn some interest from their savings without paying tax. Your allowances for earning interest before you have to pay tax on it include: your Personal Allowance starting rate for savings Personal Savings Allowance You get these allowances each tax year. How much you get depends on your other income.

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Chip is a savings app you connect to your current account via 'Open Banking'. It then uses an algorithm to work out how much you can afford to save, and automatically puts that aside for you - great for those without the self-discipline needed.

Autosave with Chip and get 0.7% interest. Normally autosave apps pay little interest. But Chip* has partnered with Allica Bank to offer a 0.7% AER variable interest easy-access account - which beats the top normal savings account - though Chip charges a £1.50 fee every four weeks, which would outweigh the interest gain for most.

Yet if you're new to Chip we've a code to get £20 cashback, which covers the fee for over a year. Sign up to Chip's app* and select the 'ChipAI' plan, and it'll set up a Chip Savings Account. Once you've registered, enter code CHIPMSE07 in 'Earn and track rewards' on the app's 'Profile' tab. Save at least £1 with Chip by 11.59pm on Tuesday 12 October and the £20 is paid on Saturday 13 November - just keep £1+ there until it's paid. You can then withdraw it to your linked current account to cover the fees, which are charged to your debit card. The cashback is only for new Chip customers.

How to get the 0.7% interest: The standard Chip Savings Account doesn't pay interest, so head to the 'Accounts' tab and open the Allica Bank account (min deposit £1, max £30,000; interest paid daily). Make sure you go into your 'Autosave settings' to ensure that's where your autosaves are going. If you reach the max £30,000, autosaves will automatically stop.

Want the 0.7% interest without autosaving? Follow the same process as above to register with Chip and set up the Allica account. Then pause autosaving by going to your profile in the app, then 'Autosave settings' then 'Skip autosaves' and choose a date - it allows this for up to three months at a time so you'll need to remember to keep doing it. Note that the maximum you can deposit in a single transaction is £5,000 - if you want to save the full £30,000 you'll need to do it in six lots of £5,000.

Which current account providers does it work with? Chip connects to most (but not all) major current account providers. It will work with Bank of Scotland, Barclays, Danske, First Direct, Halifax, HSBC, Lloyds, Monzo, Nationwide, NatWest, RBS, Revolut, Santander, Starling, TSB and Ulster Bank.

Are my savings safe? The money you put in is held by Allica Bank, which has the usual £85,000 per person protection under the Financial Services Compensation Scheme. If you have any money in the Chip Savings Account, that's covered by ClearBank's protection.

How long do I have to keep the account? You can withdraw your money whenever you want - but you'll need to keep £1+ there until at least Saturday 13 November if you want the cashback. If after that point you want to save elsewhere, you're free to do so.

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Chip is a savings app you connect to your current account via 'Open Banking'. It then uses an algorithm to work out how much you can afford to save, and automatically puts that aside for you - great for those without the self-discipline needed. Autosave with Chip and get 0.7% interest.

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Where a client wishes to move money invested in the current tax year, then he has to transfer the whole amount.  Prior to 6 April 2016, deposit based investments usually paid out interest net of basic rate tax (i.e. the gross interest less 20%). Following the introduction of the personal savings allowance from 6 April 2016, banks and building societies are now required to pay interest gross. The amount of tax payable by the client will depend on how much earned income (including pension income) they have, as this determines whether they are a non, starting rate, basic rate, higher rate or additional rate tax payer: Income Tax • No tax payable on first £1,000 for BR tax payers/£500 for HR tax payers • BRT 20% over first £1,000 • HRT 40% over first £500 • ART 45% C

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1. cash is tangible money that is used for buying and selling. this can be withdrawn from a bank, this is via banknotes and and coins.
2. people deposit money to the bank for many reason. one for which maybe for saving and gaining interest on the money that they have in the bank. another reason is that bank use customer money to borrow and lend. deposited money is used to loan to people and the bank gets interest.

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Q5. Give me some real examples of savings accounts, instant access & term deposit and rates?

A savings account is an account for individuals to put money in and earn interest. There are different types of savings accounts, such as instant access accounts, notice accounts, fixed-rate accounts.

Instant Access Accounts -

The term ‘instant access’ can only be associated with accounts where the client can get their hands on their cash immediately and without penalty, e.g. using a cash card. Instant access accounts typically offer low, variable interest rates as the client is able to access their cash immediately and without any restriction. The more remote the money is, meaning the money is only accessible online, by telephone or by post rather than in-branch, the higher the interest rate is likely to be. This is due to the fact that the bank or building society can make use of the client’s money for a longer period of time.

Currently, the top paying account is Coventry BS which offers 1.05%. The term deposit is between £1-£250,000.

Notice Accounts -

Notice accounts work in a different way to instant access accounts. Instead of having instant access to your money when it suits you, saving in a notice account means you’ll have to tell your provider in advance that you want to make a withdrawal. Some notice accounts demand that you let them know you intend to withdraw money 30, 60 or 90 days ahead.  These accounts are unlikely to suit you if you may need to get at your savings unexpectedly.  If you do make an emergency withdrawal from a notice account, you’re likely to lose some interest.

At the moment, there’s not a lot of choice when it comes to decent notice accounts. The best notice account I could find was Secure Trust Bank which offers 1.1%. The term deposit is between £1,000-£1m.

Fixed-Rate Accounts -

A fixed-rate account is a savings account where the amount you earn is set over a fixed time period. Fixed-rate accounts can extend over a 1-5 year period. Usually, the longer you’re prepared to lock your cash away for, the higher your return will be.

Right now, the top standard one-year fix is from Atom Bank at 1.18%. The term deposit is between £50-£100,000.

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11)
FSCS (Financial Services Compensation Scheme) is referred to as a ‘last resort’ for customers when something goes wrong,
If a financial services company is authorised by the FCA or the PRA and stops trading/goes bust the FSCS can compensate customers.
The compensation scheme is free individuals and the FSCS provides different levels of compensation depending on the type of investment involved. There is a compensation limit of £85,000 The FSCS protects the following investments:

Insurance policies

Deposits

Insurance broking

Investment business

Mortgage advice and arranging

The FSCS may be able to compensate you in other circumstances if the following conditions apply:

You were a customer of a company or individual authorised by the FCA

The company or individual has gone out of business

You have lost money as a result

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Financial Services Compensation Scheme - FSCS

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Q6 & Q7

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Question 8-
An ISA is tax free savings and investment account in which you can hold up to 20 000 pounds in a financial year (april to april)
Question 9-
Everyone that is resident in the UK, over age of 16 can open a cash ISA and for and investment and financial ISA you need to be 18 years old.To be noted! YOU CANNOT HAVE AN ISA WITH SOMEBODY ELSE OR OPEN IT IN THEIR BEHALF!

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1. A Basic Saving Account AKA Passbook Savings Account- Generally funds of up to £250,000 can be deposited in a BSA and are insured by the Federal Deposit Insurance Company, making this a good choice for investors who want a very low-risk and easy-to-access savings account.
2.Money Market Savings Accounts-MMSA suit customers who want a higher interest rate than a basic bank account, and are willing to keep a larger balance in their account. They are suitable for investors with savings goals with target dates ranging from a few months to a few years away.
3.Certificate of Deposit Account-  CDs are a good savings account option for individuals saving for a goal with a target date in mind. Generally, available through most financial institutions. Also, the longer the term of the CD, the higher the interest rate paid.

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Question 12 & 13

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Find your question and answer on Padlet.

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Please find your name to see your question.

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Please read carefully.

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What Is a Cash Investment? | Financial Terms