Regular Savings Calculator
e.g. 3.5
Enter 0 for tax-free accounts like ISAs
Savings Projection
Total Deposited:
£0.00
Gross Interest:
£0.00
Tax Deducted:
£0.00
Final Balance:
£0.00
Tax on savings interest calculator uk
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A tax on savings interest calculator UK helps you find out how much tax you might pay on the interest you earn from your savings. In the UK, most people can earn some interest from their savings without paying any tax. This is because of the Personal Savings Allowance.
The Personal Savings Allowance means:
- Basic rate taxpayers (20%) can earn up to £1,000 in interest tax-free.
- Higher rate taxpayers (40%) can earn up to £500 in interest tax-free.
- Additional rate taxpayers (45%) do not get an allowance.
A tax on savings interest calculator asks you for a few things, such as:
- How much money you have in savings
- The interest rate on your savings
- Your tax band (basic, higher, or additional)
After you put in the details, the calculator shows how much interest you will earn, how much is tax-free, and how much tax (if any) you will have to pay.
This tool is helpful for people who want to plan their savings and avoid surprises at tax time. It’s free and easy to use online. You can search for “UK savings interest tax calculator” to find one.