Natwest Adapt Account and Paying Tax

luke_pa

Hello, i have a Natwest adapt account and i have just turned 16 so does this mean i will start to pay tax on my money? Do i pay tax on my money or on the intrest i gain, if so what is the percentage?
Ive looked on their site but cant find a thing lol

Thanks

Luke

ehlo

Welcome to MSE.

You get 1% interest on the adapt account. If you don't have a part time job or other income that takes you over your personal allowance (£8,105) then you can fill in and give to your bank an R85 which gives you the interest without tax taken off .

However it is probably worth opening a separate savings account and filling in an R85 for that as then you can get around 3%

[Deleted User]

Or get an ISA and get paid even more
I don't pay tax on the Adapt account