Savings Accounts and Tax??

fishlizzie

I'm new to this site and would be grateful for advice!

I am an over 60s non taxpayer and would like to know if I would pay tax on any interest if I put some money into a Savings Account {Not an ISA}
I want to open an account with around £500 and would need instant access in case of it being needed for emergency. I MAY be able to add to it at intervals.
Thanks!

bristolleedsfan

non tax payers complete form R85 available from there building societys or banks in order to receive interest gross some accounts pay a higher rate net than cash isas pay gross so even if total income is close to taxable rate some savings accounts paying a higher rate net than a isa pays gross could be more productive

fishlizzie

Thanks! Useful info!