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Personal Savings Allowance
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Your non-savings income for the tax year 2016-17 will be greater than £16,000 so that the 0% band for savings income is not available to you.
However, you are still a basic rate tax payer so that you can receive up to £1000 in savings interest tax free.
You state that your total savings income is £700 - it is therefore tax free.
https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance
Make sure that your tax codes are correct when you start to receive your state pension.0
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