WHere to find total interest paid by all banks in place?

DarkShadow

Hello,
Is there any way to find out total interest paid by all your banks? I want to avoid contacting each bank and ask them for figures.

eskbanker

HMRC is the only place where that data comes together but doesn't seem to have much of a reputation for reliable accuracy (to be fair this may be down to issues outside their control), so at some point you should be able to see what banks have submitted to HMRC as being interest paid to you (on non-ISA accounts), within your online personal tax account info.

However, it shouldn't be necessary to contact each bank to ask for figures - assuming you're looking for interest paid in the course of a tax year, the majority issue tax certificates as a matter of course either by post or via secured documentation within online banking, although some take their time about it (I've received some in July)....

quirkydeptless

Nerd Dragon that I am, I [STRIKE]sit on a huge hoard of numbers[/STRIKE] have a spreadsheet with all my interest payments in it, which I check online for each Financial Institution to get my total interest payments accurate to the penny for HMRC reporting.

Nerd Dragon that I am, I then get a little irked that HMRC then round off my perfectly calculated pennies

Of course, something that could do that accurately for me would be nice, but then I'd lose all the fun of doing this

Reed_Richards

DarkShadow wrote: »

Is there any way to find out total interest paid by all your banks?

No..

HMRC is aiming to do this but their information is not yet reliable.

Dazed_and_confused

And they only make public the taxable interest, not tax exempt things like ISA's (Al Rayan bank being an exception according to other threads on here!).

Keep_pedalling

Why do you need to contact them, surely all this info is available to you on line?

colsten

Keep_pedalling wrote: »

Why do you need to contact them, surely all this info is available to you on line?

Online, or on paper statements for some of the dinosaur accounts that still exist. Banks / Building Societies will usually issue a statement of [taxable] annual interest, sometime before July or thereabouts each year. A small number will issue such statements on the anniversary of the account.

schiff

quirkydeptless wrote: »

Nerd Dragon that I am, I [STRIKE]sit on a huge hoard of numbers[/STRIKE] have a spreadsheet with all my interest payments in it to get my total interest payments accurate to the penny for HMRC reporting.

I don't regard that as nerdy, it's what I do and it seems like common sense.

RG2015

schiff wrote: »

I don't regard that as nerdy, it's what I do and it seems like common sense.

I agree, and it was especially rewarding when 11 of my 12 accounts agreed to the penny with the figures on my personal tax account.

The only missing amount was £7.00 on three savings accounts with Virgin money. I am curious to see what happens for 2018/2019 as my VM interest was £182.73 on five regular e-savers.

Zanderman

DarkShadow wrote: »

Hello,
Is there any way to find out total interest paid by all your banks? I want to avoid contacting each bank and ask them for figures.

Go online and login to each bank? And/or reading the statements if not online?

That's not 'contacting them', it's just accessing the info they already (and readily) provide you with.

Not sure what the problem is?

d63

Zanderman wrote: »

Go online and login to each bank? And/or reading the statements if not online?

That's not 'contacting them', it's just accessing the info they already (and readily) provide you with.

Not sure what the problem is?

Kinda depends how many accounts you have opened and closed over the years in a vain effort to secure the best rates!! Having them all collected in one place for you by someone else seems a very attractive idea when you are well into double digits.
Sadly however from what other people have posted for now at least it seems not such a good plan to rely on HMRC to get it all right. Pity! Maybe next year...