Interest paying accounts with charges

Suegill1

I'm trying to work out the actual post tax return of an interest paying current account that requires a monthly fee to be paid e.g. Santander 123 account ( you get interest on the account balance but you have to pay £5 a month for the account).
Question : Can I set the monthly charge against the interest earned and so reduce the amount of interest earned in calculating my income tax liability ?
Thanks

Speedbird676

Nope.

However, the cashback you earn doesn't need to be declared as interest so maximise the cashback to offset the £5 monthly fee.

When the interest rate reduces in May there'll be much better places for your money.