Post office instant saver

Kerrymw

My son currently has 2 jobs his wages go into his Barclays current account but he also has a instant savings account at the post office  can anyone tell me how much savings can he have in his post office account before he pays tax on his savings  many thanks 

veryintrigued

Assuming a BR tax payer he can receive up to £1k interest tax free.

https://www.moneysavingexpert.com/savings/personal-savings-allowance/

This will go a very long way in Post Office accounts as their rates are shocking.

As an aside their systems are awful too.

Stubod

..I would suggest finding a better alternative to the Post Office...their IT and customer service is truly appalling...

..as above, it depends how much you earn, but basically you do not pay any tax on the first £1k of interest, so even if you can get a 1% rate you would need £100,000 in savings to generate £1000 interest...(Could look at a LISA?)

greatcrested

Stubod said:

..I would suggest finding a better alternative to the Post Office...their IT and customer service is truly appalling...

..as above, it depends how much you earn, but basically you do not pay any tax on the first £1k of savings interest, so even if you can get a 1% rate you would need £100,000 in savings to generate £1000 interest...(Could look at a LISA?)

Just to be clear!