Interest paid on Anniversary of opening account - which tax year does it fall into?

sparkiemalarkie

Hi, if I was to open a savings account, that pays interest on the anniversary, today, and keep it open for 12 months will I have to pay tax on the interest for tax year 2025/26 or will some of the interest fall into this tax year (even though it hasn't been paid into my account) ?

Was thinking about the Coventry 5 Access saver (online)
tia
sx

Dazed_and_C0nfused

It's when it's paid that counts (mostly).

sparkiemalarkie

Thanks for the super fast reply...what do you mean by mostly?

friolento

Different accounts pay interest at different times. Most pay at anniversary, where anniversary can be on the anniversary of account opening or first deposit. You need to refer to the T&Cs of each account to find out

masonic

sparkiemalarkie said:

Thanks for the super fast reply...what do you mean by mostly?

The exception is accounts where you cannot access the interest when it is paid. This does not apply to the account you mention.

35har1old

sparkiemalarkie said:

Thanks for the super fast reply...what do you mean by mostly?

If you had opened the last regular Virgin saver the interest would have been paid quarterly