Save The Change

Hi,I have been in the Save The Change scheme for many yes now,and it's accrued a rather large sum 
Do I have to declare it as income?
Thank you for any advice 

Comments

  • EarthBoy
    EarthBoy Posts: 3,187 Forumite
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    Do you mean Save the Change with Lloyds/Halifax?  The bulk of the account balance will have been rounded up from the spending on your debit card, so it's not extra income; it's money you already had.  The interest on it would count as income, like any other interest. 
  • winderdef
    winderdef Posts: 29 Forumite
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    Thank you Earthboy,it's Lloyds.
    Does save the change accrue interest?
  • EarthBoy
    EarthBoy Posts: 3,187 Forumite
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    Yes. Check the account where the change is being saved, and it should show interest monthly, quarterly, or annually, depending on the type of account. 
  • eskbanker
    eskbanker Posts: 36,867 Forumite
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    winderdef said:
    Thank you Earthboy,it's Lloyds.
    Does save the change accrue interest?
    Doesn't it work by paying the money into a nominated savings account, which would then earn interest in the usual way?
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