Save The Change

winderdef

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 

EarthBoy

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

Thank you Earthboy,it's Lloyds.
Does save the change accrue interest?

EarthBoy

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

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?