Santander Fixed Term Saver Interest

liger

Fixed Term Saver
I opened a 1 Year Fixed Saver with Annual Interest in December.  The account paid a small amount of interest on the 1st January this year and will pay the rest on Maturity in January 2027.  I'm unsure if this interest paid in January this year falls into this tax year or next tax year with the maturity interest.  I cant access this interest as its stuck within the 1 Year Saver account.  But they do offer Monthly interest which can be paid to an external account so I'm starting to think the interest paid in January this year should be included in this years tax return.  

wmb194

liger said:

Fixed Term Saver
I opened a 1 Year Fixed Saver with Annual Interest in December.  The account paid a small amount of interest on the 1st January this year and will pay the rest on Maturity in January 2027.  I'm unsure if this interest paid in January this year falls into this tax year or next tax year with the maturity interest.  I cant access this interest as it’s stuck within the 1 Year Saver account.  But they do offer Monthly interest which can be paid to an external account so I'm starting to think the interest paid in January this year should be included in this years tax return.  

If it’s inaccessible then it should count for the next tax year but in practice Santander will tell HMRC that it was paid in this tax year and unless you tell HMRC differently it’ll treat it accordingly. This is easy to do if you Self Assess but from other people’s reports if you don’t it can be more effort than it’s worth. 

liger

I'm thinking the same that Santander will put it within this tax year.  Santander send Annual Tax Summaries in May each year so I guess I will find out then as well.