INTEREST PAYMENTS ON SAVINGS ACCOUNT

Bobby4puddings

I opened a normal savings account with Cahoot in June 2025 (not ISA) with interest to be payed monthly.

I still have this account.

Will the tax man want the interest from Cahoot, for my PSA, each April? That is from June 2025 to April 2026….and then from April 2026 to April 2027 ?

cc123mm456

The interest that is credited to the account from 6th April to 5th April in the following year will count towards the taxable interest in that tax year.

So you would only count the interest in April 2026 for 2025/26 if that interest was paid between the 1st and 5th. Otherwise the April 2026 interest will count towards the 2026 to 2027 tax year.

Eco_Miser

The interest paid each 6th April to following 5th April is taxable, but you only need to tell HMRC if your interest totals over £10k, or if you have to tell them about your income for another reason. The banks tell HMRC what they have paid you.