{"id":530709,"date":"2024-05-08T16:26:02","date_gmt":"2024-05-08T15:26:02","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=530709"},"modified":"2025-03-03T12:08:01","modified_gmt":"2025-03-03T12:08:01","slug":"tax-on-savings-interest-calculator","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/savings-accounts\/tax-on-savings-interest-calculator","title":{"rendered":"Tax on savings interest calculator UK"},"content":{"rendered":"<p>Savings interest rates can quickly change, and while high interest rates are great for building your rainy day fund, you might pay tax on interest.<\/p><p>Our savings tax calculator helps you understand how much tax you pay on interest earned and how much you could save if you moved some from your regular <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\">savings account<\/a> to a <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/cash-isas\">cash ISA<\/a>.<\/p>\n\n\n<article class=\"luna-card luna-card--border\" id=\"ukfsa_sav_tax_on_int\">\n<div class=\"luna-card__block\">\n<form class=\"luna-form\" onsubmit=\"return false\">\n<fieldset class=\"luna-form__fieldset\">\n<legend class=\"luna-legend\">ISA vs savings account calculator<\/legend>\n\n<div class=\"luna-form__group\">\n<div class=\"luna-form__field\">\n<label class=\"luna-label\" for=\"ukfininput1\">What rate of income tax do you pay?<\/label>\n<select class=\"luna-select\" id=\"ukfininput1\">\n<option>Basic<\/option>\n<option>Higher<\/option>\n<option>Additional<\/option>\n<\/select>\n<\/div>\n\n<div class=\"luna-form__field\">\n<label class=\"luna-label luna-label--fluid\" for=\"ukfininput2\">Current savings pot (not including ISAs)<\/label>\n<div class=\"luna-affix\">\n<span class=\"luna-affix__label\">\u00a3<\/span>\n<input class=\"luna-input\" type=\"number\" step=\"1\" placeholder=\"\" id=\"ukfininput2\" value=\"0\">\n<\/div>\n<\/div>\n<\/div>\n\n<div class=\"luna-form__group\">\n<div class=\"luna-form__field\">\n<label class=\"luna-label luna-label--fluid\" for=\"ukfininput3\">Monthly savings addition<\/label>\n<div class=\"luna-affix\">\n<span class=\"luna-affix__label\">\u00a3<\/span>\n<input class=\"luna-input\" type=\"number\" step=\"1\" placeholder=\"\" id=\"ukfininput3\" value=\"0\">\n<\/div>\n<\/div>\n\n<div class=\"luna-form__field\">\n<label class=\"luna-label luna-label--fluid\" for=\"ukfininput4\">Interest rate (AER)<\/label>\n<div class=\"luna-affix\">\n<input class=\"luna-input\" type=\"number\" step=\"1\" placeholder=\"\" id=\"ukfininput4\" value=\"0\">\n<span class=\"luna-affix__label\">%<\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"luna-form__group\">\n<div class=\"luna-form__actions\">\n<button class=\"luna-button luna-button--primary\" onclick=\"showResults();\">Calculate<\/button>\n<\/div>\n<\/div>\n\n\n\n<\/fieldset>\n<\/form>\n\n\n\n\n\n\n\n\n\n\n\n\n<article class=\"luna-card luna-card--alt has-margin-top-small\">\n<div class=\"luna-card__block text-x-large\"><p id=\"resultmessage\">Use the fields above to estimate potential tax savings over a year.<\/p>\n<\/div>\n<\/article>\n<\/div>\n<\/article>\n\n\n\n\n<script>\nfunction showResults() {\n\nconst inctxrt_basic = 20\/100;\nconst inctxrt_higher = 40\/100;\nconst inctxrt_additional = 45\/100;\nconst psa_basic = 1000;\nconst psa_higher = 500;\nconst psa_additional = 0;\nconst isaall = 20000;\n\nvar txrate = document.getElementById(\"ukfininput1\").value;\nvar svpt = Number(document.getElementById(\"ukfininput2\").value);\nvar mnthcntrb = Number(document.getElementById(\"ukfininput3\").value);\nvar intrt = Number(document.getElementById(\"ukfininput4\").value);\n\nvar mrt = Math.pow(1+(intrt\/100), 1\/12) -1;\n\nvar allcntrbs = svpt;\nvar nonisbal = svpt;\nif (svpt > isaall) {\nvar iscntrb = isaall;\nvar prviscntrb = isaall;\n} else {\nvar iscntrb = svpt;\nvar prviscntrb = svpt;\n}\nif (svpt > isaall) {\nvar srpcntrb = allcntrbs - isaall;\n} else {\nvar srpcntrb = 0;\n}\nvar prvsrpcntrb = srpcntrb;\nvar isbal = iscntrb;\nvar srpbal = srpcntrb;\n\n\nfor(let i = 1; i < 13; i++){\nallcntrbs = allcntrbs+mnthcntrb;\nnonisbal = (nonisbal*(1+mrt))+mnthcntrb;\nprviscntrb = iscntrb;\nprvsrpcntrb = srpcntrb;\nif (allcntrbs > isaall) {\niscntrb = isaall;\nsrpcntrb = allcntrbs - isaall;\n} else {\niscntrb = allcntrbs;\nsrpcntrb = 0;\n}\nisbal = (isbal*(1+mrt))+iscntrb-prviscntrb;\nsrpbal = srpbal*(1+mrt)+srpcntrb-prvsrpcntrb;\n}\n\n\nvar nonisttlint = nonisbal - allcntrbs;\nvar isttlint = isbal - iscntrb;\nvar srpttlint = srpbal - srpcntrb;\n\nvar nonistxblint, srptxblint, nonistx, srptx;\n\nif (txrate == 'Additional') {\nif (nonisttlint > psa_additional) { nonistxblint = nonisttlint - psa_additional; } else { nonistxblint = 0; }\nnonistx = nonistxblint * inctxrt_additional;\nif (srpttlint > psa_additional) { srptxblint = srpttlint - psa_additional; } else { srptxblint = 0; }\nsrptx = srptxblint * inctxrt_additional;\n} else if (txrate == 'Higher') {\nif (nonisttlint > psa_higher) { nonistxblint = nonisttlint - psa_higher; } else { nonistxblint = 0; }\nnonistx = nonistxblint * inctxrt_higher;\nif (srpttlint > psa_higher) { srptxblint = srpttlint - psa_higher; } else { srptxblint = 0; }\nsrptx = srptxblint * inctxrt_higher;\n} else {\nif (nonisttlint > psa_basic) { nonistxblint = nonisttlint - psa_basic; } else { nonistxblint = 0; }\nnonistx = nonistxblint * inctxrt_basic;\nif (srpttlint > psa_basic) { srptxblint = srpttlint - psa_basic; } else { srptxblint = 0; }\nsrptx = srptxblint * inctxrt_basic;\n}\n\nvar txbn = nonistx-srptx;\n\nvar calculatedresult = txbn;\n\n\nvar resultmessage = document.getElementById(\"resultmessage\");\nif (txbn > 0 && srptx == 0) {\nresultmessage.innerHTML = \"You would pay tax of <strong>\" + nonistx.toLocaleString(\"en-GB\", {style:\"currency\", currency:\"GBP\",minimumFractionDigits: 2}) + \"<\/strong> on your savings pot over a year, based on those inputs and current thresholds. You could save <strong>\" + txbn.toLocaleString(\"en-GB\", {style:\"currency\", currency:\"GBP\",minimumFractionDigits: 0}) + \"<\/strong> by moving it into an ISA.\";\n} else if (txbn > 0) {\nresultmessage.innerHTML = \"You would currently pay tax of <strong>\" + nonistx.toLocaleString(\"en-GB\", {style:\"currency\", currency:\"GBP\",minimumFractionDigits: 0}) + \"<\/strong> on your savings pot over a year. Your savings would exceed the ISA threshold, but you could save <strong>\" + txbn.toLocaleString(\"en-GB\", {style:\"currency\", currency:\"GBP\",minimumFractionDigits: 2}) + \"<\/strong> by paying the first <strong>\" + isaall.toLocaleString(\"en-GB\", {style:\"currency\", currency:\"GBP\",minimumFractionDigits: 0}) + \"<\/strong> into an ISA\";\n} else {\nresultmessage.innerHTML = \"You would not pay tax on your savings pot over a year, based on those inputs and current thresholds.\";\n}\n\n}\n<\/script><p><a class=\"u-btn u-btn--outline u-btn--primary\" href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/fixed-rate-isas\">Compare cash ISAs<\/a><\/p><h3>How does our calculator work?<\/h3><p><b>1.<\/b> Enter your income tax bracket. You can find a summary of the brackets below!<\/p><p><b>2.<\/b> Enter your current savings pot, not including ISAs.<\/p><p><b>3.<\/b> Enter the amount you plan to add to your savings pot each month.<\/p><p><b>4.<\/b> Enter the interest rate of your savings pot and press calculate. If you have more than one savings account, take the average.<\/p><h3>What does the result mean?<\/h3><p>Our calculator shows how much tax you will currently pay on your savings over a year. It also shows how much you could save by moving a certain amount to an ISA (within your ISA allowance).<\/p><p>If you are not currently paying tax on your savings, the calculator will let you know. If this is the case for you, you don&#8217;t need to move your savings to an ISA unless it offers you a better interest rate.<\/p><h3>What are the UK income tax brackets?<\/h3><ul><li><b>Basic rate:<\/b> Annual income of \u00a312,571 to \u00a350,270. You pay income tax of 20%.<\/li><li><b>Higher rate:<\/b> Annual income of \u00a350,271 to \u00a3125,140. You pay income tax of 40%.<\/li><li><b>Additional rate:<\/b> Annual income from \u00a3125,141. You pay income tax of 45%.<\/li><\/ul><h3>What is the personal savings allowance?<\/h3><p>For the 2026\/2027 tax year, the personal savings allowance is as follows:<\/p><ul><li><b>Basic-rate taxpayers:<\/b> Earn up to \u00a31,000 in interest on savings per year without paying tax.<\/li><li><b>Higher-rate taxpayers:<\/b> Earn up to \u00a3500 in interest on savings per year without paying tax.<\/li><li><b>Additional-rate taxpayers:<\/b> There is no personal savings allowance, so you will be taxed on all savings interest.<\/li><\/ul><h3>How many people have an ISA?<\/h3><p>According to a 2025 Finder survey, almost a third of Brits (31%) currently has an ISA &#8211; whether that&#8217;s a cash ISA or a stocks and shares ISA. This equates to around 16.8 million people. <\/p><h3>What are the tax benefits of an ISA?<\/h3><p>Our personal savings allowance calculator shows whether you could benefit from moving some of your savings into an ISA. This will be the case if you earn more interest than your personal savings allowance and are therefore paying tax.<\/p><p>When interest rates are high, it can be easier to go over your personal savings allowance, so you might want to consider an ISA.<\/p><div data-tags=\"scale-surveys product-data-insight\">\n<h4>Click <a href=\"https:\/\/www.finder.com\/uk\/stats-facts\">here<\/a> for more research. For all media enquiries, please contact \u2013<\/h4>\n\n<p><strong>Matt Mckenna<\/strong><br \/>\nUK Head of Communications<br \/>\n<strong>T:<\/strong> +44 20 8191 8806<\/p>\n\n<div class=\"has-margin-bottom\"><a title=\"email Matt\" href=\"mailto:matt.mckenna@finder.com\" class=\"has-margin-right-xsmall\"><svg class=\"luna-icon\"><use xlink:href=\"#mail-fill\" width=\"24\" height=\"24\"><\/use><\/svg><\/a><a title=\"Finder UK (@findercomUK) on X\" href=\"https:\/\/twitter.com\/findercomUK\" target=\"_blank\" class=\"has-margin-right-xsmall\" rel=\"noopener\"><svg class=\"luna-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" width=\"24\" height=\"24\"><use xlink:href=\"#f1-x\"><\/use><\/svg><\/a><a title=\"Matt Mckenna on LinkedIn\" href=\"https:\/\/www.linkedin.com\/in\/matthewmckenna2\/\" target=\"_blank\" class=\"has-margin-right-xsmall\" rel=\"noopener\"><svg class=\"luna-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" width=\"24\" height=\"24\"><use xlink:href=\"#f1-linkedin\"><\/use><\/svg><\/a><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Our personal savings allowance calculator will show you whether you need to pay tax on your savings &#8211; and how much.<\/p>\n","protected":false},"author":195,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[1181],"tags":[],"asset_tag":[],"class_list":["post-530709","post","type-post","status-publish","format-standard","hentry","category-savings-accounts"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - 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