Savings Interest Tax Calculator: How Much Tax Will You Pay?
Free UK savings interest tax calculator: enter your income and total interest to see how much falls inside your Personal Savings Allowance and starting rate for savings, and the tax you actually owe.
Most savers never pay a penny of tax on their interest, because the Personal Savings Allowance and, if you are on a lower income, the starting rate for savings cover a surprising amount. This tool adds up the interest from every savings account and app, applies both allowances in the right order, and shows the tax you actually owe. The order the allowances stack in is what trips people up, so the calculator does it for you.
How much tax is due on your savings interest?
Based on the standard £12,570 personal allowance, a £5,000 starting rate for savings that tapers away above it, and a Personal Savings Allowance of £1,000 for basic-rate, £500 for higher-rate and £0 for additional-rate taxpayers. This is a guide for a typical saver; it does not cover dividends, the marriage allowance, Scottish income tax bands or other reliefs. Always check the current rules at GOV.UK or with HMRC.
Two allowances do the heavy lifting. The starting rate for savings gives up to £5,000 of interest at 0%, but only if your other income is low: every £1 of non-savings income above the personal allowance shaves £1 off it, so it is gone once your income reaches £17,570. After that comes the Personal Savings Allowance, which depends on your tax band. Only interest above both is taxed, and it is taxed at your normal income tax rate.
