This calculator is for educational purposes only and designed to give you an estimate of any tax you might have to pay, based on the information you provide.
What is my Personal Savings Allowance?
If you're saving outside a cash ISA, then the interest you earn is taxable. You have an annual tax free allowance or Personal Savings Allowance (PSA) that lets you earn up to £1,000 in interest before tax. This can be less, as it depends on rate of income tax you pay. Our calculator can help you see what that tax bill could be. Tax benefits are subject to change and are dependent on individual circumstances.
How our Personal Savings Allowance calculator works
To give you an idea of the tax you may have to pay, our calculator assumes a few things.
Assumptions
- It applies a savings starting rate of £5,000 for those on a low income.
- It uses a standard personal tax allowance of £12,570.
- Where income is over the £100,000 limit, the personal income tax allowance of £12,570 is reduced by £1 for every £2 earned.
- Where income is £125,140 or above, the Personal Savings Allowance is zero.
- Your result assumes that interest is accessible and/or is received within the current tax year.
Personal Savings Allowance calculator
Our Personal Savings Allowance calculator can help give you an idea if you might be over your PSA. We work this out by taking details like your current income and the amount of money you have in your UK savings accounts.
Interest rates can be subject to change and you might find that with this change, you could reach your Personal Savings Allowance (PSA) quicker than you think.
Plan for your future today
Whether you want a high interest home for your savings or are looking to invest for the long-term in a tax-free way, we have an option for you.
With a Stocks and Shares ISA its value can go down as well as up and you could get back less than invested.
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Aviva Stocks & Shares ISA
Aviva Stocks & Shares ISA You can start an Aviva Stocks & Shares ISA with £500 or just £25 a month. Or pay in as much as you like, up to the £20,000 ISA allowance for the tax year 2025/2026.
Learn about saving
We have a range of useful guides and tools that can help you make the most of your money.
Interest
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Personal Savings Allowance FAQs
Do I need to pay tax on my savings?
Yes, you may need to pay tax on your savings in the UK, but many people don’t. Thanks to the Personal Savings Allowance, basic-rate taxpayers can earn up to £1,000 in interest each year tax-free; higher-rate taxpayers get £500, and additional-rate taxpayers get nothing. If your interest stays below your allowance, there’s no tax to pay. If you go over, HMRC usually collects the tax automatically by changing your tax code, so you won’t need to file a separate return unless your interest is very high.
Will interest earned from a cash ISA count towards my Personal Savings Allowance?
No, interest earned from a cash ISA doesn’t count towards your Personal Savings Allowance (PSA). It’s completely tax-free, regardless of how much interest you earn or what your income is. That means you can use your ISA allowance of £20,000 a year to protect savings from tax. Then use your PSA separately for other interest, like from regular savings accounts or bonds. It’s a great way to make your money work harder without paying more tax.
What does the Personal Savings Allowance provide?
The Personal Savings Allowance (PSA) lets you earn a certain amount of interest on your savings each tax year without paying any tax. It applies to interest from bank accounts and savings accounts - but not ISAs, which are tax-free.
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