Check if your savings interest exceeds your PSA and see how much tax you might owe.
Include all savings accounts, regular savers, and stoozing interest
Switch bonuses count as savings income for PSA purposes
Your Personal Savings Allowance
£1,000
Total taxable interest
£0
Tax due
£0.00
Your savings interest is within your Personal Savings Allowance. HMRC will usually adjust your tax code automatically if needed.
This calculator is for guidance only — not financial or tax advice. Your actual tax position may differ. Consult HMRC or a tax adviser for specific guidance.
The Personal Savings Allowance (PSA) was introduced in April 2016 and lets you earn a certain amount of interest from savings tax-free each year. The amount depends on your Income Tax band:
All savings interest counts towards your PSA, including interest from savings accounts, regular savers, fixed-rate bonds, and bank switch bonuses. If your total savings interest exceeds your PSA, you'll need to pay tax on the excess.
Yes. HMRC treats bank switch bonuses as savings income, so they count towards your Personal Savings Allowance alongside interest from savings accounts, regular savers, and other savings products. This is especially important if you're earning from multiple strategies.
Non-taxpayers (those earning below the personal allowance of £12,570) can earn up to £5,000 in savings interest tax-free through the starting rate for savings, in addition to any PSA. Register with your bank using form R85 to receive interest without tax deducted.
If your savings interest exceeds your PSA, you may need to register for Self Assessment. The deadline to register is 5 October following the end of the tax year. For most people, HMRC will adjust your tax code automatically, but if you owe more than £1,000 in tax on savings you'll need to file a return.
Learn more about the PSA on GOV.UKNo. Interest earned in ISAs (Individual Savings Accounts) is completely tax-free and does not count towards your Personal Savings Allowance. Only interest from non-ISA accounts counts.
Track your PSA automatically
StoozeMax monitors your earnings from switches, stoozing, and regular savers and alerts you before you exceed your Personal Savings Allowance. No more manual tracking.
Start Tracking Free