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High interests saving accounts are similar to normal accounts, but instead tend to have a higher rate of interest in the months whereby you make no withdrawals. Some feel this is the best form of savings account for them as you gain an interest rate that becomes higher when you decide to maintain a higher balance within the account. The more that is saved, the higher the interest rate becomes.
With high interest savings account you will find regular saver options that require you to deposit a certain amount each month for a fixed time period. A slightly lower rate of interest can be paid within months once a withdrawal has been made.
High interest savings accounts used to be for every £100 interest earned, those that were of basic-rate tax payers lost £20 in tax and those that had a higher rate lost £40. The personal savings allowance PSA has changed as of April 2016. As of now all the savings interest has to be paid gross meaning no tax will be taken off. These changes also apply on bank accounts, peer to peer savings and credit unions; however this is not the same for share dividends. Those that pay a basic 20% rate tax can earn around £1000 per year interest tax free. And those that pay a 40% rate earn around £500 per year interest tax free. The top 45% rates of taxpayers do not receive any PSA, meaning that all their interest is taxable.
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