When will I receive any interest from my Cash savings hub?
When you'll receive interest depends on the type of savings account you have, with each bank paying interest in a slightly different way.
You can find full details in the savings account factsheet for the savings account you choose.
Fixed term savings accounts
Depending on the fixed term accounts you choose, you'll receive interest:
- Once a year, or
- At the end of the term
Notice savings accounts
Notice accounts usually pay interest when you close the account.
Easy access savings accounts
Easy access accounts usually pay interest every month. Some accounts may pay interest every three months instead.
When your account ends
You money will be paid into your transaction account.
This includes:
- The money you saved
- Any interest or profit you earned
Tax and other information
Banks pay interest before tax is taken off. The interest you earn counts towards your Personal Savings Allowance - this allowance will vary based on your income. You can read more about this on the Government website.
If you earn more than your allowance, you may need to pay tax to HMRC yourself.