Martin Lewis: How to pay less (or no) tax on your savings – legally

Video Description

Think you’re not paying tax on your savings interest? You might be — and you might not need to. Martin Lewis explains how savings tax really works, including when you do and don’t pay tax on savings interest, how much you can earn tax-free, and which groups benefit most from the personal savings allowance and the lesser-known starting savings rate. For full savings guides, including the latest best buys and step-by-step breakdowns, check out the MoneySavingExpert guides Martin mentions in the video are below: Top cash ISAs: http://mse.me/YTCashISAs Top savings accounts: http://mse.me/YTTopSavings Starting rate for savings: http://mse.me/YTStartingSavingsRate Are Premium Bonds worth it: http://mse.me/YTPremiumBonds 00:00 Martin's savings briefing intro 00:38 Basic-rate taxpayer? 02:00 Higher-rate taxpayer? 02:19 Top-rate taxpayer? 02:30 How do you pay savings tax? 03:15 Protect yourself with a cash ISA 04:47 Premium Bonds 05:42 Non-taxpayer/low earner? 06:27 How the starting savings rate works 07:20 What does it mean in practice?