What does the Personal Savings Allowance mean?
Your Personal Savings Allowance is the total amount of interest you can earn in a tax year without paying tax. If you're a basic rate tax-payer, your Personal Savings Allowance is £1,000. If you're a higher rate tax-payer it is £500. If you're an additional rate tax-payer, you won't have a Personal Savings Allowance.
