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Martin Lewis: Will you pay tax on savings? And if so how to reduce it

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I paid tax on my money when I earned it Because I've been a responsible saver the government wants tax on the interest I'll also pay tax on it when I spend it This is criminal to my mind
Comment from : @hectorheath9742

this country is a shitole, our arses are being whipped daily
Comment from :

Lev what about savings for London economy?
Comment from : @richardbastable9798

Clear explanation again Sadly it’s rumoured cash ISAs will be taxed after £4k of savings
Comment from : @derekashenden9789

So if I get £20 extra from bank in my savings per month would I need to pay tax?
Comment from : @animeworld4878

thanks
Comment from : @bobyouel7674

Anyone not paying at least the minimum tax, should have public services withdrawn and ultimately lose their citizenship
Comment from : @johnwilletts3984

You work for 42yrs to have $2m in your retirement, Meanwhile some people are putting just $20k in a meme coin for just few months and now they are multi millionaires I pray that anyone who reads this will be successful in life
Comment from : @Scottkennedy192

WHAT SAVINGS? Money in one hand out the other Lucky to have £100 left after all the bs goes out
Comment from : @AmirAlQuaym

Shouldn’t have to protect you savings from tax 🤬brbrThieving good for nothing government
Comment from : @kairenaud3255

Does this 'savings allowance' onclude capital gains fro stocks, crypto etc?
Comment from : @charlienorton5433

Why on earth does noone in the UK seem to invest their money? Rarely any mention of stocks and shares ISAs
Comment from : @DanRobards

I'm a pensioner, I currently don't pay tax but with all this hype about the government taxing my savings if over 10,000 from April I have gradually withdrawn everything above 9,999 Interest rates are not worth worrying about anyway so I'm content that whatever savings I do have left will alleviate funeral costs on my family who will now benefit from various 'gifts'
Comment from : @user-gt8ku7oz1b

The point of paying taxes is to provide public services healthcare, transport, clean water, energy, care provision, education etc The problem is all of these services have been privatised ( and if you think that health and education haven't been you are not paying attention) The second problem is, the last and current Labour governments have not had the backbone to re-nationalise these things because they are too scared of the tory press and big business The third problem is because Labour have swung too far to the centre they are far too bothered about rich people than they are about workers and the vulnerable The party is also full of career politicians who are only concerned with feathering their own nests and furthering their careers The Scandinavian countries have a higher rate of basic tax than we do and so do Canada and some European countries but their services are well funded and ordinary people in those countries have a better quality of life than we do here I am happy to pay tax if I can get healthcare etc when I need it and the rich pay their fair share too but at the moment the burden is not proportionate
Comment from : @snowiecat456

Everyone using an ISA should look into a stocks and shares ISA do your research first as your capital is at risk but its very much worth the effort
Comment from : @ets-g8w

We need to tax the super rich in much higher numbers The pound in circulation is like a pie and it’s the super rich want more money, you must get poorer, they have to take more of your slice of the pie
Comment from : @gunndan23

I converted my 401(k) to a Roth because of rising tax rates When I take money out of my retirement account at age 59, I don't want to have to pay taxes on my current salary I'm currently looking for the best opportunities or strategies to become wealthy in the current market
Comment from : @PASCALDAB

Way too much focus on cash ISAs and money market saving but not on stocks and shares ISAs Think this would have been a good opportunity to mention it
Comment from : @sarjannarwan6896

Government prints more money, you try to save it to make it keep same value - government taxes you on that
Comment from : @jasonbuksh2958

Loved this video Martin, Thank you so much
Comment from : @alanmeasures8337

Interesting and thanks Martin Should go back to taxing interest at source, that oud remove any confusion and any need for self assessment Also the 1000 interest was introduced in 2016 and has never been uprated!!
Comment from : @shakersgoingup1

Iam going to cash in one of my private pensions in 5 years to buy a boat its only small at 30k would I have to pay tax on that
Comment from : @colscopters

I have already paid tax on my savings brThey took it from my salary 😮 when I put it into savings, and use it to by anything it’s taxed again Even my electric and gas bill is taxed brI buy petrol it’s taxed even a box of chocolates 😮
Comment from : @davidgeorgea

your sales pitch sucks, gold investing in sovereigns is the only 100 way to not pay tax on your savings
Comment from : @RATIONALSATANIST

3:19 You avoid the tax on the savings by buying gold sovereigns Simple answer
Comment from : @RATIONALSATANIST

Did I not read that Rachel Thieves is going to tax cash ISAs?
Comment from : @Warnz60

How do they expect you to save for a house? I am tired of putting my money into different accounts to such as premium bonds to reduce taxes This money we are talking about has already been taxed 😢
Comment from : @adeolaogunleye7965

Basically 90 of people just put your money on a cash isa and the rest of the video is not for us poor people who can not afford to put £20000 a year in a cash isa
Comment from : @Lakesman5308

We have a joint account and want an ISA, will it be libnked to 1 or both of us, so effecting PSA for us both?
Comment from : @gilescudmore7325

Is ridiculously with over taxing but is no logic you are tax on money you earn plus you are tax on the same money if you deposit in a saving account 😂😂😂
Comment from : @iosifo3472

But how does one apply for the 'STARTING SAVINGS RATE' and the PERSONAL SAVINGS ALLOWANCE? brSorry, I'm hopeless with this stuff
Comment from : @joethelion6016

Thank you
Comment from : @joethelion6016

Legally yes, morally doesn't even come into it in 2025 I'm afraid Every penny is a prisoner with the cost of literally everything
Comment from : @joethelion6016

MARTIN YOU SAVVY G BUY A WEBCAM THAT PRODUCES MORE THAN 3 FRAMES PER SECOND LOVE YOU
Comment from : @NewsFlashJustIn

All designed to keep the working class poor and not be able to pass on to their families These are savings you have put away from money that has already been taxed Countrys a joke
Comment from : @richardbashforth3771

What normal person has 20k a year to save?
Comment from : @adyamski

Say you opened 2 cash isas in the same year can you withdraw one and put back in the new year?
Comment from : @stevefernandez84

I came on here to listen to Martin's advice, why are people talking about dollars and crypto stuff This shouldn't bee allowed
Comment from : @monicas2269

You need to understand Bitcoin, Martin
Comment from : @Luke-cj7gz

This country is corrupted Saudi are laughing at us
Comment from : @FamousGrous321

Thanks for the info
Comment from : @lucianodamico7069

I'd never really bothered with this until now interest rates went up and savings actually earned something The HMRC and building societies and banks are now much better at communicating so I got a tax code change last year for the first time Will make sure to use my ISA allowance now! Remember it is only the interest over the savings allowance that gets taxed at your usual rate so it is just like unearned income which should be taxed
Comment from : @paulrobinson6001

premium bonds??? this guy is such a clown, if this stooge tells you to put your money in the bank it probably means the banks are about to go bust absolute plant
Comment from : @TerryJackson-o5u

Considering how deepseek affected NVIDIA's Open AI game, its wise to buy NVIDIA's dip I have 3 cars , i sold one and also a property at nashville to start my 2025 investment plan to expand my portfolio NVIDIA is a bigger opportunity considering it will definitely bounce back,compared to META,MSFT,TSLA
Comment from : @RaulDiaz-n9t

Pushing Premium Bonds? Laughable hopium for the masses
Comment from : @Albion-InTheDensOfBabylon

Be nice just to have an hour conversation with Martin lol
Comment from : @stevefernandez84

I think it’s about time to revert to your grandparents method of saving Keep it safe at home, unknown to the government, that way they don’t know what , or how much you have, and they cannot get at it
Comment from : @johnbishop2342

There is no mention by HMRC of the £5000 Starting Savings Rate on my Income Tax Summary Do they know about this? Or should i tell them? Also are they told by the banks that my accounts are joint accounts?brThanks for all the tips great job
Comment from : @425tricky

I live in the UK What if I have a savings account and get interest every year around 2000£ but I stoped living in the UK, what happenes in that situation and I keep hearing this interest?
Comment from : @cyclingbulgarian-london8643

Does the cash isas roll over each year or do you have to open a new one??
Comment from : @stevefernandez84

Thank you very much Martin, clarified!
Comment from : @joeltube318

Disgusting people earning such low income have to pay tax while tge rich hide their money through good accountants and avoid paying taxthats why Britain is done for
Comment from : @kiranbarrow4648

Wow! Premium Bonds!? The chance of winning anything with these is vanishingly small and because you don't earn any interest on what you invest, your money is eroded by inflation
Comment from : @MedicationTime1

What if I’m a basic earner but get left over £20,000 in inheritance money there for earning more that £1000 in interest all of a sudden 😬
Comment from : @emma_m0

Cash ISA arent actually that great get that money in a index fund in a Stocks and Shares ISA
Comment from : @XploderGAMES1o1

I’m starting to wonder how much of my savings will actually go to taxes I don’t want to end up losing a huge chunk of my nest egg to the IRS
Comment from : @cherylhills3227

What's the point of trying to find a good rate when you only have to pay tax on the interest 🤔
Comment from : @carolynsimpson412

The clearest explanation I've ever heard Why can't HMRC make it this clear to people who aren't tax accounts Your public service information is helping so many people reduce their anxiety caused by worrying if they are going to unintentionally do something wrong with taxation Thanks
Comment from : @duncancox6220

Gov: "if you invest, take a personal risk with your savings and win, we'll take some"brbrAlso Gov: "if you invest, take a personal risk with your savings and lose, you're on your own, buddy"
Comment from : @dustinholmes_

Thanks for the £5000 Savings Tax Allowance info Never knew about that before I knew about the £1000 and £500 if you are 20 or 40 but didn't realise the other one existed so that should help out quite a bit
Comment from : @leerudd1294

I just learnt this the hard way, tax man took a massive chunk of my interest earnings in a tax notice ISA maxed now
Comment from : @DrB187

Weird, no picture when I play the video!
Comment from : @jgogl9791

My bank Always charges me tax on savings even though I'm under the tax threshold
Comment from : @philby1

relative to the current unfit for purpose situation, everyone should simply withhold as much tax as possible
Comment from : @lw1zfog

Great article Martin, thank you My only questions are:brDo you need to apply to HMRC for the "starting savings rate" or is it automatically applied AND, if I was taxed on savings earned last year but it didn't go above my personal allowance & didn't earn more than £6000 in interest, will I get a rebate or will I need to request it (I do not do a tax return)?
Comment from : @peterrussell

How is this allowed? Had this been questioned? Is this new system? So basically the interest you see is generally halvedThe only need for banks was to get the little interest which nowadays matches inflation So why do we have banks again???Inflation equivalent should be added to our accounts Insane
Comment from : @timmytpot7423

I don’t pay tax , not funding criminal politicians, ever
Comment from : @darrenleejones3516

I need to send you details relating to cancelling a broadband contract with skybrbrNothing major for me I just ignore them, but for others it wpuld make a difference Need to send you the screenshots
Comment from : @indymind

Thanks for this, with the higher interest rates lately I was concerned as I haven't really been paying attention to how much interest I have earned and was worried that I would need to do a self assessment or get a big tax bill!
Comment from : @AdamR-j1o

Tax on savings makes no sense
Comment from : @sw9734

martin lewis our favourite government shill
Comment from : @williamemmersontherapies

You need to understand the complex ever changing HMRC rules otherwise you will pay too much tax
Comment from : @cobbler40

Don't waste money on cash isa's they are rubbish for overall returns learn how to use a stocks and shares isa and utalise global ETF's unlike the 94 of adults in the country Most of this is bad advice
Comment from : @JackRalp96

My wife and I share a joint bank account We have a fixed amount of money in our joint savings account I pay tax on the amount of interest in this account Yet my wife, who is also a basic rate tax payer based upon her pension income, doesn’t receive any allowances whilst half of our interest accrued is hers Ideas for a solution, please Thank you
Comment from : @TheRPBishop

51 is incredibly good deal for a CASH ISA Thank you Martin!
Comment from : @NightElff88

If you have a 2 year fixed bond and don’t have access to it until it matures Firstly how is the tax paid and secondly do you get PSA for both tax years? Thanks
Comment from : @jamesman3694