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Savings
Saving for a goal or building a rainy-day fund means choosing where to hold your money and understanding how interest is taxed and how protection schemes apply.
We explain how common savings arrangements work in plain English and point to official guidance. The rules that apply to you are those published by HM Revenue & Customs and the financial regulators.
FSCS protects savings up to £120,000 per person, per bank, building society or credit union. How joint accounts, shared licences and high balances work.
Lifetime ISA rules: pay in up to £4,000 a year for a 25% government bonus, the £450,000 first-home limit, the 25% withdrawal charge and who can open one.
How much savings interest is tax-free: the £1,000 or £500 Personal Savings Allowance, the £5,000 starting rate for savings and how HMRC collects tax.
How Premium Bonds work: hold from £25 to £50,000, a monthly draw for tax-free prizes, no interest, a variable prize fund rate, cashing in and child gifts.
Other topics
Income Tax, tax codes, allowances and how to check what you owe or are owed.
State Pension, workplace pensions and tracing pensions from past jobs.
Borrowing responsibly, credit agreements and protection when you pay by card.
Current accounts, everyday banking and switching your bank.
Buying a home, mortgage basics and Stamp Duty Land Tax.
Child Benefit, Universal Credit and how to claim support you may be entitled to.
This article is general information and not personal financial, tax or legal advice. Check your own situation with HMRC, GOV.UK or a regulated adviser.