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Personal Savings Allowance (PSA)

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 earn £150,000 or more you won't have a Personal Savings Allowance.