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If you have a lot of savings you may have to pay tax on the interest. But just how much savings do you need before that happens? And if you do have a lot of savings, this is how you can avoid it. For the best savings rates and ISAs find the links to our best buy tables below: https://becleverwithyourcash.com/savi... https://becleverwithyourcash.com/isas... W A T C H N E X T Ultimate mortgage hack! LTV explained (save ££££ when you remortgage) • Ultimate mortgage hack! LTV explained (sav... #tax #savings #interest 00:00 What is tax on savings interest? 01:11 The personal tax allowance explained 02:16 Starting Rate for Savings allowance explained 03:11 The Personal Savings Allowance explained 04:47 How much savings you need to exceed the PSA 07:07 What tax you'll pay on interest if you exceed your PSA 08:02 Warning: you might move up tax brackets 09:00 Avoid tax with a Cash ISA 10:46 Premium bonds are tax free MORE S U B S C R I B E / @becleverwithyourcash N E W S L E T T E R - https://becleverwithyourcash.com/news... (You'll also get a free Quidco bonus for signing up) T W I T T E R - / beclevercash I N S T A G R A M - / becleverwithyourcash F A C E B O O K C O M M U N I T Y - / 2661970707423383 W E B S I T E - https://becleverwithyourcash.com A B O U T US Be Clever With Your Cash is hosted by founder and Editor-in-chief, Andy Webb and Deputy Editor and money journalist, Amelia Murray. But behind the scenes all our content is brought to you by the team of money geeks that produce our award winning money site, becleverwithyourcash.com. We share the latest updates from the world of personal finance and help you to navigate the everyday money challenges we all face. Discover even more ways to make the most of your money at becleverwithyourcash.com DISCLAIMER Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.