2023/2024 Annual Savings Statement

Need help?

If you have any questions regarding your Annual Savings Statement, our FAQs could help you.

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What's in your statement?

We aim for your statement to be simple and easy to understand. But in case you need a bit of extra information, here's what each section of your statement means:

1. Summary

The balance on your account(s) and interest you have been paid from 6 April 2023 to 5 April 2024.

2. Balance

How much money is in the account on 5 April 2024, including interest that’s been added to the account.

3. Interest

The total amount of interest paid for each account in the 2023/2024 tax year.

If it’s a joint account we’ll tell you the total and also how much it would be for each account holder if it was shared equally.

If there is an odd number of pence, the extra penny goes to the account holder that has been a member the longest.

4. Interest Rate

The rate of interest for each account on 5 April 2024.

5. Account

Account(s) name, number and for some accounts, your interest payment date.

6. Account Holders

The people named on the account. If someone was taken off the account before the date that interest was paid, or hadn’t been added before then, their name won’t show.

7. Closed Account

Any accounts closed between 6 April 2023 and 5 April 2024.

8. Offset

Your savings in this type of account are linked to your mortgage, to reduce the interest you pay. This is called the ‘Offset benefit’ and you’ll see it listed on your mortgage statements too.

9. Total interest

The total amount of interest paid on your non-ISA account(s) between 6 April 2023 and 5 April 2024.

You need to pay tax on any interest you earn above your Personal Savings Allowance, that’s £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. For tax returns you’ll need to let HMRC know how much interest you earned, so keep this statement safe.

For more information contact HMRC or visit the HMRC website.

10. ISAs

Your tax-free Individual Savings Account(s). ISAs are in a separate section because the interest they earn doesn’t count towards your Personal Savings Allowance as they are always tax free.

Some of our ISAs are flexible. A flexible ISA means that you can take money out of your ISA and put it back within the same tax year without it counting further towards your annual ISA allowance, as long as you pay it back in before the end of the same tax year. The Specific Terms for your account will tell you if your ISA is flexible.

11. Inactive ISA

If your ISA is ‘inactive’ it means you haven’t put any new money in it for a whole tax year. Any money in there is still earning interest. If your terms allow you to put more money in, you can reactive it by getting in touch with us.

12. Total balance of the accounts

This is the total amount of money in all the accounts you hold with us on 5 April 2024.

13. Junior Cash ISAs

If you’ve opened any Junior Cash ISAs they appear here. You may not have any other accounts with us so your own balance will show as zero. The money in any Junior Cash ISAs you’re a registered contact for doesn’t count towards your personal balance as it belongs to the child.

Annual statement FAQs