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Banks and Building Society Accounts
Bank and building society accounts offer a secure way of saving and a means of earning interest on monies which are available on demand or at short notice. Higher rates of interest can be earned from larger deposits and by committing funds for a fixed period. The capital sum is fixed and if the interest is taken as income and spent, then the purchasing power of the remaining capital falls as inflation puts prices up.
Income from bank and building Society accounts is normally taxed at source, but you may be liable to higher rate tax. Accounts for children and non-taxpayers can pay interest gross.
Last updated on April 06, 2012