Do I have any personal tax-free savings allowances outside of an Innovative Finance ISA?

Yes, the Personal Savings Allowance (PSA) allows every basic rate tax payer to earn interest of up to £1,000 per annum tax free. Or, if you’re a higher rate tax payer you can earn tax-free interest of up to £500 per annum across all of your savings, investments and deposit accounts. If you are unsure about how much tax free savings you can have, you should speak to an Independent Financial Advisor.

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