When will I receive any interest?
Interest builds up every day, but when it’s paid depends on the account. It could be daily, monthly, yearly or when the account ends. You’ll always see the payment timing clearly in the product details when comparing accounts.
Can the interest rate change?
Whether your interest rate can change depends on the type of account you have opened with Savings by MoneySuperMarket:
Easy access and notice accounts – Interest rates can go up or down at any time. If there interest rate is going down, you’ll get an email 14 days before the change. You’ll also get an email if there’s any other update to your account.
Fixed term accounts – Your rate stays the same until the term ends, and your money goes back into your Holding account.
How is my interest taxed?
Savings accounts: Interest is paid without any tax taken off. It's up to you to report and pay any tax due through your tax return, depending on your Savings Allowance.
Cash ISA: You don't pay tax on the interest you earn in a flexible cash ISA. All the interest you make is tax-free.