All UK savings accounts pay you gross interest, which means nothing is taken off for tax.

So, depending on your individual circumstances, you may need to declare your earnings to HRMC if they exceed your annual Personal Savings Allowance (PSA). Introduced in 2016/17, the PSA gives all tax-payers a tax-free savings allowance. If you're a basic rate tax-payer, you can earn up to £1,000 per year tax-free. Higher earners can earn up to £500 per year.

When should I declare my earnings?

For Fixed Term Savings accounts, you only need to consider paying tax on your earnings in the financial year the fixed term ends.

For Smart Saver accounts, it’s different. You need to consider paying tax on earnings for the tax year during which the interest was applied to your account.