Do I pay tax on interest I earn in a Biscuit current account?

Interest earned on a current account, including joint accounts, is taxable income in the UK, but most people won't pay tax on it thanks to the Personal Savings Allowance (PSA) – £1,000 per year for basic rate taxpayers and £500 for higher rate taxpayers.

At current Biscuit rates, you would need a very large balance to exceed the PSA from your current account alone. Interest from any pots connected to your current account counts towards the same allowance. Interest earned on a joint account will affect both holder's personal savings allowance. We recommend checking HMRC guidance for your personal situation.