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Your Personal Savings Allowance explained: Why is it still important in 2024?
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Ella Mower

Content Writer
Published: 20/02/2024

With over 1.4 million people predicted to become higher-rate taxpayers by the end of the financial year, it’s crucial to understand your Personal Savings Allowance.

Last year saw savings rates skyrocket, as the market responded to 14 consecutive hikes to the Bank of England base rate. As a result, many savers may have been faced with a tax bill from HMRC as they earned enough in interest to breach their Personal Savings Allowance (PSA) – some for perhaps the first time.

While average savings rates seem to have cooled off from their recent peaks, they continue to sit higher now than a year ago.

This, alongside frozen income tax brackets, could see many more stung by a new or increased tax bill in the new fiscal year, beginning on 6 April. It therefore remains crucial to factor in the PSA when reviewing your finances in 2024.

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Revealed: Winners of the Moneyfacts Consumer Awards 2024
Financial professionals from across the industry gathered at the Royal Lancaster London to hear Tim Vine reveal the results.
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Chip launches first cash ISA – how does it compare?
App-based savings provider, Chip, launched its first product into the cash ISA market today, following “a year of rapid growth for the business in 2023”. Its Chip Cash ISA (powered by ClearBank) takes a competitive position on our easy access ISA chart, paying 4.75% AER monthly.
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Bank of England holds base rate at 5.25% despite rise in inflation
This marks the fourth consecutive time the base rate has gone unchanged.
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Bank of England base rate to remain at 5.25% heading into 2024
The Bank of England’s Monetary Policy Committee voted 6 to 3 in favour of maintaining the base rate at 5.25% heading into 2024. Find out what this means for savers and mortgage borrowers.
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Recent News

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National Insurance cuts and a State Pension boost: What the Autumn Statement means for your finances

23rd November 2023

Autumn Statement 2023 sees National Insurance contributions cut to 10% while the State pension is set to increase by 8.5%

National Insurance contributions cut to 10%; State pension set to increase by 8.5%

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Government meets pledge as inflation slows dramatically to 4.6%

15th November 2023

The UK Government meets its pledge as inflation slows dramatically to 4.6% in the year to October. This is the lowest annual rate in two years according to the Office for National Statistics (ONS).

The UK Government meets its pledge as inflation slows dramatically to 4.6% in the year to October, according to the Office for National Statistics (ONS).

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Inflation holds at 6.7% despite falling food prices

18th October 2023

Rising fuel prices largely responsible for sustained, elevated inflation despite food prices falling for the first time since September 2021

Rising fuel prices largely responsible for sustained, elevated inflation despite first monthly fall in cost of food since September 2021.

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Latest switching offers: Nationwide BS, Lloyds Bank and TSB launch new deals

5th October 2023

Three high street brands, Nationwide BS, Lloyds Bank and TSB, all launched new switching deals at the end of last month. Of these providers, Nationwide BS offers the largest cash incentive at £200 with an account paying 5.00% AER interest.

You could earn up to £200 free cash by switching your current account to one of these high street providers.

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Most Popular Other Money News

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Fraudsters using Shawbrook Bank to scam consumers

7th November 2019

Consumers are being warned to be aware the Shawbrook Bank has been cloned by fraudsters and to be careful when depositing money with the bank

Consumers are being warned to be aware the Shawbrook Bank has been cloned by fraudsters and to be careful when depositing money with the bank

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New £20 banknote includes state-of-the-art security features

10th October 2019

The Bank of England has unveiled the new design of the £20 note today, which features the artist JMW Turner and will be released into circulation from 20 February 2020

The Bank of England has unveiled the new design of the £20 note today

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Students: get prepared with the right bank account

25th July 2017

As results days are almost upon us, graduations abound and we edge towards a new academic year, prospective students and graduates might be starting to think about the most cost-effective student bank account for their needs.

As results days are almost upon us, graduations abound and we edge towards a new academic year, prospective students and graduates might be starting to think...

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Ethical funds perform strongly once again

21st August 2017

The latest survey from Moneyfacts suggests that, given the continued strong performance of many ethical funds, they should be more popular than they are – is it time to add these funds to your portfolio?

The latest survey from Moneyfacts suggests that, given the continued strong performance of many ethical funds, they should be more popular than they are – is...

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How the Covid-19 outbreak could impact your finances?

17th March 2020

While the main concern during the Covid-19 outbreak is saving as many lives as possible, many consumers are also concerned about the possible impact the virus could have on their personal finances

Many consumers are also concerned about the possible impact the virus could have on their personal finances

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We’ve changed our name to Moneyfactscompare.co.uk

8th March 2023

It’s the same site you know and love, just with a different logo.

It’s the same site you know and love, just with a different logo.

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Tips for becoming debt-free in 2020

16th January 2020

Following the news yesterday that low-income households are facing the fastest rise in consumer debt since the financial crisis, we have taken a look at how consumers can become debt-free in 2020

Following the news yesterday that low-income households are facing the fastest rise in consumer debt...

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Moneyfacts.co.uk has had a makeover!

20th May 2019

Moneyfacts has been at the heart of the financial world for over 30 years, and today, we’re pleased to announce the launch of our brand new website.

Moneyfacts has been at the heart of the financial world for over 30 years, and today, we’re pleased to announce the launch of our brand new website.

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Al Rayan Bank launches new digital banking app

24th February 2020

Despite recent reports that Al Rayan Bank is permanently shutting down its online banking, the challenger bank has confirmed that it is in fact launching a new platform and an online banking service will remain available to its existing customers

Al Rayan Bank has confirmed that an online banking service will remain available to existing customers

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Contactless limit is set to rise to £45 to help fight Covid-19

24th March 2020

From 1 April 2020, consumers will be able to use contactless payments on amounts of up to £45, as concerns about hygiene when shopping continues

From 1 April 2020, consumers will be able to use contactless payments on amounts of up to £45

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2017 ILP Moneyfacts award winners announced

22nd September 2017

The winners of the 2017 Investment Life & Pensions Moneyfacts Awards were announced last night at a ceremony held at the Lancaster Hotel in London, which saw hundreds of industry professionals gathered to hear who would be crowned stars of the show.

The winners of the 2017 Investment Life & Pensions Moneyfacts Awards were announced last night at a ceremony held at the Lancaster Hotel in London, which saw...

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3.9 million dads financially unprotected

15th June 2017

With Father’s Day just around the corner, few think of the financial implications should anything happen to their special man. Unfortunately, some 3.9 million dads having no financial protection in place, putting their family’s finances at risk.

With Father’s Day just around the corner, few think of the financial implications should anything happen to their special man. Unfortunately, some 3.9...

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Brits spend an extra £273m during the cold snap

27th January 2017

Has anyone noticed it’s been a little chilly lately? While the mercury’s been plummeting, the thermostat has been turned up a notch or two, and that means people up and down the country have been spending far more on their heating than normal.

Has anyone noticed it’s been a little chilly lately? While the mercury’s been plummeting, the thermostat has been turned up a notch or two, and that means...

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We’ve launched our first ever TV commercial

13th March 2023

For the first time in its 35-year history, Moneyfacts has launched a national TV commercial. 

For the first time in its 35-year history, Moneyfacts has launched a national TV commercial. 

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Avoid the energy price rise

6th September 2017

Autumn is beginning to make itself known, marking the time of year when a large number of energy tariffs are due to end. This could mean many people are switched onto more expensive options, just as the peak season of energy usage kicks in.

Autumn is beginning to make itself known, marking the time of year when a large number of energy tariffs are due to end. This could mean many people are...

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Look away: British Gas increases default tariffs

11th April 2018

Yesterday, British Gas announced that it will be increasing its standard variable tariff by 5.5%. According to their calculations, this will see the average dual fuel customer pay £60 more per year, with a new estimated cost of £1,161.

Yesterday, British Gas announced that it will be increasing its standard variable tariff by 5.5%. According to their calculations, this will see the average...

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New price cap for prepay energy customers

7th February 2017

Ofgem, the UK’s energy regulator, has set a temporary price cap for prepay energy customers, designed “to protect over four million households least able to benefit from competition” and save those customers around £80 per year.

Ofgem, the UK’s energy regulator, has set a temporary price cap for prepay energy customers, designed “to protect over four million households least able to...

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Brits owe more but pay less in interest

19th January 2017

New figures have revealed that, while Brits tend to have a high level of debt, they’re paying less in interest than at any time since 2003. The question is, will it last, and if not, can Brits’ credit commitments be comfortably maintained?

New figures have revealed that, while Brits tend to have a high level of debt, they’re paying less in interest than at any time since 2003. The question is,...

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Over half of students reveal money worries impacts their mental health

6th August 2019

A survey of students revealed that four-fifths (79%) worry about money, with 57% saying this worry impacted their mental health

A survey of students revealed that four-fifths (79%) worry about money, with 57% saying this worry impacted their mental health

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Barclays halts branch closures as it withdraws cashback service at Post Office

8th October 2019

From January 2020, Barclays customers will no longer be able to withdraw money at Post Office branches

From January 2020, Barclays customers will no longer be able to withdraw money at Post Office branches

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Half of UK adults shun financial advice

6th November 2019

The new ‘What’s your Number’ report from international financial services group Sanlam Ltd, has revealed that nearly half (48%) of all British adults have never taken financial advice.

The new ‘What’s your Number’ report from international financial services group Sanlam Ltd, has revealed that...

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NatWest and RBS introduce measures to help flood victims

20th February 2020

Following the flooding that has impacted many regions of the UK over the last few weeks, NatWest and RBS have announced that some measures are being introduced to help consumers and business owners who use their banking services

Following the flooding that has impacted many regions of the UK over the last few weeks, NatWest and RBS have announced that some measures are being introduced to help consumers and business owners who use their banking services

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Claims costs fall on Friday 13th

13th October 2017

Friday 13th may be unlucky for some, but interestingly, this means people actually take more care on this one key day than at other times, with average claims costs falling dramatically on this supposedly unlucky date.

Friday 13th may be unlucky for some, but interestingly, this means people actually take more care on this one key day than at other times, with average...

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Common energy mistakes that cost you £££

20th January 2017

The heating system is probably working overtime at present, but what if you could cut your bills without battling hypothermia? The key is being energy efficient, yet households could be wasting hundreds of pounds by making costly energy mistakes.

The heating system is probably working overtime at present, but what if you could cut your bills without battling hypothermia? The key is being energy...

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Energy suppliers letting down those in debt

18th October 2017

A new report by Ofgem has revealed that customers are building up £600 in accumulated debt before energy companies step in to help, with some suppliers even allowing £800 in electricity debt before they set up a repayment plan.

A new report by Ofgem has revealed that customers are building up £600 in accumulated debt before energy companies step in to help, with some suppliers even...

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Energy switching up by nearly 30%

27th February 2017

It’s being continually drummed into us that the only way to get the best price on our energy bills is to shop around, and happily the message appears to be getting through, with figures showing that switching levels have hit a six-year high.

It’s being continually drummed into us that the only way to get the best price on our energy bills is to shop around, and happily the message appears to be...

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Co-op Bank up for sale

13th February 2017

The Co-op Bank has been put up for sale, but what does it mean for those who bank with it? If you’re a customer, you’re undoubtedly wondering how a future sale will impact you, so we take a closer look at the background, as well as what happens next.

The Co-op Bank has been put up for sale, but what does it mean for those who bank with it? If you’re a customer, you’re undoubtedly wondering how a future...

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Al Rayan Bank extends registration deadline for new app

26th February 2020

Al Rayan Bank has announced today that due to feedback its customers now have longer to sign up to its new banking app to ensure an uninterrupted service

Al Rayan Bank has announced today that due to feedback its customers now have longer to sign up to its new banking app to ensure an uninterrupted service

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4.8m people switched energy supplier last year

13th January 2017

We’re often told of the amount we could save by switching energy supplier, and happily, the message seems to be getting through, with the number of consumers switching providers having reached record levels last year.

We’re often told of the amount we could save by switching energy supplier, and happily, the message seems to be getting through, with the number of consumers...

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Millennials driven towards status cars

23rd August 2018

Millennials seem to be driven by status when it comes to car purchases. New research from Admiral reveals that 53% of drivers in this age group feel pressure to buy a certain car – even if their budget says otherwise.

Millennials seem to be driven by status when it comes to car purchases. New research from Admiral reveals that 53% of drivers in this age group feel pressure...

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Consumers wasting cash on unwanted TV packages

22nd September 2017

Broadband has become a vital part of modern-day life, and people regularly spend hundreds of pounds a year for the best possible service. A decent TV subscription is often part of that, but when it comes to package deals, do you really benefit?

Broadband has become a vital part of modern-day life, and people regularly spend hundreds of pounds a year for the best possible service. A decent TV...

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New £20 note enters circulation today

20th February 2020

Consumers taking money out of ATMs or receiving change at tills may be the first to get their hands on the new £20 note, which entered circulation today

Consumers taking money out of ATMs or receiving change at tills may be the first to get their hands on the new £20 note, which entered circulation today

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Post Office to deliver cash to the doors of vulnerable customers

22nd April 2020

Post Office Money will deliver cash to the doors of vulnerable customers who are unable to leave their homes due to the Coronavirus pandemic

Post Office Money will deliver cash to the doors of vulnerable customers who are unable to leave their homes due to the Coronavirus pandemic

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Energy bills could rocket by £400 per year

16th August 2017

No-one wants to spend more on their energy bills than they need to, yet unfortunately, a huge number of households could be sleepwalking into higher bills when their tariffs come to an end this month. Don’t be one of them!

No-one wants to spend more on their energy bills than they need to, yet unfortunately, a huge number of households could be sleepwalking into higher bills...

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Energy switching hits 3 million

11th August 2017

Energy prices have been on the rise recently, with electricity prices in particular ramping up. It’s therefore little wonder that a growing number of customers are voting with their feet, with over 3m having switched energy supplier so far this year.

Energy prices have been on the rise recently, with electricity prices in particular ramping up. It’s therefore little wonder that a growing number of...

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Long haul report details most expensive holiday destinations

16th September 2019

The latest annual Post Office Travel Money Long Haul Holiday Report, in partnership with long haul specialist, Travelbag, has revealed the sometimes shocking local prices charged for 10 common expenses for travellers.

The latest annual Post Office Travel Money Long Haul Holiday Report reveals the sometimes shocking local prices charged for 10 common expenses

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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.