Yes, you are entitled to a Personal Savings Allowance. Basic rate tax payers can earn up to £1,000 interest pa tax free, or, if you’re a higher rate tax payer you can earn tax-free interest of up to £500 per annum across your savings, investments and deposit accounts.

For more information on Personal Savings Allowances, please visit https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance

If you are unsure about the amount of tax free savings you can have, you should speak to an Independent Financial Advisor or your Accountant.

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