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tax on bank interest

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misan


Joined: 23/03/2008
Posts: 15


Message Posted:
02/05/2008 22:02
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Message 1 of 4 in Discussion

Can anyone tell me how much tax the goverment take on interest earned on bank accounts. I thought it was about 8% but I am now being told it is 15%. Also which banks give the best rate of interest



thanks Sandra



marik


Joined: 15/12/2007
Posts: 88


Message Posted:
03/05/2008 07:49
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Message 2 of 4 in Discussion

Hi Sandra,

the banks currently take 8% on interest earned

Mari



misan


Joined: 23/03/2008
Posts: 15


Message Posted:
03/05/2008 14:28
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Message 3 of 4 in Discussion

Hi Mari



Thanks for that - what bank is that with and what is the gross interest paid



Sandra



joandjelly



Joined: 24/02/2008
Posts: 347


Message Posted:
03/05/2008 17:07
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Message 4 of 4 in Discussion

To my knowledge all banks take 8%. Gross interest differs from bank to bank and according to how much you deposit. HSBC pays around 15.5% gross for a 30 day deposit account, CreditWest 19%, Continental Bank 20%. HSBC and CreditWest provide a full banking service including credit cards, Continental is really just a savings bank. You may get 0.5-1% higher for deposits over say 100,000ytl.



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