All customers remain responsible for their own tax affairs. It is not tax advice and must not be treated as advice. This note is general information for customers on taxation. If you are also tax resident in another country, interest income may be taxable in that other country. You can find out more on gov.uk (Opens in new window) Higher rate taxpayers have £500 before tax and additional rate taxpayers get no UK Personal Savings Allowance.
If you pay the basic rate of income tax, you can earn £1,000 in interest before tax. How much your tax-free amount is depends on your tax rate. If you're a UK taxpayer, you might get the UK Personal Savings Allowance, which basically lets you earn some interest before tax. You'll need to tell HMRC yourself if you need to pay tax on your interest. We don't deduct tax from your interest before it's paid to you, as the amount of tax you pay depends on how much you earn. Interest you earn with a bank is taxable in the UK. For example, two accounts advertise they pay 5 per cent a year, but one credits all the interest at the end of the year and the other. The higher the AER, the greater the return. With a 1% AER interest rate that means, if you put in £1,000 on your first day, you'd earn £10 in interest over the year. If nothing changes (including the interest rate), you'd have £1,010 at the end of the year. It lets you compare interest rates across accounts and reflects not just the amount of interest but also how often it is paid. We calculate your interest daily and pay it monthly.
Chase interest ratesĮffective from 28 March 2022. The interest you receive is subject to taxation. Gross interest is the rate used to calculate your monthly interest payments where no tax is deducted. The AER enables you to easily compare the interest rates on accounts from different banks and building societies where interest may be calculated or paid at different frequencies. It's short for Annual Equivalent Rate and shows the interest rate for a year, taking into account any interest payments made to you during the year. Section 4 considers several community arts education initiatives in which arts-based programs are currently being utilised as a catalyst for social transformation and discusses policy implications associated with realising the potential of the Arts in Australian education, especially with the impending national curriculum.AER is the rate of interest you earn from us on any balance above £0. Section 3 uses project exemplars to argue the Arts provide a critical, quality pedagogy, one which leads to relevant and flexible education, enabling students to meet the challenges of the 21st century. Section 2 reviews the growing research evidence about the impact of the Arts on learning, and the meaning and importance of ‘quality’ in arts education, and urges a more systematic and evaluative approach be undertaken in arts research. Section 1 discusses and defines ‘the Arts’ collectively, as a way of knowing and learning – embodying play, inquiry, experimentation, creation, provocation and aesthetics – and provides vignettes which illustrate these elements. It puts the case that embedding the Arts in learning would be a powerful catalyst for educational and social reform in Australia, since arts-rich experiences can benefit students academically and socially, revitalise school curricula and foster the development of much needed creativity and imaginative thinking. AER 58 surveys the international and national research on the role and effect of arts-rich programming in schools and in the broader community, and examines the policies and practices that inhibit or support these initiatives.