Martin Lewis issues warning to people with over this amount in savings

manchestereveningnews.co.uk:

Martin Lewis, the founder of Money Saving Expert, has issued a stark warning to savers about the potential tax implications due to the current high-interest rates.

On his ITV show, The Martin Lewis Money Show Live, he highlighted that the landscape for tax on savings "really has changed very much" in recent years, with interest rates on savings accounts jumping from around 1% to approximately 5%.

This increase means more individuals with savings could be liable for tax on their interest earnings as they may exceed their Personal Savings Allowance—the threshold of interest income one can earn before being taxed.

Martin cautioned: "So look, savings tax is back for many. When you get interest on your savings, it is eligible for income tax.