Had your bank account since you were young?

Moos3h

Moos3h

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James
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Well check it!

This is the first year that I will have to do a Tax Return, and I contacted my Bank (Halifax) to ask for a Tax Interest Statement.

I received a letter today saying that I was receiving Gross interest!

I can only think that this is because I started the account when I was still at school (14?).

What irks me is that this account has changed a number of times, it became a student account when I was studying at University and then it changed to a conventional current account once I had finished. At no point during this happening did the bank ever contact me (or automatically switch it) to inform me I was still paying Gross Interest.

Now, I'm 26 and thankfully this account is only a current account so has beggar all interest payable on it (i'm in overdraft a lot of the time).

However, this potentially could have got me into trouble. I earnt (!) 32p in Interest last year, so I've been told it's not going to be a problem by my accountant, but if I was a higher earner (or better with money) it might have been! - so be warned and check your account.

Cheers,
James
 
Forgive the lack of knowledge, but what's wrong with Gross Interest?

I've had my account for about 24 years ;)
 
Gross = before tax which means he still 'has' yet to pay tax on it.
 
Is this a tax thing? because I think my bank pay net interest on everything, only Isa pays no tax on interest.
 
TBH Ive no idea what I'm receiving....I'm overdrawn anyway :D
 
OMG I've checked my accounts are they are massively overdrawn ... !

Oh wait, thats how they always are ;) Thanks for the information bud, will check some of my investment accounts :)
 
Also watch it if you have any "offshore" accounts as they also pay gross interest.
Just in case any of you have a bank account in Jersey or Guernsey as an example! :D
 
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