The personal savings allowance is the amount of interest you can receive each tax year before paying Income Tax on most taxable savings interest. It is usually £1,000 for basic-rate taxpayers, £500 for higher-rate taxpayers and £0 for additional-rate taxpayers, although your tax band can depend on your total income. Interest from bank and building society accounts, bonds and some other products may count, while interest from ISAs is tax-free and does not use the allowance. If you exceed your allowance, HMRC will usually collect the tax through your tax code or Self Assessment, depending on your circumstances.