MoneySavingExpert founder Martin Lewis has issued a stark warning to UK savers sitting on £10,000 or more in savings, cautioning that soaring interest rates could lead to unexpected tax bills on the interest earned.
With the 2025/26 tax year looming and key allowances frozen, basic-rate earners could breach their £1,000 personal savings allowance with just £20,000 in savings, while higher-rate taxpayers might hit this limit with half that amount.
