Is my savings pot safe?

Lesson 11 of 12 in our free Saving & Emergency Funds guide: a 5-minute money game with the key points below.

This lesson is in the full version.

Free with a code from your uni, college, council, landlord or employer (worth £600/year). Lesson 1 of Saving & Emergency Funds is free for everyone.

Questions you'll answer

Mo is a basic-rate taxpayer and earns £300 interest this year. How much tax does he pay on it?

Red flag: “Dear Valued Saver,” — Generic greeting. A real provider you bank with would use your name.
Red flag: “earn a FIXED 15% a year on our exclusive savings bond” — Way above normal savings rates (base rate is 3.75%). Unrealistic returns are the #1 scam sign.
Red flag: “fully protected and risk-free.” — Scammers love to claim protection they don't have. Check the firm on the FCA register yourself.
Red flag: “Only 3 places left — transfer by midnight” — Fake scarcity and deadlines.
Red flag: “Don't tell your bank — they're jealous of our rates!” — Being told to keep secrets from your bank is a massive red flag.
Fact: “The FSCS limit applies per person, per authorised firm — not per account.” — Two accounts at the same banking group may share one limit. Worth checking if you're lucky enough to have that much!
Myth: “Interest in an ISA counts towards your Personal Savings Allowance.” — ISA interest is tax-free on its own and doesn't use up the allowance.
Myth: “Genuine savings providers will pressure you to decide today.” — Real firms let you take your time. Pressure = Ronnie.