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Martin Lewis Issues Savings Warning for People with over £22,000
- Martin Lewis, money-saving expert, outlined on his ITV programme this week that for the 2025/26 tax year the UK Personal Allowance remains at £12,570 and ISA interest is treated separately from savings allowances.
- Because allowances stack, the starting rate for savings now limits tax-free interest to 4,000, while also combining with the personal savings allowance.
- Mr Lewis emphasised the personal savings allowance, noting that savers holding more than 11,000 or 22,000 may face tax depending on their bracket.
- The personal allowance freeze has been extended to 2031 by Chancellor Rachel Reeves, and additional-rate taxpayers earning over 125,000 do not receive the savings allowance, Mr Lewis explained.
- Using a cash ISA shelters interest from tax, as Mr Lewis noted, and savers can combine allowances to avoid tax within the maximum �50,000 total.
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Leaning Left1Leaning Right2Center9Last UpdatedBias Distribution75% Center
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C 75%
R 17%
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