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You can hold as much as £10 million in the Rainy Day Saver but savers with greater than £5,000 who don’t need access to their money will discover larger returns from a fixed fee financial savings account. Its Bonus Savings Account can pay up to 1.65% AER on balances under £25,000, and zero.75% AER on balances above £25,000. If they make a withdrawal, the new rate drops to zero.50% AER for that calendar month. Government figures show that solely round one-in-10 people paid tax on the curiosity earned from their non-ISA financial savings accounts after the non-public financial savings tax allowance was launched in 2016. Cash ISAs come in a variety of varieties including easy accessibility, those which require some discover – say, 30 days – in addition to fixed-rate accounts that can supply phrases of between 12 months and 5 years.