MTTM Podcast Episode 445 – Smart ways to play the NI cuts, how to pay tax on savings interest & money reflections

1 min Read Published: 14 Jan 2024

Listen to Episode 445

On this week's show we discuss how to take advantage of the cuts to national insurance, which came into effect on 6th January, to improve your finances. We then explain why more people will be unaware that they will now have to pay tax on the interest earned on their savings. We explain who is impacted, when they need to pay and how to go about it. Finally, we discuss the importance of reflecting on past money failures and successes.

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Episode Quiz

Here are five multiple-choice questions to test yourself after listening to this week's episode:

Question 1

In 2010, what was the first ever Money to the Masses article about?
a) Budgeting tips
b) How to get savings interest tax-free
c) Successful Investment strategies
d) How to cut your mortgage

Question 2 
Excluding ISAs & premium bonds, what’s the max a person can theoretically make tax-free from interest on savings?
a) £10,000
b) £12,570
c) £17,570
d) Over £18,000

Question 3
How much is the personal savings allowance for a basic rate taxpayer?
a) £500
b) £1,000
c) £1,500
d) £2,000

Question 4

What can married couples use to increase their tax-free interest on savings?
a) Joint account allowance
b) Marriage allowance
c) Spousal bonus
d) Family tax rate

Question 5
How much annually will someone employed earning £20,000 save due to the national insurance cut?
a) £100
b) £150
c) £200
d) £250


  • Answer 1: b) How to get savings interest tax-free
  • Answer 2: d) Over £18,000
  • Answer 3: b) £1,000
  • Answer 4: b) Marriage allowance
  • Answer 5: b) £150