Student Finance Application

Hi, for the question on the application form about whether I will receive interest on a bank account, is that only for interest that is taxed or is it the total interest you received in 2022-2023?

Hi there,

It would be the taxable unearned income you expect to receive during the 23/24 academic year. Thanks, Jason

Hi Jason, the interest I receive is from a savings account. I have looked at this government website on tax on savings interest: https://www.gov.uk/apply-tax-free-interest-on-savings
According to this, I can receive upto £5000 of interest and not have to pay any tax on it. As I do not expect to have any tax deducted from the savings interest during the 23/24 academic year, am I right in thinking I can answer this question on the student finance application form by saying I do not expect to receive any interest on bank accounts? Or should I still answer with yes and the student finance team will decide if it's taxed or not?

Hi there,

Yes, in this case you're fine to say no to this questions, that's fine.

Thanks, Graeme

Hi Graeme, thanks for letting me know. If this was to change and my interest was taxed during the year, would I be required to let you know or would you automatically find out from HMRC or via another way?

Hi there, you can update us if this was to change over the year for us to amend your application accordingly. Thanks, Jason

Hi Jason, thanks for letting me know. Have a nice day.