Hey. I’m curious about how everyone handles interest rates from their bank. As default they show up as ‘Interest’ and are categorized as ‘Income’. I’ve been thinking of creating an interest rate category. How do you handle it?
I leave it as “income” at the moment but an “interest” category would also be fine. Unless you have a lot of money in your accounts and/or don’t have a regular salary, interest is likely a fairly minimal portion of your income so I’m not sure it’s a high priority either way.
(People can always tag it as interest if they’re really that bothered )
I forget about it cause it’s usually £1 a month.
Most accounts issue an annual statement for the end of the tax year, so I just wait for that.
Some current accounts are really annoying though. So TSB doesn’t do a statement - you have to add up the monthly interest. Halifax pay the current account bonus net, while most accounts pay bonuses gross…
The biggest problem I have sometimes is working out whether I should be sticking to tax-free savings later in the year when approaching the PSA limit