I ask this question because I don't understand why there is a large market for tax free savings account, when your savings should already be tax free...
I am in the UK, I want to start saving £500 a month into my current account, i.e. an account which does not give me interest for having the money in the account.
My taxes are taken straight from my wages and what remains goes into my standard bank account, from which I plan to setup a standing order to automatically move £500 each month from account 1 to account 2.
If I do this without fail for 20 years, I will have £120,000 in account 2.
My question is, will I be taxed on the money in the second account?