Analysis undertaken by Money.co.uk shows that some savers will have tax bills on savings of just more than £8,000 due to higher interest rates. A higher-rate taxpayer, including those involved in motorsport, would only need to save £8,334 in the best one-year fixed rate bond before they breached their personal savings allowance, while a basic-rate taxpayer would incur tax on their interest on pots of £16,667 or more. The best saving rates for one-year fixed bonds currently exceed 6%. A year ago, when the average one-year bond paid a rate of 1.8%, a higher-rate taxpayer could have saved more than £27,000 without triggering a tax bill. A basic tax-rate taxpayer with no starting savings allowance could have saved more than £50,000.