Savings interest refers to the amount of money earned by an individual or entity on money that is deposited into a savings account. The interest rate on savings accounts can vary depending on a number of factors, such as the type of account, the balance in the account, and the length of time that the money is deposited.

In general, interest is paid on the money in a savings account as a percentage of the balance in the account. For example, if an individual has £1000 in a savings account with an interest rate of 1%, they will earn £10 in interest over the course of a year. The interest is usually paid on a regular basis, such as monthly or annually, and can be withdrawn or re-deposited into the account by the account holder.

In the UK, the interest earned on savings account is subject to tax, unless the account holder is using a tax-free account such as ISA. The tax rate on the savings interest is determined by an individual's income tax rate and some level of savings interest is tax-free (Personal Savings Allowance).

Interest rates on savings accounts can fluctuate over time depending on market conditions and other factors. It's good to compare rates and shop around for the best deal if you are looking to open a savings account.