National Savings and Investments
 
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Press release

NS&I DIRECT ISA INTEREST RATE LOWERS TO 5.30% FOLLOWING DECREASE IN BANK OF ENGLAND BASE RATE

10 April 2008

  • New rate effective immediately  

              The interest rate paid on NS&I’s Direct ISA will decrease from 5.55% per annum to 5.30% following today’s decrease in the Bank of England base rate by 0.25%.

              The new rate becomes effective from today and is guaranteed to be 0.30% above base rate until 5 April 2009.

              Following the change to ISA rules, customers of NS&I’s Direct ISA and its Cash ISA (available via post, telephone and through the Post Office) will be able to invest up to £3,600 each tax year.  Customers of the Direct ISA can make deposits, carry out balance checks, look at their transaction history, make withdrawals and update their details online 24 hours a day and by phone between 7 a.m. and midnight, seven days a week.

              The Direct ISA comes with the 100% capital guarantee which NS&I can offer because it is backed by HM Treasury.

              Direct ISA key features

              • Invest online and by phone only with a debit card
              • Interest rate guaranteed to be 0.30% above base rate until 5 April 2009
              • Convenience of opening and managing account online and by phone
              • Minimum deposit: £1,000
              • Minimum further deposit: £250 (or £100 by standing order)
              • Minimum withdrawal: £250 to nominated bank account
              • All interest free of UK Income Tax
              • Direct ISA is open to new customers and those who had opened an NS&I Cash ISA by 5 April 2006, but it is not possible to transfer into NS&I’s
              • Direct ISA from any other ISA provider.  

              Ends

              Notes to editors

              1. NS&I’s telephone lines are open from 7am until midnight, seven days a week.

              Media team
              NS&I has a number of spokespeople available for interviews and our experienced radio team is available via our ISDN line: 020 7602 4522.

              The numbers below are for media use only. Customers wishing to contact NS&I can find details here.

              Gill Stephens 020 7348 9449
              gill.stephens@nsandi.com
              Claire Gorman 020 7348 9654
              claire.gorman@nsandi.com
              Angela Mason 020 7348 9433
              angela.mason@nsandi.com

              ISDN for interviews
              020 7602 4522

              Out of hours
              All numbers above diverted to staffed mobile phones
               

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