Direct Saver

Piece of cake

Open your account with just £1. Enjoy easy access to your savings.

Direct Saver: facts and figures

  • Rate 0.80% gross/AER
  • Access No notice, no penalty
  • Tax Taxable, paid gross

Suitable for savers who want:

  • to manage their account online or by phone
  • easy access to their savings

Not for savers who:

  • prefer to use an account at a branch or by post
  • want a fixed rate of interest
  • need a regular income from their savings
  • want an account for a child

How to open a Direct Saver

Summary box: key product information

Account name

NS&I Direct Saver

Interest rates


Tax status

Taxable, paid gross

Conditions for bonus payment

Not applicable

Withdrawal arrangements

No notice, no penalty


Apply, deposit and withdraw online and by phone


Gross is the taxable rate of interest without the deduction of UK Income Tax.

AER (Annual Equivalent Rate) is a notional rate that illustrates what the annual rate of interest would be if the interest was compounded each time it was paid. Where interest is paid annually, the quoted rate and AER are the same.

  • Our Direct Saver

    Our Direct Saver offers you the convenience of managing your account online and by phone. You can pay in or take out money whenever you want, with no notice and no penalties.

    Anyone aged 16 or over can open an account, either individually or jointly with someone else.

    Save from £1 up to £2 million per person.

  • Interest and tax

    You’ll earn a variable rate, which could go up or down. We calculate your interest daily and add it to your account on 1 April each year. We’ll send you a statement shortly after that.

    Check the current rate

    The interest is taxable, but paid without any tax taken off. Basic rate taxpayers now have a tax-free Personal Savings Allowance of £1,000 on the interest earned on their savings (£500 for higher rate taxpayers). The interest you earn on your Direct Saver counts towards your Personal Savings Allowance, together with any interest you earn from other taxable savings.

    Find out more about tax and savings

Using your account

Using your account

You can look after your Direct Saver online and by phone. You’ll be able to log in or call us to check your balance, review your transactions and change your personal details. We’ll send you an annual statement every April – you can choose to go paperless or get it by post.

  • Pay money in and take it out

    Pay in by standing order, bank transfer or with your debit card. All your deposits must be from a UK bank account in your own name.

    Standing order

    Give your bank our payee details:

    Payee name: NS&I
    Account number: 11994808
    Sort code: 08 31 35

    You must quote your Direct Saver account number as the reference, so that the payment reaches the right account.

    Tell the bank how much you want to pay, when and how often.


    Print and complete a standing order form and give it to your bank

    To cancel, contact your bank – not NS&I.

    Bank transfer

    You can make one off deposits by bank transfer. Give all the above details to your bank and tell them how much you want to pay. For large amounts, check your bank’s upper limit for electronic payments.

    Debit card

    Log in or call us with your debit card details.

    Take money out

    Log in

    Call us

    We’ll send your payment within three working days.

    You can also send payments to your international bank account.

Apply now Top up your account