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Press release
NS&I DIRECT ISA INTEREST RATE RISES TO 6.05% FOLLOWING INCREASE IN BANK OF ENGLAND BASE RATE
10 May 2007
New rate effective immediately
The interest rate paid on NS&I’s Direct ISA will rise from 5.80% per annum to 6.05% following today’s increase in the Bank of England base rate by 0.25%.
The new higher rate becomes effective from today and is guaranteed to be at least 0.55% above base rate until 5 April 2008 at the earliest.
NS&I’s Direct ISA was launched a year ago on 6 April 2006 and is available online and by telephone only. Customers can invest up to £3,000 each tax year and have direct access to their account 24 hours a day.
And the Direct ISA comes with the 100% capital guarantee which NS&I can offer because all of its savings and investments are backed by HM Treasury.
Direct ISA key features
- Invest online and by phone only with a debit card
- Interest rate guaranteed to be 0.55% above base rate until at least 5 April 2008
- Consistent interest rate: no short-term introductory bonus
- 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 mini ISA by 5 April 2006, but it is not be possible to transfer into NS&I’s Direct ISA from any other ISA provider.
NS&I will announce any other interest rate changes in due course.
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.
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