Welcome to tax-free savings
Investing your money in a cash ISA is one of the most straightforward ways to save tax-free.
It allows you to save up to £15,000 in the 2014/15 tax year.
You pay no UK Income Tax on the interest you earn, and you don’t need to declare it on your tax return.
With a Direct ISA from NS&I, you have a straightforward and secure way to save, plus the convenience of managing your account online and by phone.
Remember, if you’ve already invested in a cash ISA with another provider since 6 April 2014, you can’t open an NS&I Direct ISA this tax year. But you can top up your existing ISA.
There’s a new name
ISAs are now known as New ISAs (NISAs). And our NISA is called the NS&I Direct ISA
There’s a new limit
You can now invest up to £15,000 each tax year
And it’s more flexible
You can now split your tax-free allowance however you want between cash and stocks and shares NISAs. Please note, the NS&I Direct ISA is a cash NISA
The tax advantages you receive from NISAs depend on your individual circumstances and may change in the future.
Direct ISA at a glance
NS&I Direct ISA
Variable - see our latest interest rates
Interest is paid tax-free
Conditions for bonus payment
No notice and no penalty
New ISA, new rules
In March 2014 the Chancellor of the Exchequer announced major changes to how ISAs work. The changes took effect on 1 July 2014.
The aim is to make ISAs easier to understand, and to give savers more flexibility to decide where to invest their money.
Anyone aged 16 or over can open a cash NISA.
Anyone aged 18 or over can open a stocks and shares NISA.
Under the scheme rules, you must be resident in the UK for tax purposes to open a NISA. The UK does not include the Channel Islands and the Isle of Man.
You can invest up to a total of £15,000 in the 2014/15 tax year.
You can invest the full £15,000 in a cash NISA (such as the NS&I Direct ISA).
Or you can invest the full £15,000 in a stocks and shares NISA (NS&I doesn’t offer one of these).
Or you can split your investment allowance between one cash NISA and one stocks and shares NISA. If you choose to split your allowance, you can do this in any proportion you like.
Just make sure the total you invest in both types of NISA doesn’t go over £15,000 within the 2014/15 tax year.
And remember, you can only invest in one of each type of NISA during each tax year - this hasn’t changed.
If you’ve invested in any cash NISA since 6 April 2014, you can’t open another one with any other provider until 6 April 2015. You can of course top up the one that you’ve already opened, up to the £15,000 maximum allowance for this tax year.
Only invested in a stocks and shares ISA this tax year? You can still open one cash NISA in the same tax year. But your total investment in both types of NISA must be no more than £15,000.
For example, if you invested £5,000 in a stocks and shares ISA on 10 April 2014 but haven’t yet invested in a cash ISA this tax year, you can now invest up to £10,000 in a cash NISA.
Or you can invest part of the £10,000 in a cash NISA and the rest in your existing stocks and shares NISA.
As long as you haven’t already added to your existing cash ISA since 6 April 2014, you can open a new cash NISA with any provider this tax year - including NS&I.
The transfer rules have changed. You can now transfer either type of NISA to a NISA with a different provider, if the provider accepts transfers. (NS&I doesn’t currently accept transfers from other providers into our Direct ISA.)
Unlike the old rules, you can now do this in any combination. This means you can transfer:
To transfer a NISA, contact your chosen new provider and they will make the arrangements for you.
Don’t withdraw the money yourself as you’ll permanently lose the tax-free benefits on money you’ve invested in earlier tax years.
In more detail
You can open and manage your NS&I Direct ISA online and by phone only.
It’s simple and quick to pay money in or take it out, check your balance, review recent transactions whenever you want.
What’s more NS&I is backed by HM Treasury, you can rest assured your savings are completely secure.
You can open an account with any amount from £1 to a maximum of £15,000 this tax year.
With most savings, you have to pay tax on the interest you earn. But with a tax-free cash NISA, you keep all the interest to yourself. To match a tax-free interest rate of 1.50%, for example, you would have to earn higher rates in a taxable account to end up with the same return after tax.
The chart shows the equivalent interest rate you would need to earn in a taxable savings account to match the return you would get on a tax-free NISA.
The examples are based on tax rates for the 2014/15 tax year, and were correct at time of publishing.
Here is an example of a cash NISA interest rate:
|Any UK taxpayer||1.50%|
And here are the rates you would have to earn in a taxable savings account to achieve the same return:
|Basic rate taxpayer||1.87%|
|Higher rate taxpayer||2.50%|
|Additional rate taxpayer||2.72%|
The government has promised to keep NISAs indefinitely. The tax advantages you receive from NISAs depend on your individual circumstances and may change in the future.
There are three ways to pay money in. Once your account is open, you can make further deposits:
Remember, if you reach the maximum subscription limit and then make a withdrawal, you will not be able to redeposit the amount withdrawn in the same tax year.
Withdrawing money from your account is just as simple. You can either log in or phone us and we will transfer the money into your nominated bank account.
Convenient, simple and totally secure, you can check your Direct ISA balance, and any transactions, at any time by logging in. You can also call us any time.
Once a year we will provide you with a statement. This will give you a record of all payments in and out of your account, as well as details of the interest your money has earned.
If you want to cut down on paper and do your bit for the environment, you can choose to receive your statements electronically. Visit nsandi.com/paperless
About the terms and conditions
Please read the terms and conditions before you apply for our Direct ISA.
We last updated them on 1 July 2014.
1. These terms and conditions apply to the NS&I Direct Individual Savings Account, and have been set pursuant to section 9A of the National Savings Bank Act 1971. They explain the obligations we have to you, as a customer, and the obligations you have to us. Please read these carefully and keep for reference.
2. Deposits into the Account are investment deposits in the National Savings Bank and are subject to the National Savings Bank Act 1971, the National Savings Bank Regulations 1972 and the National Savings Bank (Investment Deposits) (Limits) Order 1977, each as amended or re-enacted from time to time (see paragraph 109). In the event of any differences between these terms and conditions and the legislation, the legislation will prevail.
3. The Account is an individual savings account (“ISA”) for the purposes of (and is subject to) the Individual Savings Account Regulations 1998 (“the ISA Regulations”). Under the ISA Regulations, an ISA must remain in the beneficial ownership of the account holder and cannot be used as security for a loan.
4. NS&I will notify the Account holder if, by reason of any failure to satisfy the provisions of the ISA Regulations, the Account has, or will, become void.
5. Where we delegate, to a third party, any of our functions or responsibilities to the Account holder under these terms and conditions, we will satisfy ourselves that any provider of such functions is competent to carry them out.
6. In these terms and conditions:
(a) “Account” means the NS&I Direct Individual Savings Account;
(b) “BACS” means the Bankers Automated Clearing Service;
(c) “banking day” means a day (other than a Saturday, Sunday or bank holiday) on which banks are generally open for business in London, and, in relation to the processing of a payment, any other place of receipt;
(d) “Director” means the Director of Savings;
(e) “electronic transfer” means payments by BACS, including under a standing order (unless the context requires otherwise);
(f) “ISA” means an individual savings account within the meaning of the ISA Regulations;
(g) “ISA Regulations” means the Individual Savings Account Regulations 1998;
(h) “NS&I” mean National Savings and Investments;
(i) “Service” means the telephone and internet services provided by NS&I for the purposes of operating the Account as described in paragraph 70;
(j) “tax year” means a period of 12 months from 6 April to 5 April.
7. For the purposes of these terms and conditions, any references to “we”, “us” or “our” are references to the Director or those acting under the Director’s authority.
8. All deposits accepted (see paragraph 26) will earn interest at a variable rate. The rate applicable to a particular Account at any time may depend on the balance in that Account. Both the rates, and the balances required to earn them, if applicable, may be changed from time to time.
9. The current rate and the balances required to earn them, if applicable, and notice of changes will be available:
10. The Treasury may change the interest rate(s) which apply to the Account from time to time. Typically the Treasury will exercise this power:
(a) to enable us to respond proportionately to a change in the Bank of England’s base rate or any other publicly listed market rate;
(b) to enable us to respond proportionately to changes in the interest rates paid or charged by other banks and financial institutions;
(c) to reflect changes in the costs we reasonably incur in providing your Account;
(d) to reflect changes in the law or a decision by an ombudsman;
(e) to enable us to meet changed regulatory requirements; or
(f) to reflect changes in any codes of practice to which we subscribe.
11. We will give you a reasonable period of personal notice if the Treasury make a material change to the applicable interest rate(s) which is to your disadvantage. Whether the change is material will be determined by reference to the size of the balance of your Account and the size of the change to the interest rate(s).
12. Subject to a minimum balance of £1, interest is earned on a daily basis on the closing balance for each day. The closing balance on any particular day will include all deposits dated that day (see paragraph 27 and paragraphs 45 to 47 inclusive) less any withdrawals dated that day (see paragraphs 54 to 56). Interest is earned at 1/365th of the annual rate for each day.
13. Interest will be credited annually after close of business on 5 April or the following banking day and will include all interest earned up to and including 5 April. The interest will then form part of the balance in the Account on and from the following day (6 April).
14. In accordance with the ISA Regulations, interest is free of UK Income Tax. Capital Gains Tax does not apply. The Account ceases to qualify for tax-free interest on the death of the holder and interest earned following the date of death is liable to tax.
Who may open an Account
15. Individuals Individuals of at least 16 years of age, may, for their own benefit, open an Account in their own name.
16. Attorneys An individual of at least 16 years of age may also open an Account in the name of another such individual, of at least 16 years of age, who lacks capacity, where acting under a valid power of attorney.
17. Deputies A person who is legally entitled to make investments on behalf of a person who both lacks capacity and is at least 16 years of age may open an Account on behalf of, and in the name of, such person.
18. Bankrupts An Account may not be opened by a person who is an undischarged bankrupt.
19. An Account may only be opened by, or for, an individual who is a resident in the UK for tax purposes.
20. The applicant must not subscribe to another cash ISA (within the meaning of the ISA Regulations) in the same tax year.
How to open an Account
21. Subject to paragraphs 22 and 103, an application to open an Account can be made:
(a) via the internet; or
(b) by telephone.
22. Only applications made by individuals on their own behalf can be made via the internet and by telephone. Applications by attorneys and deputies can only be made by post.
23. The opening deposit must be made using a debit card in the name of the proposed Account holder issued by a UK bank or building society.
24. Where an applicant makes an application, and this is the first application, the applicant must confirm the application by signing and returning a confirmation form which we will send to them by post. The form will specify the time within which the signed form must be returned to us. If the form is not received by us within the specified time we will not be able to process the application. If this is the case any money paid to us will be refunded to the relevant debit card or by issuing a crossed warrant (like a cheque). However, we reserve the right to use a different method of payment if necessary. No interest will be earned or paid for the intervening period.
25. Because payments following withdrawals, or Account closures, can only be made by direct credit using BACS to a bank or building society account in the name of the Account holder, you must have such an account capable of receiving payments via BACS before you can open an Account with us.
26. In all cases, an application to open an Account is subject to acceptance by us.
27. Once an application to open an Account has been accepted, the date of opening, and of the opening deposit will be the date that the completed application to purchase was received by us. For these purposes an application to purchase will not be considered complete until we have received the authorisation of payment from the debit card issuer.
28. Once an application has been accepted, the Account holder will receive a confirmation showing the details of the opening deposit and the date of opening.
Evidence of identity
29. Under legislation relating to money laundering we are required to verify the identity and address of our customers before we can accept an application to invest. To do this we may make electronic checks using data from a third party including information from the Electoral Register. In accepting the terms and conditions you are confirming that you, and anyone else named on the application, are aware that your and their identity and address will be checked.
30. We may also request documentary evidence of your identity and address. The request for evidence of identity will specify the time within which the evidence must be returned to us. If the evidence is not received by us within the specified time we will not be able to process your application. No responsibility will be accepted for documents which are lost in the post, or affected by postal delays. Proof of posting will not be accepted as proof of delivery.
31. If we are unable to process your application due to lack of evidence of identity, your application will be cancelled from inception and any money paid to us will be refunded to your debit card or by issuing a crossed warrant (like a cheque). However, we reserve the right to use another method for payment if necessary. No interest will be earned or paid for the intervening period.
32. If an applicant is not happy with their choice of Account they have 14 days from the date that they receive confirmation that their Account has been opened, within which to cancel their Account. To cancel the Account the applicant must notify us in writing, by post, by fax, by email or by telephone, using the details at the end of these terms and conditions.
33. If an applicant cancels their Account we will return all of the money and any interest it has earned. If an applicant does not cancel their Account, these terms and conditions will apply until the Account is closed. If the applicant cancels within the cooling off period they can open another cash ISA within the same tax year.
Deposits and limits
34. An opening deposit must be made by debit card (see paragraph 23). A subsequent deposit may be made by debit card or by electronic transfer. In each case, the payment must be in pounds sterling (£), drawn on a UK bank or building society account in the name of the Account holder.
35. The minimum opening deposit is £1.
36. The minimum subsequent deposit is £1.
37. From 1 July 2014, the maximum annual subscription limit is £15,000, for the tax year commencing on 6 April 2014, and for each subsequent tax year until further notice. However, deposits may be subject to transaction limits or restrictions imposed by your or our banking service provider.
38. Any deposit counts towards the Account holder’s maximum annual subscription limit for the relevant tax year even if they subsequently make withdrawals. Sums withdrawn can only be re-deposited if they would not result in the maximum annual subscription limit being breached.
39. Deposits up to the maximum annual subscription limit can be accepted by us into an Account during the current tax year. It is our intention to accept deposits during subsequent tax years, but we reserve the right to stop accepting such deposits in future tax years. If this is the case we will let Account holders know in writing.
40. In accordance with the provisions of the ISA Regulations, if an Account holder does not subscribe to their Account for a whole tax year or longer, we will send them a new declaration form which they will need to sign and return within 30 days before any further subscriptions can be added. If we do not receive the signed declaration within 30 days we will refund the subscription that caused the new declaration form to be issued. No interest will be earned or paid on that subscription for the intervening period.
41. If the maximum annual subscription limit is reached no further deposits may be made, but interest will continue to be added each year.
42. If a deposit into an Account would result in the maximum annual subscription limit being exceeded, we will return the full amount of that deposit by electronic transfer to the account from which the deposit originated, or by issuing a crossed warrant (like a cheque).
43. An Account holder must inform NS&I if they cease to be resident in the UK for tax purposes. No further deposits can be made into the Account until the Account holder meets the residence qualification again.
44. When an Account holder notifies NS&I that they are no longer a resident in the UK for tax purposes, any deposits made into the Account since the start of the tax year in which the Account holder ceases to be so resident will be returned to the Account holder along with any interest earned to date on those deposits.
Deposits into an Account
Deposits using your debit card – by telephone and internet
45. For interest purposes, the date of deposit will be the date on which we receive authorisation of the debit card payment from the card issuer. The amount of the deposit will be available for withdrawal from the seventh banking day. For example, if we receive debit card authorisation on a Monday, the payment will be cleared on the Tuesday of the following week. Allow one additional day for each English bank holiday.
Deposits by electronic transfer (Faster Payments, BACS, including under a standing order, although we reserve the right to accept a different method if necessary)
46. You can save regularly by setting up a standing order with your bank or building society. You can also make individual deposits by electronic transfer if your bank or building society offers such a facility. For interest purposes the date of deposits by electronic transfer will be the date the funds are received in the Director’s account and will be available for withdrawal from the following banking day.
47. In certain circumstances where it is required by law, or where circumstances arise beyond our control, the payment into an Account may be prevented or may take longer than the time periods set out in paragraph 45 and 46.
Payments out of your Account
48. Instructions for payments from your Account may be given:
49. Funds are only available for withdrawal after your payment has cleared. The time taken for payments to clear is detailed in paragraphs 45 and 46.
50. The minimum amount that an Account holder may withdraw is £1.
Payments by electronic transfer
51. Any payments will be made by electronic transfer to a UK bank account (including an NS&I Direct Saver) or building society account in the Account holder’s name. The account to receive such payments must be nominated at the time of the application to open the Account. Any applications that do not contain nominated bank account details will be rejected.
52. We intend to use BACS as the means of making these electronic transfers (although we reserve the right to use a different means if necessary).
53. The nominated bank or building society account must be capable of receiving payments via BACS.
54. We will normally initiate the electronic transfer within three banking days of receiving your instructions.
55. Once we have initiated the electronic transfer, the date of withdrawal, for the purposes of these terms and conditions, will be considered to be the date on which, in the normal course, the requested amount would be credited to the nominated bank or building society account. In the case of BACS, this is normally two banking days after we initiate the transfer.
56. We may allow a deposit by debit card to be withdrawn before the payment has cleared. If so allowed, we will repay the sum requested to the debit card from which the deposit was made. The date of withdrawal will be determined as if the withdrawal had been made under paragraph 55.
57. Where an electronic transfer is initiated properly we will not be liable for:
(a) any failure or delay of the receiving bank or building society in crediting the specified account; or
(b) any failure or delay in any part of the electronic process which is beyond our direct control;
including any failure which occurs because the nominated account is incapable of receiving an electronic transfer.
Closure of your Account by NS&I
58. We can close your Account immediately if:
(a) we reasonably think any of the persons named in the application to open the Account have provided false information;
(b) we reasonably suspect that the Account is being used for an illegal purpose;
(c) the Account holder was not entitled to open the Account;
(d) the Account holder fails to comply, in a material manner, with the terms and conditions for operating the Account; or
(e) we have any other valid reason to do so.
59. We can also close the Account by giving not less than 30 days’ prior notice.
60. The Account holder can close their Account at any time, for any reason, without charge. Please be aware that closing this Account will result in losing the tax-free status of the money invested in previous tax years. Transferring an Account (see paragraph 61) will preserve the tax-free status of previous years’ subscriptions.
61. The Account holder may be able to transfer the funds in their Account (in accordance with the ISA Regulations) to a cash ISA or a stocks and shares ISA with a different ISA manager by contacting the ISA manager to whom they wish to transfer their ISA. The transfer will depend on the other ISA manager agreeing to the transfer. If the new ISA manager can no longer accept the transfer, we may exceptionally accept the funds back into the Account as long as it’s within 30 days from the funds being transferred out to the new ISA manager. Part transfers of current year subscriptions are not permitted. Transfers into an Account from another ISA manager are not permitted.
62. We will carry out your transfer request within the timescales stipulated by the ISA Regulations, currently five business days from receipt of the request from the new ISA manager.
63. The Account holder may be able to transfer funds into their Account from their existing NS&I savings and investments. They may also be able to transfer funds from their Account to other NS&I savings and investments. We will provide them with details when they ask us to.
Giving us instructions
64. Instructions can be given:
(a) via the internet; and
(b) by telephone.
65. Account holders cannot change or cancel payment instructions that they have given because we start processing them as soon as we receive them.
66. We may refuse to act on instructions if:
(a) we reasonably believe that they were given by a person who was not entitled to give us instructions;
(b) we reasonably suspect fraudulent activity in relation to the Account;
(c) the instructions are unclear, incomplete or not in the required form;
(d) in carrying out the instructions, we might thereby act contrary to a law, regulation, code or other duty which applies to us;
(e) it would cause any limit or restriction which applies to an Account to be exceeded; or
(f) we have any other valid reason to do so.
67. If we refuse to act on instructions we will notify the Account holder and, if possible, give our reasons for doing so. Account holders can obtain information about the refusal and, where appropriate, our reason for refusing, along with information on how to correct any errors that led to the refusal, by contacting us using the details at the end of these terms and conditions (unless we are prevented by legal obligations, or circumstances beyond our control, from providing this information).
68. We will send a statement annually showing all transactions since the end of the period covered by the previous annual statement or, if the Account has been open for less than a year, since the date the Account was opened. The annual statement will include details of interest added to the Account for the previous year ending on 5 April.
69. The Account holder is responsible for checking the information we provide and must tell us as soon as possible if it includes something which appears to be wrong or if a payment was not made in accordance with the instructions given.
Telephone and internet service
70. When applying to open an Account, the applicant must register to operate the Account by telephone and/or via the internet. Deputies and attorneys can only register to use the limited Service by completing a registration form and returning it to us for processing.
71. If an applicant registers as part of an application made over the internet, they will be asked to supply security information and choose a password. If the applicant is an existing customer who has already registered to use the Service, they must use their existing security information and password to apply for and operate the Account (see paragraph 74).
72. If an applicant registers as part of an application made by telephone, they will be asked to supply security information. After registration, we will send a temporary password to the registered user. Before the registered user can manage their Account using the Service, they will need to change the temporary password to one of their own choosing. This temporary password will expire after 60 days so the registered user will need to change it before then. If they do not change their temporary password before it expires, we will issue them with a new password when they next contact us. The new temporary password must be changed within 60 days.
73. We will use the password and security information to verify the identity of the person seeking access to the Service. If for any reason a registered user wishes to change their security information or password they can do so via the internet, or by calling us. We may ask for any change to be confirmed in writing.
74. Registered users must take reasonable precautions to prevent unauthorised use of the Service. They should not disclose any information which will give access to the Service to anyone other than us. They should not record their password or security information in any way that may result in them becoming known to another person.
75. Please note that after initial registration we will never contact registered users, or ask anyone to do so on our behalf, with a request to disclose security information in full. If a registered user receives any such request from anyone (even if they are using our name and logo and appear to be genuine) then it is likely to be fraudulent and security information should not be supplied under any circumstances. Registered users should report any such request to us immediately.
76. The Account holder will be responsible for any instructions received by us between the time a registered user passes the security procedure until the time that registered user exits from the Service. Please note that this includes any input errors or instructions sent by someone other than the registered user, so registered users are asked not to leave the device they are using to access the Service unattended whilst logged on.
77. Please note that we are entitled to debit the Account with any withdrawal where instructions have been given through the Service, if particulars of the security information were correctly provided.
78. If a registered user has reason to suspect that their security information and/or password have become known to a third party, they should immediately notify us by telephone. We may ask for this to be confirmed in writing.
79. While we will make reasonable efforts to provide the Service, we will not be liable for any failure to provide the Service, in part or full, for any cause that is beyond our control. This includes, in particular, any suspension of the Service resulting from maintenance and upgrades to our systems or the systems of any party used to provide the Service.
80. We may, where we consider it is appropriate for the protection of the Account holders, suspend, withdraw or restrict the use of the Service or any part of the Service. We will inform Account holders as soon as practicable if we take such action. We may also end the Service or any part of the Service at any time by giving registered users reasonable notice.
81. If an Account holder tells us that a payment from their Account was not authorised, we will carry out an investigation. As soon as we are reasonably satisfied that the payment was unauthorised, we will, subject to paragraph 82, refund the amount deducted and return the Account to the position it would have been in if the unauthorised payment had not taken place. In addition to the amount of the unauthorised payment, we will pay any interest on the amount incorrectly paid but we will have no further liability.
82. However, the Account holder will be liable for:
(a) all payments made from their Account if they have acted fraudulently;
(b) all payments made from their Account until they tell us that their password or other security information has become known to someone else, if the payment was made because they deliberately or carelessly failed to keep the password or security information secret. After they have told us they will not have any further liability for unauthorised payments.
83. If an Account holder asks us to make a payment by electronic transfer and, after a reasonable period has elapsed, the bank or building society to which payment should have been made says that it did not receive the payment, we will (subject to paragraphs 84 and 85) refund the amount of the payment and return the Account to the position it would have been in if the payment had not been made.
84. We will not make a refund pursuant to paragraph 83 if there was a mistake in any of the details contained in the instructions to cash in. In such circumstances, we will, however, make reasonable efforts to recover funds for the Account holder.
85. We will not make a refund pursuant to paragraph 83 if we can show that the payment was in fact received by the bank or building society to which repayment should have been made.
86. It is possible that a bank or building society may make a payment into an Account by mistake, and then may seek to recall that payment. If this happens, we may take the payment out of the Account.
How we use your information
87. We may use any information provided to us to help us:
(a) manage your Account;
(b) prevent and detect crime;
(c) understand our customers’ requirements; and
(d) develop and test products and services.
88. We treat all the information we hold concerning customers as private and confidential. We will not reveal any personal details or details concerning a customer’s investments to anyone not connected to NS&I, unless:
(a) the customer asks us to reveal the information or we have the customer’s permission to do so;
(b) we are required or permitted to do so by law;
(c) it is required by credit reference and fraud prevention agencies and other companies that provide a service to us or the customer; or
(d) there is a duty to the public to reveal the information.
89. When giving us information about another person, the person providing the information is required to confirm that they have been appointed to act on behalf of that other person. This includes providing consent to process that other person’s data as set out in these terms and conditions.
90. We may monitor or record telephone calls for training, quality assurance and other business purposes.
92. From time to time we may change the way we use customer information. Where we believe that customers may not reasonably expect such a change we will notify them personally. If customers do not object to the change within 60 days, we will deem them to have consented to that change.
93. Customer information will be held by us in both paper form and on our IT systems and will be kept after Accounts have been repaid in full, in line with our retention procedures. Customers wishing to obtain a copy of the information we hold about them can make a Data Subject Access Request under the Data Protection Act and send it to: The Data Protection Officer, National Savings and Investments, 1 Drummond Gate, London SW1V 2QX – make sure the request is signed. A Data Subject Access Request form is available to print off and complete in the ‘Privacy’ section of the NS&I website. Alternatively, customers can write to the Data Protection Officer giving us their full name, current address and any previous addresses, which savings or investments they have with us and the account, holder’s or customer numbers. There may be a small charge for this service – if so, we will make this clear.
94. We would like to keep customers up to date with information about our products and services which we think might interest them. If a customer does not want to receive this information they can contact us using the details at the end of these terms and conditions.
How to notify us of changes to personal details
95. To enable us to manage your Account effectively and to be able to contact Account holders when necessary we ask that they let us know, as soon as possible, of any changes in name, address, telephone number or email address. Account holders should also ensure that their nominated bank account details are kept up to date. If they are registered to use the Service they should notify us of such changes by telephone, or update their details on the internet. Otherwise they should write to us at the address at the end of these terms and conditions.
96. If we make a mistake we’ll aim to put things right quickly and without fuss, and we have a procedure designed to resolve complaints effectively and fairly. Complaints can be made in writing to the Customer Service Team at the address at the end of these terms and conditions, by calling us free on 0800 092 1286 (calls from mobiles and some landline providers may not be free), or by visiting nsandi.com, clicking ‘Contact us’, clicking on the ‘Contact us online’ button in the ‘Email us’ section, and selecting ‘complaint’ in the ‘subject’ dropdown menu. A leaflet describing our complaints procedure is available on request or you can download one at nsandi.com, clicking on ‘Why save with us’, clicking on ‘Our commitment’ and then clicking on the link under the heading ‘Not happy with our service?’.
97. If a customer feels that we have not resolved their complaint to their satisfaction, they may be able to refer it to the Financial Ombudsman Service (the “FOS”) at South Quay Plaza, 183 Marsh Wall, London E14 9SR (Tel 0800 023 4567). The FOS is an organisation set up by law to give consumers a free and independent service for resolving disputes.
Changes to these terms and conditions
98. The Director and the Treasury reserve the right to amend these terms and conditions at any time.
99. Typically, changes will be made pursuant to paragraph 98:
(a) to make the terms and conditions clearer or more favourable to the Account holder;
(b) to reflect changes in the Government’s funding requirements;
(c) to reflect changes in the law or a decision by an ombudsman;
(d) to enable us to meet changed regulatory requirements;
(e) to reflect changes in any codes of practice to which we subscribe;
(f) to reflect changes in the general practice of banks and other organisations offering similar products or services; or
(g) to allow for new technology systems, methods of operation, security or facilities.
100. If the change is to the Account holder's detriment we will let them know personally at least 30 days before the change. If this is the case the Account holder can switch to another NS&I product or close their Account without notice or penalty within 60 days of us telling you.
101. For any other changes we will let customers know by updating our website and, if appropriate, publish a notice in a range of national newspapers.
Customers with special needs
102. Some of these terms and conditions may not apply if we have agreed changes with an Account holder in order to make their Account more accessible. If so, any differences will be agreed with them individually.
103. In limited circumstances we may agree to accept postal applications to open an Account. For such applications sent by post, subject to paragraph 26, the date of opening of the Account and of the opening deposit will be the date the application and payment were received by us. No responsibility will be accepted for applications which are lost in the post, or affected by postal delays. Proof of posting will not be accepted as proof of delivery.
104. When an application is made by post the opening deposit must be by personal cheque drawn on a UK bank or building society account held by the proposed Account holder, or by a UK building society branch cheque or banker’s draft.
105. A refund being made in pursuance of paragraph 24 or 31 will be made by issuing a warrant or by electronic transfer to the account on which the cheque was drawn. However, we reserve the right to use another method for payment if necessary. No Interest will be earned or paid for the intervening period.
106. We may also agree to accept subsequent deposits by cheque. For subsequent deposits made by cheque the Account holder will need to send written instructions to us enclosing their cheque, with the number of the Account into which the payment is to be made, written on the back. For the purposes of interest the date of deposit will be the date the cheque is received by us. It will be available for withdrawal from the seventh banking day. For example, if we receive the cheque on a Monday, the payment will be cleared on the Tuesday of the following week. Allow one additional day for each English bank holiday.
107. If the bank or building society upon which the cheque was drawn decides not to honour it, they will normally explain the reason for non-payment. We will deduct the amount of the cheque from the balance of the Account no later than the end of the sixth banking day after it was added to the balance. After that, we will not deduct the amount of the cheque from the balance unless the Account holder gives their consent to our doing so or the Account holder was knowingly involved in a fraud concerning the cheque.
108. We may in limited circumstances accept instructions for payment by post. In such circumstances we will normally initiate the electronic transfer within three working days of receiving your instructions.
109. As at 1 July 2014, The National Savings Bank Regulations 1972 (Statutory Instrument Number 1972/764) have been amended by the following Statutory Instruments:
110. The Statutory Instruments listed in paragraph 109 can be accessed at www.legislation.gov.uk.
Law and jurisdiction
111. These terms and conditions and any agreement made on the basis of them will be governed by and interpreted in accordance with English law.
112. In the event of the death of an Account holder, the Director reserves the right to make any payment in respect of the Account in accordance with the law of the place in which the Account holder resided, or if different, was domiciled at the date of their death.
113. Subject to paragraphs 114 and 115, the courts of England are to have exclusive jurisdiction to settle any dispute (including claims for set off and counterclaims) which may arise in connection with these terms and conditions or any agreement made on the basis of them and which, subject to the Regulations, falls to be determined by a court of law.
114. Where section 16 of the Civil Jurisdiction and Judgments Act 1982 applies the relevant court of law of the relevant part of the United Kingdom shall have jurisdiction to settle any such dispute.
115. Paragraphs 113 and 114 are included for our benefit. Accordingly we retain the right to bring proceedings in any other court which has jurisdiction or to whose jurisdiction the holder irrevocably submits.
NS&I Direct ISA
National Savings and Investments
Telephone 0500 007 007
Fax 0141 636 8744
Visit our website www.nsandi.com
1 July 2014
PLEASE KEEP FOR REFERENCE
This will help you decide if our Direct ISA is the right account for you.
Right for you if:
Not for you if:
Before you start
Make sure you've read all the information to ensure this investment is right for you. You'll also need to read and accept the terms and conditions and the declaration before applying.
You can apply online now if you’re aged 16 or over and opening an account in your name - see below.
Can’t or don’t want to apply online? You can apply by phone - call us on 0500 500 000.
What you need before you apply online
We accept Maestro, Switch, Visa Debit or MasterCard Debit. The debit card must be in your name and issued by a UK bank. You will be asked to complete a Verified by Visa/MasterCard Secure Code box if using a Visa Debit or MasterCard Debit card. This helps protect you against unauthorised use of your card online by requiring you to enter a password each time you make a debit card payment.
We'll start processing your payment as soon as we receive your card details, so please make sure you have enough money in your account when you apply.
You will need to apply by post. Call us on 0500 007 007 and we’ll send you the relevant application form.
There are a few things we need to do before we accept your application and confirm that your account is open. This can take a while if we need more information from you.
But don’t worry, if everything goes through smoothly the date your account opened will be the date we received your application.
Of course, not all of these steps will apply to you if you’re already an established customer and have registered for our online and phone service. We’ll just send you your welcome letter or email.
Your right to cancel
If you open a Direct ISA but then decide it doesn’t suit your needs, let us know in writing or call us within 14 days of receiving your welcome letter or the secure message that confirms your account is open. We’ll then refund your money in full.
Manage existing accounts
Looking after your account online and by phone
Using our online and phone service is a safe, simple and convenient way to manage your NS&I Direct ISA. If you haven’t already registered, we’ll ask you to do so when you apply for your Direct ISA. Once you’ve heard from us that your service is up and running, you’ll be able to:
See below for a quick summary of how to manage your account. If you need more detailed help, see our step-by-step guide
The minimum deposit is £1 and you can invest a maximum of £15,000 in the 2014/15 tax year.
There are three easy ways to make deposits:
By debit card
By transfer from your bank account
Once your Direct ISA is open and you know your account number, a quick and easy way to pay money in is to make a transfer from your bank account.
Simply give the following details to your bank and tell them how much to transfer. You’ll normally be able to do this online, by phone or in a branch depending on your bank.
|Sort code:||08 31 20|
|Reference:||Give your NS&I Direct ISA account number as the reference. You must enter it correctly for your deposit to be accepted|
Important info about making deposits by bank transfer
Investing regularly by standing order
Want an easy way to save regularly without even having to think about it? Just set up a standing order with your bank using the above details. Or download and print a standing order form then complete it and give it to your bank.
Once a year we will provide you with a statement. This will give you a record of all payments in and out of your account, as well as details of interest your money has earned.
You can close your account at any time for any reason, without a penalty. But remember that if you close your account you will not be able to subscribe to another cash NISA in the same tax year if you have already paid money in to your NS&I Direct ISA. If you want to close your account call us.