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Direct Saver

Everyday savings online and by phone


How to invest

Everyday savings online and by phone

The NS&I Direct Saver offers you an attractive rate of interest on your savings as well as the convenience of being able to manage your account online and by phone. You can open an account with just £1 and pay in or take out money whenever you want.


Summary box: key product information

Account name

NS&I Direct Saver

Interest rates

Variable, see interest rate below

Tax status

Taxable, paid gross

Minimum investment

£1

Maximum investment

£2 million per person

Conditions for bonus payment

Not applicable

Withdrawal arrangements

No notice, no penalty

Access

Apply, deposit and withdraw online and by phone


Interest

1.10% gross


Definitions

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

AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year.


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The information below is designed to help you decide if this account is right for you. If you’re still not sure, you may want to consult a financial adviser.

Search for a financial adviser


It might be right if you:

  • are happy to manage your account online or by phone
  • want easy access to your savings

It might not be right if you:

  • want to manage your account at a branch or by post
  • want a fixed rate of interest
  • want a regular income from your savings
  • want an account for a child

Right for you?

Find out more about our Direct Saver, including who can invest, investment limits and interest rates…

Find out more

Ready to invest?

Find out what information you need to have to hand and what to do next.

Apply now

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The NS&I Direct Saver is a savings account that allows you easy access to your money online and by phone. It’s designed for people who want an easy, hassle-free way of managing their savings.


Anyone aged 16 or over can apply to open a Direct Saver, either in their own name or jointly with someone else.

If you open a joint account, both of you will have your own individual passwords and both of you will be able to pay money in and take money out of your joint account, or close the account, independently. We will send any statements and correspondence to the first named account holder.


Minimum

You can open a Direct Saver with just £1, and each deposit you make must be at least £1.

Maximum

The maximum you can save is £2 million per person. If you have more than one Direct Saver, this limit applies to the total amount you can save in all your accounts.


The interest rate is variable, so it may change from time to time. Check the current interest rates

Your interest is calculated daily on balances of £1 and over. It is credited to your account once a year after close of business on 31 March. When you withdraw money, it stops earning interest on the day we issue your payment.


The interest is taxable. We’ll pay you the interest without deducting tax (gross), so you’ll need to declare it to HM Revenue & Customs if you’re a UK taxpayer, and pay any tax due. If you hold a joint account, both holders may need to declare their share of the interest to HM Revenue & Customs.

Find out more about tax and savings


You can pay money into your account whenever you want using your debit card online or by phone, or by electronic transfer (usually through the Faster Payments Service or by BACS). The minimum for each deposit is £1.

And if you’d like a convenient way to save regularly, you can ask your bank or building society to set up a standing order for you.

Find out more about setting up a standing order


You can withdraw money whenever you want to without giving notice or paying a penalty.

You can either log in or call us and we'll transfer the money to your nominated bank account. The minimum for each withdrawal is £1.


Apply

About the terms and conditions


Please read the terms and conditions before you apply for an NS&I Direct Saver.

We last updated the Direct Saver terms and conditions on 1 April 2014.


1. This agreement applies to the NS&I Direct Saver account, and these terms and conditions have been set pursuant to section 9A of the National Savings Bank Act 1971. These terms and conditions set out 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 and the National Savings Bank Regulations 1972 as amended or re-enacted from time to time. In the event of any differences between these terms and conditions and the Regulations, the Regulations will prevail.

Definitions
3. In these terms and conditions:
(a) “Account” means the NS&I Direct Saver account;
(b) “BACS” means 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) “NS&I” means National Savings and Investments;
(f) “Service” means the telephone and internet services provided by NS&I for the purposes of operating the Account.

4. 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 in carrying out the business of the National Savings Bank.

Interest
5. All deposits accepted (see paragraph 21) 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.

6. The current rate and the balances required to earn them, if applicable, and notice of changes will be available:

  • on the NS&I website;
  • in our Interest Rates leaflet available from us;
  • in the London, Edinburgh and Belfast Gazettes (the Gazettes); and
  • directly from us over the phone.

7. The Treasury may change the interest rate(s) which apply to your 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.

8. We will give you a reasonable period of personal notice if we 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).

9. 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 22 and paragraphs 35 to 37 inclusive) less any withdrawals dated for that day (see paragraphs 42 to 44). Interest is earned at 1/365th of the annual rate for each day.

10. Interest will be credited annually on the first day after 31 March and will include all interest earned up to and including 31 March. The interest will then form part of the balance in the Account on and from the following day (1 April).

Tax
11. Interest will be credited to the Account without deduction of tax. However it is subject to UK Income Tax so Account holders may need to declare their interest to HM Revenue & Customs, depending on their circumstances.

Who may open an Account
12. Accounts may be opened in accordance with paragraphs 13 to 16, unless a limitation applies (see paragraph 17).

13. Individuals . If you are an individual of at least 16 years of age, you may open an Account in your own name.

14. Joint Accounts. If you are an individual of at least 16 years of age you may open an Account jointly with one other individual of at least 16 years of age.

15 . You may hold more than one Account in either or both individual and joint capacities.

16 . Deputies . If you are legally entitled to make investments on behalf of a person of at least 16 years of age, who lacks capacity, you may open an Account on behalf of and in the name of that person.

17 . General limitations . Accounts cannot be:
(a) opened by a person who is either a US citizen and/or a US resident for tax purposes;
(b) opened by a person who is an undischarged bankrupt;
(c) opened by a person under a legal disability otherwise than in accordance with paragraph 16; or
(d) opened by one person on behalf of another otherwise than in accordance with paragraphs 14 and 16, unless the applicant is acting under a valid power of attorney; or
(e) held in trust.

How to open an Account
18. An application to open an Account can be made:

  • via the internet; and
  • by telephone.

19. The opening deposit must be made by debit card in your name issued by a UK bank. Where this is your first application you must confirm your application by signing and returning a confirmation form we will send to you. We 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 your application. Your application will then be cancelled from inception and any money paid to us will be refunded to your debit card. However, we reserve the right to use another method for payment if necessary. No interest is earned or paid for the intervening period.

20 . 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.

21 . In all cases, an application to open an Account is subject to acceptance by us.

22 . Once an application is accepted, the date of opening of your Account will be:
(a) for applications via the internet, the date your online application, including authorisation of your debit card payment from the card issuer, was received at NS&I; or
(b) for applications made by telephone, the date your application, including authorisation of your debit card payment from your card issuer, was received at NS&I.

23 . You will receive confirmation that your Account has been opened, including the date of opening and details of the opening deposit. Where the Account is held jointly, the confirmation will only be sent to the holder named first on the application to open the Account.

Evidence of identity
24. Under Money Laundering Regulations 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.

25 . 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.

26 . 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. However, we reserve the right to use another method for payment if necessary. No interest is earned or paid for the intervening period.

Cooling off
27. If you are not happy with your choice of Account you have 14 days from the date you receive confirmation of your investment within which to cancel your Account. To cancel your Account you 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.

28 . If you cancel your Account we will return all the money in your Account to you and any interest it has earned. If you do not cancel your Account you will remain bound by these terms and conditions until your Account is closed.

Deposits and limits
29. All deposits into the Account must be in £ Sterling, drawn on a bank in the UK. The minimum investment to open your Account is £1. The opening deposit must not exceed the maximum personal holding limit of £2,000,000, or £4,000,000 for a joint Account (see paragraph 34). However, deposits may be subject to transaction limits or restrictions imposed by your or our banking service provider.

30 . The minimum balance to retain an Account is £1 (see paragraphs 39, 47(d) and 50(e) ).

31. Subsequent deposits, for a minimum of £1, may be made by:

  • debit card (either by telephone or via the internet); or
  • electronic transfer.

32 . Each individual may hold a maximum of £2,000,000 in Accounts regardless of how many such Accounts they hold, and whether such Accounts are held in an individual or joint capacity.

33 . If the maximum holding limit is reached no further deposits may be made, but interest will continue to be added each year.

34 . For the purpose of the maximum holding limit, where an Account is held in joint names, half of the balance in the Account will count against each holder’s personal holding limit. This limit will not prevent the transfer into a holder’s name of an amount inherited from another investment deposit account with us.

Payments into your Account
35. In certain circumstances where it is required by law, or where circumstances arise beyond our control, the payment into your Account may be prevented or may take longer than the time periods set out in paragraph 36 and 37.

Deposits using your debit card – by telephone and internet
36. For interest purposes, the date of deposit will be the date on which we receive authorisation of your 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 your debit card authorisation on a Monday, your 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 )
37. 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.

Payments out of your Account
38. Funds are only available for withdrawal after your payment has cleared. The time taken for payments to clear is detailed in paragraphs 35 to 37.

39. The minimum amount for withdrawals is £1. The maximum amount that you may withdraw is the cleared balance of your Account. However if you do not retain the minimum balance of £1 you will need to close your Account.

Payments by electronic transfer
40. Any payments will be made by electronic transfer to a nominated UK bank or building society account in your name.

41. Because 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) your bank or building society account specified on your application must be capable of receiving payment via BACS. You will be asked to provide details of an account suitable to receive electronic transfers when you apply to open your Account.

42. We will normally initiate the electronic transfer within three banking days of receiving your instructions.

43. Once we have initiated the electronic transfer, the date of withdrawal will be taken to be the date on which, in the normal course, the requested amount would be credited to your bank or building society account. In the case of BACS, this is normally two banking days after we initiate the transfer.

44. 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 43.

45. 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 transfer process which is beyond our direct control;
including any failure which occurs because the specified account is incapable of receiving an electronic transfer.

Transfers
46. You may be able to transfer funds into your Account from your existing NS&I savings and investments. You may also be able to transfer funds from your Account to other NS&I savings and investments. We will provide you with details when you ask us to.

Closing your Account
47 . We can close your Account immediately if:
(a) we reasonably think you (or, in the case of a joint Account, one of you) have provided false information;
(b) we reasonably suspect that your Account is being used for an illegal purpose;
(c) you were not entitled to open your Account;
(d) your Account falls below the minimum balance needed to retain your Account;
(e) you fail to comply, in a material manner, with the terms and conditions for operating the Account; or
(f) we have any other valid reason to do so.

48. You can close your Account at any time, for any reason, without charge.

Giving us instructions
49. We cannot change or cancel a payment instruction given by you because we start processing it when we receive it.

50. We may refuse to act on your instructions if:
(a) we reasonably believe that you did not give us the instruction; or
(b) we reasonably suspect fraudulent activity in relation to the Account; or
(c) your instructions are unclear, incomplete or not in the required form; or
(d) in carrying out these instructions, we might thereby act contrary to a law, regulation, code or other duty which applies to us; or
(e) it would cause you to exceed any limit or restriction which applies to your Account; or
(f) we have any other valid reason for not acting on your instructions.

51. If we refuse to make a payment we will notify you and, if possible, give our reasons for doing so. You can obtain information about the refusal and, where appropriate, our reason for refusing the payment, along with information on how to correct any errors that led to the refusal, by contacting us using the details below (unless we are prevented by legal obligations, or certain other limited circumstances beyond our control from providing you with this information).

Joint Accounts
52. Where an Account is held jointly:
(a) the Account will be the joint property of both holders;
(b) each holder will have a password and security information to operate the Account;
(c) each holder may make deposits and withdrawals, apply to close the Account or issue any other instructions independently of the other joint holder; and
(d) in the event of the death of a joint holder full ownership of the Account will pass to the survivor who will be entitled to operate the Account on the same terms.

53. Upon the application of both the Account holders, or the survivor of them, we may remove the name of any person from the title of the Account.

54. In the event of the death of the last surviving Account holder, we reserve the right to make payment 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.

55. If either joint holder informs us that instructions should only be accepted with the assent of both joint holders, neither joint holder may use the Service (which depends on us being able to accept instructions from either one of you) unless and until we notify you otherwise. In such circumstances both of the joint holders will be required to agree to remove the name of one of the joint holders (see paragraph 53) within a reasonable period of time, failing which the Account will be closed.

Statements
56. We will send you a statement annually showing all transactions for the previous year ending on 31 March. The statement will include details of all transactions and interest added to the Account.

57. Where an Account is held jointly, the statements and correspondence will be sent to the holder named first on the application to open the Account.

58. You are responsible for checking the information we give you and must tell us as soon as you can if it includes something which appears to you to be wrong or if a payment was not made in accordance with your instructions.

Telephone and Internet Service
59. When applying to open an Account, you 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. You will be asked to supply security information and a password. Once registered, you can operate the Account by telephone and/or via the internet. We will then carry out available operations on the Account on your instruction. If you are an existing customer who has already registered to use our Service, your existing security information and password can be used to open your Account.

60. If you open your Account by telephone you will be asked to supply security information. We will then send you a temporary password. Before you can use the Service, you will need to change this temporary password to one of your own choosing. You must change your temporary password via telephone or internet. The temporary password will expire after 60 days so you will need to change it before then. If you don’t change your temporary password before it expires we will issue you with a new temporary password after you next contact us. The new temporary password must be changed within 60 days. AS WITH ALL SECURITY INFORMATION, YOUR PASSWORD MUST BE KEPT SECRET.

61. If you open your Account via the internet you will be required as part of your application to supply a password and other security information as requested by us.

62. We will use this information to verify the identity of the caller when requesting a telephone transaction or accessing the Account via the internet. If for any reason you wish to change your security information or password you can do so via the internet or by telephoning us. We may ask for any change to be confirmed in writing. AS WITH ALL SECURITY INFORMATION, PASSWORDS MUST BE KEPT SECRET.

63. You must take reasonable precautions to prevent unauthorised use of the Service to access the Account. You should not disclose any information which will give access to the Account to anyone other than us. You should not record your security information in any way that may result in them becoming known to another person.

64. Please note that after initial registration we will never contact you, or ask anyone to do so on our behalf, with a request to disclose your security information in full. If you receive 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 you must not supply your security information to them in any circumstances. You should report any such request to us immediately.

65. You will be responsible for any instructions received by us between the time you pass the security procedure until the time you exit from the Service. Please note that this includes any input errors or instructions sent by someone other than yourself so please do not leave the device you are using to access the Service unattended while you are still logged onto our website.

66. Please note that we are entitled to debit the Account with any withdrawal made through the use of the Service if particulars of the security information were correctly given.

67. If you have reason to suspect that the security information and/or password have become known to a third party, you should immediately notify us by telephone. We may ask for this to be confirmed in writing.

68. 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 reasonable 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.

69. We may, where we consider it is appropriate for you or your protection, suspend, withdraw or restrict the use of the Service or any part of the Service. We will tell you 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 you reasonable notice.

Liability
70. If you tell us that a payment from your Account was not authorised by you, we will carry out an investigation. As soon as we are reasonably satisfied that you did not authorise the payment, we will, subject to paragraph 71, refund the amount deducted and will return your Account to the position it would have been in if the unauthorised payment had not taken place. This means that, 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.

71. However, you will be liable for:
(a) all payments made from your Account if you have acted fraudulently; and
(b) all payments made from your Account until you tell us that your password or other security information has become known to someone else, if the payment was made because you deliberately or carelessly failed to keep the password or security information secret. After you have told us you will not have any further liability for unauthorised payments.

72. If you ask us to make a payment 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 refund the amount of the payment and return your Account to the position it would have been in if the payment had not been made, except in the following cases:
(a) there was a mistake in any of the details contained in the payment instructions you gave us. If this is the case, we will make reasonable efforts to recover the funds;
(b) we can show that the payment was in fact received by the bank or building society to which payment should have been made.

73. It is possible that a bank or building society may make a payment into your Account by mistake, and then may seek to recall that payment. If this happens, we may take the payment out of your Account.

Regulations
72. As at 1 April 2014, The National Savings Bank Regulations 1972 (Statutory Instrument Number 1972/764) have been amended by the following Statutory Instruments:

1974/553 1978/888 1981/484 1982/1282 1982/1762
1983/1750 1984/9 1984/602 1986/2001 1988/1166
1988/2144 1989/25 1989/2045 1991/72 1992/2892
1993/3130 1996/801 1996/1724 1999/588 1999/1611
2000/1421 2001/858 2003/2895 2004/1662 2005/2114
2006/1066 2007/1265 2007/1898 2008/734 2008/1142
2008/1164 2008/3098 2011/783 2011/2288 2013/8

The Statutory Instruments listed in paragraph 74 can be accessed at www.legislation.gov.uk.

Changes to these terms and conditions
76. The Director and the HM Treasury reserve the right to amend these terms and conditions at any time.

77. Typically, changes will be made pursuant to paragraph 76:
(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.

78. If any change is to your disadvantage, we will tell you personally at least 30 days before the change. If this is the case you can switch to another NS&I product or close your Account, without notice.

79. For any other changes, we will let customers know by putting a notice on our website and, if appropriate, publish a notice in a range of national newspapers.

How we use your information
80. We may use your information 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.

81. When you become a customer we will treat all the information we hold about you as private and confidential. We will not reveal any details about you or your investments to anyone not connected with NS&I, unless:
(a) you ask us to reveal the information, or we have your permission to do so;
(b) we are required or permitted to do so by law;
(c) it is to credit reference and fraud prevention agencies and other companies that provide a service to us or you; or
(d) there is a duty to the public to reveal the information.

82. If you are a joint applicant, we will pass your information to the other joint applicant. When giving us information about another person, you confirm that they have appointed you to act on their behalf. This includes providing consent to process their data as set out in these terms and conditions.

83. We may monitor or record telephone calls for training and quality assurance purposes.

84. The NS&I website uses cookies to collect anonymous data in order to administer the website. You can set your internet browser software to disable the use of cookies. Please note however that application forms and other processes require the use of cookies for correct operation.

85. From time to time we may change the way we use your information. Where we believe you may not reasonably expect such a change we will notify you personally. If you do not object to the change within 60 days, you will be deemed to have consented to that change.

86. Your information will be held by us in both paper form and on our IT systems. Information about you will be kept after your Account is closed in line with our retention procedures. If you would like a copy of the information we hold about you, please 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 your request is signed. You can print off and complete the form available in the ‘Privacy’ section of the NS&I website or write to the Data Protection Officer giving us your full name, current address and any previous addresses, which savings or investments you have with us and the account, holder’s or customer numbers. There may be a small charge for this service – if so, we will let you know.

87. We would like to keep you up to date with information about our products and services which we think might interest you. If you do not want to receive this information please contact us using the details at the end of these terms and conditions.

How to notify us of changes to personal details
88. To enable us to manage your holding effectively and to be able to contact you when necessary we ask that you let us know, as soon as possible, of any changes to your name, address, telephone number or email address. Please use our telephone or internet Service to notify us of any such changes.

Law and jurisdiction
89. These terms and conditions and any agreement made on the basis of them will be governed by and interpreted in accordance with English law.

90. Subject to paragraphs 91 and 92, 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.

91. 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.

92. Paragraphs 90 and 91 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.

Customers with special needs
93. Some of these terms and conditions may not apply if we have agreed changes with you in order to make your Account more accessible. If so, any differences will be agreed with you individually.

94. In limited circumstances we may agree to accept postal applications to open an Account. For such applications sent by post, subject to paragraph 19, the date of opening your Account and of the opening deposit will be the date your 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.

95. Where you apply by post the opening deposit must be by personal cheque drawn on a UK bank or building society account held by you, or by a UK building society branch cheque or bankers’ draft.

96. A refund being made in pursuance of paragraph 26 will be made by issuing a warrant or by credit to the account on which the cheque was drawn. However, we reserve the right to use any another method for payment if necessary. No interest will be earned or paid for the intervening period.

97. We may also agree to accept subsequent deposits by cheque. For subsequent deposits made by cheque you will need to send written instructions to us enclosing your 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 your cheque is received by us. It will be available for withdrawal from the seventh banking day. For example, if we receive your cheque on a Monday, your payment will be cleared on the Tuesday of the following week. Allow one additional day for each English bank holiday.

98. 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 your balance no later than the end of the sixth banking day after it was added to your balance. After that, we will not deduct the amount of your cheque from your balance unless you give your consent to our doing so or you were knowingly involved in a fraud concerning the cheque.

99. 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.

Complaints
100. If we make a mistake we’ll aim to put things right quickly and without fuss. And if you have a complaint about any of our products or services, we have a procedure designed to resolve it effectively and fairly. You can complain by writing to the Customer Service Team at the address at the end of these terms and conditions, call us free on 0800 092 1286 (calls from mobiles and some landline providers may not be free), or visit nsandi.com, click ‘Contact us’, follow the email link and select ‘to complain’. We can give you a leaflet describing our complaints procedure, if you ask for it.

101. If we do not resolve your complaint to your satisfaction, you may be able to refer it to the Financial Ombudsman Service (FOS) at South Quay Plaza, 183 Marsh Wall, London E14 9SR (Tel 0300 123 9123 ). The FOS is an organisation set up by law to give consumers a free and independent service for resolving disputes.

NS&I Direct Saver
National Savings and Investments
Glasgow
G58 1SB
Telephone 0500 007 007
Fax 0141 636 8744
Visit our website www.nsandi.com

1 April 2014

PLEASE KEEP FOR REFERENCE


Apply

Before you start

You must read all the information to make sure this account is right for you. You'll also need to read and accept the terms and conditions before applying.


What you need before you apply

  1. Your debit card details
  2. Your nominated UK bank account details to receive any withdrawals you make after your account is open
  3. Your telephone number (mobile preferred) in case we need to contact you for security reasons.
  4. A valid email address, so we can send confirmation that we've received your application
  5. Your NS&I number and password , if you're already registered for our online and phone service

Payment details

We accept Maestro, Switch, Visa Debit or MasterCard Debit*. The debit card must be in your name issued by a UK bank. 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. If you apply for a joint account, the debit card must be in the name of the first holder named on the application.

Transaction limits

The maximum investment online is £99,999, but some debit cards have lower limits on transaction sizes - please check with your card issuer. However, once your account is open, you will be able to make additional deposits via electronic transfer, or make further debit card deposits.

Joint applications

If one applicant has already registered for our online and phone service they must be the first named holder on the joint application and log in to complete the application.


You can apply by phone by calling us on 0500 007 007 .


If you're applying on behalf of someone else under a Power of Attorney or as a receiver, you will need to apply by post. Call us on 0500 007 007 and we'll send you the relevant application form.


After you apply online, we will send you an email confirming that we’ve received your application. For both online and phone applications, we will post you a confirmation form to sign and return. After you apply we may also ask for proof of your identity and address, as well as for anyone else named on the application form.

We can only accept your application if we receive any proof of identity and address requested within 30 days of the date you applied. So please make sure you reply in good time.

Once we've processed your application, we'll post you confirmation that your account has been opened followed by a letter confirming that you have access to your account through our online and phone service. (Please don't try to log in before receiving this as your account could become locked.)

Your right to cancel

If you open an account but then decide it does not suit your needs, let us know in writing* or call us within 14 days of receiving your acknowledgement letter. We'll then refund your money with any interest due.

* By post to NS&I Direct Saver, National Savings and Investments, Glasgow, G58 1SB; by fax on 0141 636 8744; or by email to customerenquiries@nsandi.com


Are you investing in your sole name or jointly with someone else?


Have you already registered for NS&I’s online and phone service?


Improved customer security

We have made some improvements to our online and phone security processes.

Find out more

Your information

It is important that you read and understand the section entitled ‘How we use your information’ in our terms and conditions.




*You will be asked to complete a Verified by Visa/MasterCard Secure Code box if using a Visa or MasterCard Debit card. Verified by Visa/MasterCard Secure Code 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.


Apply now

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 Saver. If you haven’t already registered, we’ll ask you to do so when you apply for your Direct Saver. Once you’ve heard from us that your service is up and running, you’ll be able to:

  • pay money into and take money out of your account
  • apply for other NS&I accounts and investments (when they're on sale)
  • keep track of your money with NS&I
  • keep your details up to date including your address, email and nominated bank accounts
Find out more

There are three easy ways to make deposits (minimum deposit £1):

  • log in or call us with your debit card details
  • set up a standing order from your bank account
  • make an electronic transfer from your bank

By debit card

Log in or call us . You'll need your NS&I number, password and debit card details.

By standing order

Setting up a standing order is the easiest way to build up your savings without even having to think about it.

Once it’s set up, your bank or building society will pay the same amount into your NS&I Direct Saver regularly. The minimum for each payment is £1.

Please note that you must have opened a Direct Saver and have received your account number before completing the standing order form. If you would like to open a Direct Saver, click the Apply now button below.

If you already hold a Direct Saver and would like to save regularly then there are two ways to do this:

  • set up your standing order through your online bank; or
  • print and complete the form below and send or take it to your bank or building society. (Please do not send to NS&I or take to your local Post Office® branch.)

You can cancel your standing order at any time by contacting your bank or building society.

To set up your standing order online you will need the following account information:

Payee name: National Savings and Investments
Account number: 11994808
Sort code: 08-31-35
Reference: your NS&I Direct Saver account number

Important: You must give your NS&I Direct Saver account number as the reference otherwise the payment won’t reach your NS&I account. Please enter your number without any hyphens, spaces or full stops.

To complete the printed form you’ll need:

  • your bank or building society account details
  • your NS&I Direct Saver account number
Download the standing order form

By electronic transfer

If your bank offers the facility to make electronic payments (usually through the Faster Payments Service), you can make a transfer to your NS&I Direct Saver using the following details:

Sort code: 08-31-35

Account number: 11994808

Reference: your NS&I Direct Saver account number

Important: You must give your NS&I Direct Saver account number as the reference otherwise the payment won’t reach your NS&I account. Please enter your number without any hyphens, spaces or full stops.

Note that there are different transaction limits in place for Faster Payments depending on who you bank with. Please check with your bank or building society.


You can take money out of your cleared balance at any time without notice or a penalty. The minimum withdrawal is £1. You can either log in or call us and we'll transfer the money directly into your nominated bank account (which must be a UK bank account held in your name).


Once a year, we'll 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.

For joint accounts, we'll send all statements and correspondence to the first holder named on your application.

If you don't want paper statements, you can choose to go paperless and receive them electronically instead. Find out more about going paperless


If you've registered, you can change your details using our online and phone service by logging in or calling 0500 007 007 .

Or you can let us know the changes by post by writing to us .


You can close your account at any time for any reason, without a penalty. If your Direct Saver is held jointly, either account holder can close the account independently.

If you want to close your account log in or call us .