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Direct Saver

Piece of cake

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

Direct Saver: facts and figures

  • Rate 0.95% gross/AER
  • Access No notice, no penalty
  • Tax Taxable, paid gross

Suitable for savers who want:

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

Not for savers who:

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

How to open a Direct Saver

Summary box

Account name

NS&I Direct Saver

What is the interest rate?

0.95% gross/AER

We calculate the interest daily and add it to your account once a year on 1 April.

Can NS&I change the interest rate?

Yes - the rate is variable so we can change it up or down from time to time, for example when the Bank of England base rate changes or when rates in the general savings market change. See paragraph 7 of the terms and conditions for more details.

We'll give advance notice of any rate changes by publishing adverts in a range of newspapers and by updating our website. When the rate is going down, we'll also contact you personally in advance to let you know.

What would the estimated balance be after 12 months based on a £1,000 deposit?

A £1,000 deposit would be worth £1,009.50 after 12 months, if the current interest rate stayed the same during the 12 months.

This is an illustration only, so it doesn’t take into account your individual circumstances. It assumes that you don’t make any withdrawals or additional deposits during the year.

How do I open and manage my account?

Our Direct Saver is for customers aged 16 or over. You can open an account in your own name or jointly with one other person.

You can:

  • apply for, and manage, a Direct Saver online or by phone only
  • open an account with at least £1, paid by a debit card in your own name, issued by a UK bank
  • hold up to a total of £2 million per person in Direct Saver accounts

If you want to switch to a Direct Saver from another NS&I account or investment:

Download a switching form

Call us

Can I withdraw money?

Yes, you can take out money online or by phone with no notice or penalty. You just need to keep a balance of at least £1 to keep your account open.

Additional information

We add your interest without deducting any tax. However, the interest is taxable so it will count towards your Personal Savings Allowance.

Find out more about tax and savings

We’ll send you an electronic statement in April each year, showing all your transactions and interest. Or you can receive your statements by post if you prefer.


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

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

Using your account

Using your account

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

  • Pay money in

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

    By bank transfer and standing order

    Give the following details to your bank and tell them how much to transfer and how often. You’ll normally be able to do this online, by phone or in a branch, depending on your bank.

    Payee name: NS&I
    Account number: 11994808
    Sort code: 08 31 35
    Reference: Give your Direct Saver account number (not your NS&I number)
    Make sure you enter it correctly without any hyphens, spaces or full stops.

    Or for standing orders only:

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

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

    For large amounts, check your bank’s upper limit for electronic payments.

    Online or by phone

    Log in or call us at any time with your debit card details.

    Log in

    Call us

Apply now Top up your account