NS&I Direct Saver
What is the interest rate?
1.00% gross/AER until 23 November 2020
0.15% gross/AER from 24 November 2020
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 the customer agreement (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 £1,010 after 12 months, if the interest rate stayed
at 1.00% gross/AER (the rate until 23 November 2020) during the 12 months.
A £1,000 deposit would be worth £1,001.50 after 12 months, if the interest rate
stayed at 0.15% gross/AER (the rate from 24 November 2020) during the 12 months.
These are illustrations only, so they don’t take into account your individual circumstances. They assume 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.
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
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.
We add your interest without deducting any tax. However, the interest is taxable so it will count towards your Personal
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.
is the taxable rate of interest without the deduction of UK Income Tax.
(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.