Direct ISA

Direct ISA

0.90% tax-free/AER (until 23 November 2020)
0.10% tax-free/AER (from 24 November 2020)

We calculate the interest daily and add it to your account once a year on 6 April.

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.

A £1,000 deposit would be worth £1,009 after 12 months, if the interest rate stayed at 0.90% tax-free/AER (the rate until 23 November 2020) during the 12 months.

A £1,000 deposit would be worth £1,001 after 12 months, if the interest rate stayed at 0.10% tax-free/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.

Our Direct ISA is a cash ISA for customers aged 16 or over who are resident in the UK for tax purposes. You can open an account in your own name only

You can:

• Apply for, and manage, a Direct ISA 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
• Pay in up to £20,000 in the 2019/20 tax year

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

Download a switching form

Call us

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.

Our Direct ISA is not a flexible ISA. This means that all your deposits within the tax year will count towards your allowance, whether or not you make any withdrawals.

The interest you earn is tax-free, so it won’t count towards your Personal Savings Allowance.

Find out more about tax and savings

Bear in mind that the tax advantages you receive from ISAs depend on your individual circumstances and may change in the future.

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.

We don’t currently accept transfers from other providers into our Direct ISA.

Tax-free means the interest is exempt from 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.

Direct ISA

0.90% tax-free/AER (until 23 November)
0.10% tax-free/AER (from 24 November)

We calculate the interest daily and add it to your account once a year on 6 April.

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.

A £1,000 deposit would be worth £1,009 after 12 months, if the interest rate stayed at 0.90% tax-free/AER (the rate until 23 November 2020) during the 12 months.

A £1,000 deposit would be worth £1,001 after 12 months, if the interest rate stayed at 0.10% tax-free/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.

Our Direct ISA is a cash ISA for customers aged 16 or over who are resident in the UK for tax purposes. You can open an account in your own name only

You can:

• Apply for, and manage, a Direct ISA 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
• Pay in up to £20,000 in the 2019/20 tax year

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.

Our Direct ISA is not a flexible ISA. This means that all your deposits within the tax year will count towards your allowance, whether or not you make any withdrawals.

The interest you earn is tax-free, so it won’t count towards your Personal Savings Allowance.

Find out more about tax and savings

Bear in mind that the tax advantages you receive from ISAs depend on your individual circumstances and may change in the future.

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.

We don’t currently accept transfers from other providers into our Direct ISA.

Tax-free means the interest is exempt from 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.