Direct Saver

Essentials at a glance

What's the interest rate?

3.30% gross/AER, variable (until 11 February 2026)

3.05% gross/AER, variable (from 12 February 2026)

Can you take money out?

Yes: no notice and no penalty

Will you pay tax?

Yes: tax on your gross interest

What's the min. to pay in?

£1

What's the max. to pay in?

£2 million per person

Great for you if …

• You want to manage your account online or by phone
• You want easy access to your savings
• You want to give handy nicknames to your saving goals

Not for you if …

• You want to manage your account by post
• You want a fixed interest rate
• You want a regular income from your savings
• You want an account for a child

Direct Saver FAQs

• How do I take money out?

  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.

  You can:

  Log in 

  Or call us

  Find out how long it takes to receive your payment

• How do I invest jointly?

  We’ll ask you as part of your application if you’d like to save with someone else.

  You’ll each get your own login details so you can manage your account.

• Will I have to pay tax on my savings?

  Each year, we’ll send you a statement that sets out how much interest you’ve earned.

  The interest you earn on most savings will count towards your taxable income. But this doesn’t mean you’ll have to pay tax on it. It all depends how much interest you earn in total and what rate of tax you pay.

  Each year, we’ll send you a statement that sets out how much interest you’ve earned.

  You can find out more in our Help section.

  Paying tax on your savings

• Can I move money from another NS&I account to a Direct Saver?

  Yes! Just fill out a quick online form and we’ll get it sorted for you. Be sure to have the details of the account you want to switch from to hand.

   Switch to a Direct Saver

  Only use if switching from another NS&I account or Investment 

  Prefer the post?

  It will take a bit longer, but you can still download and send us a paper form in the post.

  Form to switch by post

• 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. When the rate changes, we’ll update our website and literature as soon as we can. If the rate goes down we’ll also contact you personally in advance to let you know.