An easy access savings account that pays your interest yearly, to top up your savings.
Essentials at a glance
- What's the interest rate?
- 4.00% gross/AER, variable
- 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
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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:
Or call us
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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.
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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.
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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.
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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.
Apply for Direct Saver
Applying for Direct Saver
- Before you apply
-
Please read the summary box and customer agreement (below).
- What you'll need
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- Your NS&I number (if you have one)
- Your address and date of birth
- Your UK bank account details registered to your current address
- Your debit card from a UK bank or building society
If applying jointly, you’ll also need the following info from the second investor:
- Their NS&I number (if they have one)
- Their address and date of birth
- What happens next
-
Before we can accept your application, we’ll need to check and confirm the identity and address of everyone on the application. To do this, we may ask you to upload or send us some documents.
We’ll aim to open your account in 7 to 10 working days. This can take longer if we need to ask you for identity documents.
Documents that prove your identity and address
Summary box
- Account name
-
NS&I Direct Saver
- What's the interest rate?
-
4.00% gross/AER, variable
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.
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.
-
What would the estimated balance be after 12 months based on a £1,000 deposit?
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A £1,000 deposit would be worth £1,040.00, if the interest rate stayed at 4.00% gross/AER during the 12 months.
This is an illustration only, so it doesn’t take into account your individual circ*mstances. 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 Direct Saver from another NS&I account or investment, visit:
- Can you take money out?
-
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.
Withdrawals can take 3-5 days to reach your bank account.
- 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.
- Some definitions explained
-
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.
Please make sure you’ve read our current summary box andcustomer agreement (terms and conditions) before applying.
Apply now
Switch to a Direct Saver
Please read the summary box below before switching to this account.
Summary box
- Account name
-
NS&I Direct Saver
- What's the interest rate?
-
4.00% gross/AER, variable
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.
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.
-
What would the estimated balance be after 12 months based on a £1,000 deposit?
-
A £1,000 deposit would be worth £1,040.00, if the interest rate stayed at 4.00% gross/AER during the 12 months.
This is an illustration only, so it doesn’t take into account your individual circ*mstances. 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 Direct Saver from another NS&I account or investment, finish reading the information on this page and then use the button at the bottom.
- Can you take money out?
-
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.
Withdrawals can take 3-5 days to reach your bank account.
- 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.
- Some definitions explained
-
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.
Please make sure you’ve read our current summary box andcustomer agreement (terms and conditions) before applying.
You’ll need the following information to hand:
- your NS&I number (if you have one)
- the type of account you’re switching from
- the associated account or holder’s number
Switch now
Switch to Direct Saver
You can switch to Direct Saver from another NS&I account easily online, without having to log in.
Top up your Direct Saver
If you already have an account with us, you can top it up whenever you like.
- Top up by bank transfer
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When you pay by bank transfer, you're confirming your bank account is a UK account in your name.
- Reference:
- You must enter your Direct Saver account number (not your NS&I number) as the reference. You can find your account number on your statement or by logging in online.
- Type of account:
- Your bank may ask you what type of account you’re paying in to. Please select ‘business’.
- Payee name:
- NS&I Direct Saver
- Account number:
- 11994808
- Sort code:
- 08 31 35
Please make sure you've set up your account before transferring money via your bank.
When you set up your payment, you may receive a message saying 'This account can't be checked' or something similar. This doesn't mean the details you are using are wrong but please check them carefully.
Topped up by bank transfer or standing order? You’ll be able to see the money in your account in 2-3 working days.
For more information on topping up by bank transfer see our FAQs
- Top up by debit card
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Top up your Direct Saver using your UK debit card
Top up your account
Be sure to check our FAQs first, then we'll show you the Direct Saver summary box and customer agreement before you apply.
More ways to save
Premium Bonds
4.40% annual prize fund rate, variable
A fun way to save, with the chance to win tax-free prizes each month.
Invest from £25 to £50,000.
Income Bonds
3.93% gross/4.00%
AER, variable
An easy access savings account that pays your interest monthly, direct to your bank.
Invest from £500 to £1 million.
Junior ISA
4.00% tax-free/AER, variable
A tax free way to save for children up to the age of 18.
Invest from £1 to £9,000 in the tax year 2024/25.
If you, or someone whose account you look after, need extra support we're here to help
