Save up to £20,000 without paying a penny in tax on the interest.
Our Direct ISA is a cash ISA for customers aged 18 or over who are resident in the UK for tax purposes.
Our Direct ISA is not a flexible ISA. This means that all your deposits within the tax year will count towards your allowance, even if you take money out.
The ISA rules changed on 6 April 2024. You can now open and pay into more than one ISA of the same type in a tax year, and the minimum age for opening a cash ISA has increased from 16 to 18.
Read about the four key changes to ISAs
Cash ISAs are a type of savings account that earns tax-free interest.
A stocks and shares ISA allows you to invest in shares, funds or investment bonds. Rather than earning interest, you’ll get tax-free earnings on the money you make from your investment. The value can fall as well as rise and you may not get back what you invest.
We don’t offer stocks and shares ISA accounts.
An Innovative Finance ISA (IFISA) uses peer-to-peer loans, unlike cash or stocks and shares ISAs. Peer-to-peer lending matches up investors with borrowers, who could be individuals or businesses.
We don’t offer Innovative Finance ISA accounts.
Yes. You can apply on behalf of someone else under a Power of Attorney or Court of Protection Order.
If you've already registered your authority with us and registered for our online service, you can apply for an account online. Just click the ‘Apply now’ button to get started.
If you haven’t, you'll need to:
Or you can apply by post using the application form below and register your authority at the same time by enclosing the original Power of Attorney or confirmation of your appointment as a Deputy, or a certified copy (see our guide below).
You can now inherit an additional ISA allowance if your spouse or civil partner dies, up to the value of their ISA at the date of death. If your spouse or civil partner died on or after 3 December 2014, you are entitled to this new allowance. If you are eligible and want to use your inherited allowance with NS&I, find out more by downloading the literature below.
Direct ISA inherited allowance account - your questions answered
Direct ISA inherited allowance account - summary box
Direct ISA inherited allowance account - key features
Direct ISA inherited allowance account application form
Direct ISA inherited allowance account application form for an attorney, receiver or deputy
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:
Yes, if you have an NS&I Direct Saver, you can apply online for a Direct ISA and pay for it from your Direct Saver.
If you want to use another NS&I account, 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 ISAOnly 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.
Yes, you can. You’ll need to contact your new provider and they’ll arrange the transfer for you – there’s no need to contact us.
You can transfer part of your Direct ISA from one provider to another, regardless of when the money was paid in.
Make sure all the details on your new provider’s transfer form are up-to-date and match those used for your Direct ISA account, including your name, address, date of birth and National Insurance Number.
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.
Please read the summary box and customer agreement (below).
Before we can accept your application, we’ll need to check and confirm your identity and address. 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.
Direct ISA
3.00% tax-free/AER, variable
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.
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 £1,030.00 after 12 months, if the interest rate stayed at 3.00% tax-free/AER 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.
Our Direct ISA is a cash ISA for customers aged 18 or over who are resident in the UK for tax purposes. You can open an account in your own name only
You can:
If you want to switch to Direct ISA from another NS&I account or investment, visit:
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.
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.
Please make sure you’ve read our current summary box and customer agreement (terms and conditions) before applying.
Apply nowPlease read the below Summary Box below before switching to this account.
Direct ISA
3.00% tax-free/AER, variable
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.
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 £1,030.00 after 12 months, if the interest rate stayed at 3.00% tax-free/AER 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.
Our Direct ISA is a cash ISA for customers aged 18 or over who are resident in the UK for tax purposes. You can open an account in your own name only
You can:
If you want to switch to Direct ISA from another NS&I account or investment, finish reading the information on this page and then use the button at the bottom.
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.
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.
Please make sure you’ve read our current summary box and customer agreement (terms and conditions) before applying.
You’ll need the following information to hand:
If you already have an account with us, you can top it up whenever you like.
Please note: bank transfers and standing orders aren't available for Direct ISA inherited allowance accounts.
When you pay by bank transfer, you're confirming your bank account is a UK account in your name.
Just give the following details to your bank:
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 your Direct ISA using your UK debit card
Top up your accountYou can switch to Direct ISA from another NS&I account easily online, without having to log in.
4.15% 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.
3.75% gross/AER, variable
An easy access savings account that pays your interest yearly, to top up your savings.
Invest from £1 to £2 million.
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
Most banks only guarantee your savings up to £85,000. We’re the only provider that secures 100% of your savings, however much you invest.
We're backed by HM Treasury and we've been helping people save for over 160 years. Today, over 24 million customers save with us.
We created Premium Bonds and you can only get them from us. Open an account and you could win big in our monthly prize draw.
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We’re carrying out some essential maintenance on our systems.
Our online forms are currently unavailable
Thank you for your patience.
We’re carrying out some essential maintenance on our systems.
Our online service is currently unavailable
Thank you for your patience.
We’re carrying out some essential maintenance on our systems.
Our online service is currently unavailable
Thank you for your patience.