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Our range
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Direct ISA
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How it worksLike the NS&I Cash ISA, our Direct ISA offers tax-free returns, and a straightforward and secure way to manage your money. But our Direct ISA also gives you the convenience of managing your account by telephone and online. And it offers a rate guaranteed to stay 0.30% above the base rate – so your savings will earn even more tax-free interest. What’s more, as NS&I is backed by HM Treasury, you can rest assured that your savings are completely secure.
Attractive, tax-free returnsUnlike normal savings accounts, cash ISAs are totally tax-free. This means that you don’t pay UK Income Tax on the interest earned and you don’t need to declare it on your tax return. Our Direct ISA pays a very attractive variable rate of interest. And this is not just an introductory rate – it’s guaranteed to stay 0.30% above the base rate until 5 April 2009. Click here to check the current rate. Interest is calculated daily on balances of £1 and over, and is credited to your account once a year on 5 April. When you withdraw money, it stops earning interest on the day we issue your payment. Back to topOpening and using your accountAnyone can open an NS&I Direct ISA as long as they are over 16 and resident in the UK for tax purposes. You must open your Direct ISA by phone or online, with a minimum initial investment of £1,000 paid by debit card in your own name. Once you’ve opened your Direct ISA, you can manage it by phone and online only. You can make deposits and withdrawals, check your balance, get details of previous transactions and update your details on the phone and online. Back to topWe’re here for you every dayCall us on 0845 964 5000*. And of course you can use our online service 24 hours a day, 7 days a week. Back to topPayments and withdrawalsIf you’d like to add to your Direct ISA on a regular basis, you can do so by standing order with a minimum payment of £100. Find out more and download a standing order form. You can also make deposits at any time by debit card or electronic bank transfer, with a minimum payment of £250. The maximum investment for any one tax year is £3,600. You can take out money at any time with no notice and no penalty. The minimum withdrawal is £250. We’ll pay any withdrawals directly into your nominated bank or building society account. Back to topDebit card clearanceOnce your account is open, you’ll start earning interest on all deposits from the day we receive them. Debit card deposits will be available for withdrawal from the 7th working day (ie excluding weekends and English bank holidays). For example, if we receive your debit card details on a Monday, your payment will be cleared on the Tuesday of the following week. Allow one additional day for each English bank holiday. Back to topYour passwordYour password identifies you as the account holder, so you will be asked about it each time you access your account. You can use the same password to access your account by phone or online. If you open your Direct ISA by phone, we’ll send you a secure, temporary password to get you started, which you’ll need to change to one of your choice. Your temporary password expires after 60 days, so please make sure you change it before then. If you open your account online, you’ll need to provide your chosen password as part of your application. Back to topChoosing your passwordYour chosen password must be between six and eight characters long – it can include letters, numbers or a combination of both. Back to topPassword securityYou should keep your password secure at all times. Call us immediately on 0845 964 5000* if you think someone else knows it, or if you have forgotten it. Back to topI already have a cash ISA – can I transfer it to an NS&I Direct ISA?We don’t accept transfers from other providers to our Direct ISA. However, you can transfer an NS&I Cash ISA to a Direct ISA, provided you opened your Cash ISA with us no later than 5 April 2006. Call us on 0845 964 5000* to find out how to do this. Back to topWill ISAs always be tax-free?The government has promised to keep ISAs indefinitely. The tax treatment of ISAs may change in the future. Back to topAbout the terms and conditionsPlease read the terms and conditions before you invest. If we make any change to the terms and conditions after you invest, we will let you know. If any change is to your disadvantage, we will tell you personally at least 30 days before the change**. In this case you can switch to another NS&I product or close your account, without notice or penalty, within 60 days of us telling you. For any other changes, we will let customers know by updating this website. Back to topProtecting your personal informationWhen you become a customer of ours, we will treat all the personal information we hold about you as private and confidential. Find out more about our privacy policy. Back to topOur commitment to good serviceAs part of our commitment to providing you with a high standard of service, we subscribe to the Banking Code. If we make a mistake we’ll aim to put things right quickly and without fuss. And if you have a complaint, we have a procedure designed to resolve it fairly. We are also covered by the Financial Ombudsman Service. Find out more about the Banking Code or our complaints procedure. Back to top*Our UK customer service team is available every day from 7am until midnight. We don’t use premium rate numbers – maximum call charge 4p per minute from a BT landline; charges from other providers may vary. For your security, and to maintain the highest levels of service, calls may be recorded. **Please note, this does not apply to changes of interest rate, which will be notified in Post Office® branches, on our website and in a range of national newspapers. |
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