What is the NS&I Direct Saver?
Links marked * are commercial or go to our partner sites, which share our operator. Third-party companies may pay us commission. How we make money.
In short: An easy-access NS&I account paying variable interest backed by HM Treasury — no Prize Bond draw, guaranteed interest credited monthly. Minimum deposit £1; rates change when NS&I adjusts its government funding target.
Content updated:
Interest is taxable unless held in an ISA wrapper (NS&I does not offer ISAs — use bank Cash ISAs for tax-free interest on smaller balances).
Treasury backing means no FSCS limit — popular for large cash pots. Compare rate against best-buy easy-access accounts.
See NS&I products explained for the full range.
Primary source: nsandi.com
Part of our Savings & ISAs
This quick answer sits inside our wider savings & isas hub — with sub-guides, calculators and step-by-step explainers on the same topic.
Read the full savings & ISAs guide →