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Other National Savings
Bank and Building Society accounts

NATIONAL SAVINGS

Direct Saver Account

An instant access account which can be accessed by phone or on-line. To open an account you need a debit card.

Who can invest Anyone. Accounts can be held jointly.

How worthwhile Interest rate still not too bad.

Minimum Minimum investment £1.

Maximum £2 million (£4 million for a joint account) in all such accounts.

Suitable Lump sums. Regular savings.

Money back On demand. Money can only be paid in electronically. Larger withdrawals are paid by bank transfer to another bank account (i.e. you won't be able to get a cheque). You also cannot make deposits by cheque.

Interest Variable. Click here for the latest rates.

Interest paid Yearly added to account on 5 April.

Tax Not deducted. Taxpayers are liable to pay income tax at 10%, 20% or 40% on the excess over the amount of the personal tax allowance; all interest should be declared on a tax return.

Fees to pay None.

Passbook No. Annual statements are sent dated 6 April.

Children Available age 16 and over.

Risk None. Full value of original investment returned on withdrawal. As National Savings & Investments is a Government department, this is one of the safest homes for your money if you have large amounts to invest. In effect 100% of your investment is guaranteed by the Government.

How to invest On-line. By phone.

Where from You can apply on-line or phone 0845 964 5000 and if you want a trustee account.

Other National Savings
Bank and Building Society accounts

Last updated 7 November 2011.