Our cash ISA has closed
On 25 May 2013, the NS&I Cash ISA and T Cash ISA (formerly TESSA-only ISA) closed and any customers who still had money invested were automatically transferred to our Direct ISA. The NS&I Direct ISA is an online and phone account paying a higher rate of interest than the NS&I Cash ISA or T Cash ISA.
We also reduced the minimum investment limits for our Direct ISA to make it more accessible to a wider range of customers. From 6 April 2013, the Direct ISA investment limits were changed to:
- minimum opening deposit £1 (previously £100)
- minimum further deposit £1 (previously £50)
- minimum withdrawal £1 (previously £50)
We wrote to all Cash ISA and T Cash ISA customers in March 2013 with full details of their options. If customers didn’t choose to do anything they would have been transferred to the Direct ISA on 25 May 2013.
Why NS&I closed the Cash ISA
We already offer another type of cash ISA – the NS&I Direct ISA – which pays a higher rate of interest and can be managed online and by phone. Also, our Cash ISA had been closed to new customers since 2009. So we decided to close our Cash ISA and T Cash ISA completely as part of our plans to simplify our range of accounts and investments and encourage customers to deal with us directly.