NS&I launches Direct Saver
Direct Saver is available online and by telephone - paying a variable interest rate of 2.00% AER. Customers will be able to invest from £1 up to £2,000,000 per person and manage their account online 24 hours a day and by free phone between 7am and midnight, seven days a week.
As many NS&I customers like investing via the Post Office NS&I will continue to offer a wide range of its popular savings products at Post Offices across the UK.
NS&I has set the interest rate on its Direct Saver in the same way it sets the rates on all of its savings products, by ensuring that NS&I balances three factors: delivering a fair rate to savers; fulfilling NS&I's remit of delivering cost effective funding for government; and maintaining a stable competitive position to support the stability of the wider financial services marketplace.
| New variable rate account | Interest rate (gross)A | AER |
|---|---|---|
| Direct Saver | 2.00% | AER same as gross |
Notes to editors
- Gross means the taxable rate of interest without the deduction of UK Income Tax
- AER stands for Annual Equivalent Rate and enables the comparison of interest rates from different financial institutions and across different products on a like-for-like basis. It shows what the notional annual rate would be if interest was compounded each time it was credited or paid out. Where interest is credited once a year the rate quoted and the AER will be the same
- NS&I has changed its general enquiries number. Customers will now need to call the free phone number 0500 007 007* to contact NS&I directly. The former chargeable enquiries number, 0845 964 5000, will continue to operate but customers may incur a charge from their provider. NS&I's sales line will continue to operate through 0500 500 000*.
* Calls from mobiles may not be free. All calls may be recorded. Calls will be taken by one of NS&I's award-winning UK customer service team, available every day from 7am till midnight.