# What is the NS&I Direct Saver?

> Quick answer · Last updated 4 July 2026

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## 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.

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.

## Related

- [NS&I products explained](https://moneyguide.org.uk/savings/ns-and-i-savings-products/)
- [Best savings rates](https://moneyguide.org.uk/savings/best-savings-rates/)

## Primary source

nsandi.com

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Independent UK money guidance from [Money Guide](https://moneyguide.org.uk). Information only — not regulated financial advice.