/24-7PressRelease/ - May 25, 2007 - National Savings and Investments (NS&I) have announced that the interest rate paid on NS&I's Direct ISA will rise from 5.80% per annum to 6.05% following the increase by the Bank of England in the base rate by 0.25%.
The new higher rate becomes effective immediately and is guaranteed to be at least 0.55% above base rate until the start of April 2008 at the earliest.
The NS&I Direct
ISA account was launched a year ago in April 2006 and is available online and by telephone only. Customers can invest up to 3,000 each tax year and also have direct access to their account 24 hours a day. The Direct ISA also comes with the 100% capital guarantee which NS&I is able to offer because all of its
savings and investments are backed by HM Treasury.
Direct ISA key features include
- The ability to invest online and by phone only with a debit card
- An interest rate which is guaranteed to be 0.55% above base rate until at least April 2008
- A consistent interest rate, without any short-term introductory bonus
- Convenience of opening and managing account online and by phone
- Minimum deposit: 1,000
- Minimum further deposit: 250 (or 100 by standing order)
- Minimum withdrawal: 250 to nominated bank account
- All interest free of UK income tax
- Direct ISA is open to new customers and those who had opened an
NS&I Cash mini ISA by 5 April 2006, but it is not be possible to transfer into NS&I's Direct ISA from any other ISA provider.
NS&I are set to announce any other interest rate changes in due course.
Editors Notes:
About NS&I
National Savings and Investments is an Executive Agency of the Chancellor of the Exchequer, offering tax-free investments through ISA accounts, savings certificates and
Premium Bonds.
Further information on NS&I, including press releases and product information, is available through the NS&I website or by contacting the NS&I Media Team.
NS&I PR contact:
Jonathan Akerman
National Savings and Investments
375 Kensington High Street
London
W14 8SD
020 7348 9433
http://www.nsandi.com/---
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