National Savings
NS&I RATE CHANGE FOR DIRECT ISA, RESIDUAL ACCOUNT AND GENERAL EXTENSION RATE
RATE CHANGE FOR DIRECT ISA, RESIDUAL ACCOUNT AND GENERAL EXTENSION RATE
NS&I has today, 16th May 2023, increased the interest rates on the Direct ISA, Residual Account and General Extension Rate effective today.
Rate change
| NS&I account | Previous rate | New rate |
| Direct ISA | 2.15% AER (tax-free) | 2.40% AER (tax-free) |
| Residual Account | 0.01% gross/AER | 0.25% gross/AER |
| General Extension Rate | 0.03% gross/AER | 0.30% gross/AER |
Find out more at nsandi.com
Definitions
Gross is the taxable rate of interest without the deduction of UK Income Tax.
AER (Annual Equivalent Rate) illustrates what the annual rate of interest would be if the interest was compounded each time it was paid. Where interest is paid annually, the quoted rate and the AER are the same.
Residual Account is the account where we transfer remaining holdings from an NS&I product that has been closed and we have been unsuccessful in our efforts to return the money invested to our customers in question.
General Extension Rate is the rate of interest earned by War Savings Certificates (1916-1920) and Issues 2 to 43 of Fixed Interest Savings Certificates.
National Savings and Investments is backed by HM Treasury.