NS&I Direct ISA interest rate rises to 6.05% following Bank of England base rate increase Wednesday 23 May 2007 PDF Print 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 This press release was distributed by ResponseSource Press Release Wire on behalf of pr-sending-enterprises in the following categories: Personal Finance, Business & Finance, for more information visit http://pressreleasewire.responsesource.com/about.