Cash ISA

NS&I Direct ISA Review

A competitive cash ISA from NS&I. It ranks 36th of 137 cash ISAs we track.

Variable rate

3.80%AER

Rate checked Oct 2026Got this account? Leave a review

Protection

FSCS£120,000

Min balance

£1

Max balance

£20,000

Access

Instant

Interest paid

Annually

Transfers in

Not accepted

How It Stacks Up

Ranks 36th of 137

Cash ISAs we track

Above average
This account 3.80%
UK CPI (Aug 2026)
3.10%
Pays 0.70% more
Average cash ISA
2.98%
Pays 0.82% more
Best cash ISA
4.87%
Pays 1.07% less

Inflation: ONS. Averages and best rates: accounts on DepositScout.

A better-paying alternative

Trading 212 bank logo

Trading 212

Cash ISA

4.60%

AER

  • Pays 0.80% more than this NS&I account
  • Includes a 1.00% bonus for 12 months, then 3.60%
Compare Cash ISAs

We may earn a commission if you open this account.

A Good Fit For

  • Pro: Savers who want instant access

Worth Weighing Up

  • Con: The rate is variable, so it can go down
  • Con: It doesn't accept transfers in from other ISAs

Please verify all details with the provider – see our Disclaimer

See all NS&I accounts

Estimated returns with NS&I's Cash ISA

What you could earn with NS&I's Direct ISA.

Estimated interest

£1,000 saved

£38.00

At 3.8% AER

£5,000 saved

£190

At 3.8% AER

£10,000 saved

£380

At 3.8% AER

£20,000 saved

£760

At 3.8% AER

Estimated over one year, if the rate stays the same and interest is left in. Amounts outside the account's minimum or maximum aren't shown.

Our Expert Opinion on NS&I Direct ISA

Jan WatermannCo-Founder, DepositScout

The NS&I Direct ISA pays 3.8%, which is below the market average for Cash ISAs and sits 1.32% behind the category leader at 5.12%, so I would not call this a rate-chasing account. That said, it does beat August 2026 CPI of 3.1% by 0.70%, and the government backing will appeal to savers who prioritise security over yield. The hard limit of £20,000 maximum balance and the fact that it accepts no transfers in are real constraints worth knowing before you open it. If the rate matters more, Tembo's Standard Cash ISA is currently at 4.00%.

2 alternatives to NS&I's Direct ISA

Same type of account, closest on rate.

Common questions about the Direct ISA

D

DepositScout Alerts

2 minutes ago

Easy Access rate just dropped

A top provider just cut their rate. Here's what you need to know about the latest market shift.

Nationwide FlexSaver Rate Down
4.20% AER
4.75%
View Best Rates
Live Market Tracking

Be the first to know when this NS&I rate drops.

Join 1,000+ savers using DepositScout who get instant email alerts when top UK savings rates change. Never miss out on a better deal again.

Takes 30 seconds · No spam · Unsubscribe any time