Easy Access

NS&I Direct Saver Review

A competitive easy access account from NS&I. It ranks 47th of 152 easy access accounts we track.

Variable rate

3.75%AER

Rate checked Oct 2026Got this account? Leave a review

Protection

FSCS£120,000

Min balance

£1

Max balance

£2,000,000

Access

Instant, Online/phone only

Interest paid

Annually

How It Stacks Up

Ranks 47th of 152

Easy access accounts we track

Above average
This account 3.75%
UK CPI (Aug 2026)
3.10%
Pays 0.65% more
Average easy access
2.83%
Pays 0.92% more
Best easy access
5.00%
Pays 1.25% less

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

A better-paying alternative

Tembo bank logo

Tembo

HomeSaver

4.55%

AER

  • Pays 0.80% more than this NS&I account
  • Instant access, open with £10
Compare Easy Access Accounts

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A Good Fit For

  • Pro: New and existing savers
  • Pro: Savers who want instant access

Worth Weighing Up

  • Con: The rate is variable, so it can go down

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Estimated returns with NS&I's Easy Access

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

Estimated interest

£1,000 saved

£37.50

At 3.75% AER

£5,000 saved

£188

At 3.75% AER

£10,000 saved

£375

At 3.75% AER

£2,000,000 saved

£75,000

At 3.75% 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.

Work out the tax on your interestSee how much of this interest could be taxed.

Our Expert Opinion on NS&I Direct Saver

Jan WatermannCo-Founder, DepositScout

NS&I's Direct Saver pays 3.75%, which is below the easy access market average and 1.25% behind the category leader at 5.00%, so the rate is not doing much heavy lifting on its own. That said, it does beat August 2026 CPI of 3.1% by 0.65%, so your money is at least growing in real terms. The main draw here is the government backing and the unusually high £2,000,000 maximum balance, which makes it relevant for savers with large sums who prioritise security over yield. If the rate is your priority, First Active's Instant Access Savings Account at 4.05% is worth a look.

2 alternatives to NS&I's Direct Saver

Same type of account, closest on rate.

Common questions about the Direct Saver

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%
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