NS&I launches Direct Saver account

National Savings and Investments NS&I has launched a new savings account offering customers an easy way of managing their cash reserves.

The institution is making its Direct Saver account, which pays a variable interest rate of two per cent AER - available to consumers online and by telephone.

Savers will be able to invest from £1 up to £2,000,000 and manage their account online 24 hours a day and by free phone between 07:00 GMT and midnight seven days a week.

A spokesperson for NS&I said the interest rate on the Direct Saver has been set in the same way as all its other savings products.

They commented: "NS&I balances three factors - delivering a fair rate to savers, fulfilling a remit of delivering cost-effective funding for government and maintaining a stable competitive position to support the stability of the wider financial services marketplace."

Last week, NS&I claimed that consumer saving dropped to the lowest level for over two years during the winter.

People are now putting aside an average of 6.25 per cent of their monthly take-home income, compared to 6.48 per cent 12 months ago.

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2010-03-10 13:06:05 © Moneyextra.com