NATIONAL Savings and Investments today launched a new tax-free savings account to meet demand from people who want to be able to manage their money remotely.
People taking out the Treasury-backed group's Direct Isa will only be able to access their account online or by telephone.
The product currently pays interest of 5.05% a year, and the rate is guaranteed to be 0.55% above the Bank of England base rate for at least the next two years.
The minimum investment for people opening one of the accounts, which will be available from April 6, is £1,000, with further deposits having to be at least £250, unless they are made by standing order, in which case they can be £100.
There is no limit on the number of withdrawals people can make, but any withdrawals have to be at least £250.
The Direct Isa is open to new savers or people who have NS&I's cash mini Isa, but people cannot transfer money from another Isa provider into the account.
NS&I will continue to offer its cash mini Isa.
