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National Savings Bank Act 1971

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6 Interest on investment deposits.U.K.

(1)Investment deposits shall be received on such terms as to interest, other than terms as to rate of interest, as may from time to time be prescribed [F1and different terms may be prescribed in relation to different descriptions of investment deposits].

(2)Interest on investment deposits shall be payable at such rates as the [F2Treasury may from time to time determine], and different rates may be so determined in relation to [F3different descriptions of investment deposits and] different periods of notice of withdrawal.

[F4((2ZA))The Treasury may determine that a rate of interest payable on investment deposits, or investment deposits of a particular description, is to be a rate produced by the operation of a formula involving the movement of an index or indices or any other factor.]

[F5(2A)Without prejudice to the generality of subsection (2) above, the Treasury may determine, in relation to an account into which investment deposits of any description are made, different rates of interest by reference to any one or more of the following factors, namely—

(a)the balance of that account at any time or over any period or the aggregate balance of the account and the depositor’s other accounts of the same description, or the depositor’s other investment accounts of any description, at any time or over any period; and

(b)the number of withdrawals from that account over any period or the number of withdrawals from that account and the depositor’s other accounts of the same description, or the depositor’s other investment accounts of any description, over any period.]

(3)The Director of Savings shall give notice in the London, Edinburgh and Belfast Gazettes of any alteration in a rate of interest payable on investment deposits [F6or investment deposits of a particular description[F7(other than one occasioned by the operation of a formula)]; and any such alteration may affect deposits received at or before, as well as after the time the alteration is made].

[F8(4)In the case of an alteration in a rate of interest not affecting deposits received before it is made, any notice of the alteration required to be given by subsection (3) above may be given after the alteration is made.]

Textual Amendments

F2Words in s. 6(2) substituted (10.7.2003) by Finance Act 2003 (c. 14), s. 208(4)

F7Words in s. 6(3) inserted (10.7.2003) by Finance Act 2003 (c. 14), s. 208(6)

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