The National Savings Bank (Amendment) (No. 2) Regulations 2011

Substitution of article 3

34.  For article 3 substitute—

“3.— (1) The maximum amount that may be credited to any person by way of investment deposits in the National Savings Bank, whether in one or in more than one account, is £1,000,000.

(2) No account at the National Savings Bank may contain investment deposits in excess of £2,000,000.

(3) For the purposes of paragraph (1), where investment deposits are made in the National Savings Bank in joint names, each person in whose name those deposits are held is to be treated as credited with an equal share of those deposits.

(4) Where investment deposits are made in the National Savings Bank in the name of one or more trustees, those deposits are to be ignored for the purposes of determining the amount credited to any person under paragraph (1).

(5) The maximum amount that may be credited to any person as a trustee by way of investment deposits in the National Savings Bank, whether solely or jointly with any other person and whether in one or in more than one account, is £1,000,000 in respect of each separate trust.

(6) For the purposes of paragraph (5), trusts are to be treated as separate to the extent that they differ as respects—

(a) the identity of the trustees;

(b) the powers of the trustees;

(c) the identity of the beneficiaries; or

(d) the respective interests of the beneficiaries.

(7) This article does not apply to individual savings accounts.”.