National Savings Bank Act 1971

13 Transfer of ordinary deposits to trustee savings banks

(1) If a depositor in the National Savings Bank desires to transfer an ordinary deposit to a trustee savings bank he shall, on application to the Director of Savings, be given a certificate stating the whole amount due to him, with interest, and thereupon his account shall be closed. ,

(2) On delivery of the certificate to the trustee savings bank to which the depositor proposes to transfer the deposit, that bank may, if they think fit, open an account for the amount stated in the certificate for the depositor, who shall thereupon be subject to the rules of the bank.

(3) The amount so transferred shall, upon the certificate being forwarded to the Commissioners, be written off in the books of the Commissioners from the amount of moneys received under this Act, and shall be carried to the account of the savings bank to which the transfer has been made.

(4) Where the account stands in the name of a minor, or of a minor and any other person, the Director of Savings, on an application in writing by the parent or other relative of the minor if under 7 years of age, and by the minor himself if above that age, and also by the other person (if any) in whose name the account stands, shall issue a certificate for the transfer of the account and of all moneys standing to the credit of the account, according to the foregoing provisions of this section.

(5) Where an account is transferred under subsection (4) above, the account in the bank to which it is transferred shall be opened in the name of the minor alone, or, as the case may be, of the minor and the said other person, and the receipt of the person or persons making the application and receiving the transfer certificate shall be a sufficient discharge to the Director of Savings.

(6) Money transferred under subsection (4) above shall not be withdrawn, except with the consent of two of the trustees or managers of the bank to which the transfer is made, until the minor has attained the age at which it might have been withdrawn from the National Savings Bank, a note whereof shall be made on the said certificate.