Provisions as to deposits
6 Interest on investment deposits.
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
F82ZA
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.
F32A
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 F4or investment deposits of a particular descriptionF7(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.
F54
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.