- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
These regulations amend the National Savings Bank Regulations 1972 so as to introduce a new type of investment deposit account, called an individual savings account. The Regulations provide for an individual savings account to differ from other investment deposit accounts in a number of respects. References to particular regulations in the rest of this note are to the 1972 Regulations as amended by these Regulations.
Eligibility to make deposits to an individual savings accounts is restricted to individuals who are aged 18 or over and who are actually and ordinarily resident in the United Kingdom. Eligibility also extends to Crown employees serving overseas who perform duties which are treated as being performed in the United Kingdom (regulation 29L(2)).
The minimum deposit is normally £10 but may be a lesser amount, at the discretion of the Director of Savings (regulation 29L(4)).
Deposits can be made by cheque, cash, bank giro credit to an approved account, transfer from another National Savings bank account or pursuant to instructions given over the telephone (regulation 29N).
Applications for withdrawals are made either in writing or by telephone (regulation 29O).
Withdrawals are made by crossed warrant or by electronic transfer (regulation 29P).
Deposit books will not be used, but annual statements will be issued (regulation 29Q).
Regulation 29R sets out the procedure for deposits and applications for withdrawals made over the telephone.
Interest will be calculated to 5th April in every year and, providing the account contains £1 or more, will be credited on every whole penny. Accounts containing less than £1 will not earn interest (regulation 42(2)).
Certain regulations will not apply to individual savings accounts (regulation 29M).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: