Office of Public Sector Information

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the National Savings Bank Regulations 1972 (“the 1972 Regulations”) and the National Savings Bank (Investment Deposits) (Limits) Order 1977 so that four changes may be made to the operation of certain National Savings and Investments investment accounts.

Regulation 2 amends the 1972 Regulations so that payments on withdrawals from investment accounts may be made by electronic transfer.

Regulation 3 amends the 1972 Regulations so that interest on investment deposits (other than deposits in a treasurer’s account) may be calculated on every whole penny held in an investment account which contains £1 or more.

Regulation 4 amends the 1972 Regulations to provide that an investment deposit may be made by telephone if that deposit is a first deposit to an investment account.

Regulation 5 amends the National Savings Bank (Investment Deposits) (Limits) (Order) 1977 so as to increase the limit on the aggregate amount which can be accepted by the Director of Savings from any person by way of an investment deposit in the National Savings Bank from £100,000 to £1,000,000.

A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.