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20 September 2011
Categories: Legislation
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National Savings Bank (Amendment) (No 2) Regulations 2011 (SI 2011/2288)

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Amend the National Savings Bank Regulations 1972, SI 1972/764 and the National Savings Bank (Investment Deposits) (Limits) Order 1977, SI 1977/1210 to modernise the National Savings and Investments Investment Account and make it a more cost effective account to administer.
Commencement date

Partly on 28 November 2011; fully on 21 May 2012


Legislation Affected
SI 1972/764, SI 1977/1210 amended

 

Summary

Require the Director of Savings to cease issuing and updating passbooks. Instead, customers will be sent a transaction record by post after each deposit or withdrawal is made. Customers will be provided with an annual statement and will also be able to obtain a statement at any time upon request.

Current transaction options are narrowed. The age at which children may open and manage an Investment Account is increased to sixteen. A child who holds an Investment Account and is already entitled to manage it when the amendments take effect on 21 May 2012 will be allowed to continue to do so.

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