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The National Savings Bank (Amendment) Regulations 1996

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Explanatory Note

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These Regulations amend the National Savings Bank Regulations 1972 so as to allow an instant access facility to be offered in relation to investment accounts. Hitherto, depositors have normally been required to give one month’s notice of withdrawal of investment deposits. The amendment will allow the Director of Savings to permit withdrawals on the basis that, instead of giving one month’s notice, the depositor will forfeit a sum equivalent to the interest earned on the amount to be withdrawn during the 30 days preceding the withdrawal (the facility will not be available in relation to sums which have been deposited for less than 30 days). Provision is also made for the instant withdrawal of interest. None of this will affect a depositor’s right to make withdrawals without penalty on giving one month’s notice.

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