The National Savings Regulations 2015

Deposits to individual savings accounts

25.—(1) An investment deposit may be made to the credit of an individual savings account opened under this regulation.

(2) An individual savings account may be opened by a person who has attained the age of sixteen years and who—

(a) is resident in the United Kingdom;

(b) though not resident in the United Kingdom, has general earnings from overseas Crown employment subject to United Kingdom tax within the meaning given by section 28 of the Income Tax (Earnings and Pensions) Act 2003(1); or

(c) though not resident in the United Kingdom, is married to, or is a civil partner of, a person to whom paragraph (b) applies.

(3) No deposit may be made to the credit of an individual savings account at any time when the depositor does not fulfil any of the conditions specified in paragraph (2)(a), (b) and (c).

(4) An application to open an individual savings account must be made in the approved form, and the depositor must provide any documents or other information required by the Director of Savings.

(5) A deposit to an individual savings account must be made—

(a) by cheque sent to the principal office of the National Savings Bank or to any other savings bank office determined by the Director of Savings, accompanied by an application in the approved form;

(b) by electronic transfer;

(c) by the transfer of an amount under these Regulations from another account in the National Savings Bank; or

(d) under instructions given by the authorised telephone procedure.

(6) The minimum deposit to an individual savings account must be £10, but the Director of Savings may accept a lesser amount.

(7) A depositor may not open more than one individual savings account in any financial year.

(1)

2003 c. 1; no relevant amendments.