(1)A deposit with the National Savings Bank may be made either as an ordinary deposit or as an investment deposit.
[F1(1A)But subsection (1) is subject to any provision made in relation to ordinary accounts or ordinary deposits by regulations under section 2 of this Act made by virtue of section 8(3) of this Act.]
(2)Regulations under section 2 of this Act may make different provision with respect to ordinary deposits and with respect to investment deposits [F2and with respect to investment deposits of different descriptions], and may prevent the making of an investment deposit [F3or an investment deposit of a particular description] unless the person who will be the depositor in respect thereof is also a depositor in respect of ordinary deposits and the sum due to him in respect of those deposits is not less than such amount as may be specified in the regulations.
Textual Amendments
F1S. 3(1A) inserted (10.7.2003) by Finance Act 2003 (c. 14), s. 208(2)
F2Words inserted by Finance Act 1982 (c. 39, SIF 63:1), Sch. 20 para. 2(a)
F3Words inserted by Finance Act 1982 (c. 39, SIF 63:1), Sch. 20 para. 2(b)