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The Banking Act 1987 (Advertisements) Regulations 1988
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- UK Statutory Instruments
- 1988 No. 645
- Regulation 7
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Interest
7.—(1) This regulation applies to a controlled advertisement which specifies the rate at which interest will be payable in respect of the deposits which are invited.
(2) Every advertisement to which this regulation applies shall state—
(a)the minimum amount, if any, which must be deposited to earn that rate of interest,
(b)the period of time, if any, during which no interest will be payable,
(c)the minimum period of time, if any, during which a deposit must be retained by the deposit-taker in order to earn that rate of interest,
(d)the minimum period of notice, if any, which must be given before repayment may be required of a deposit earning that rate of interest, and
(e)the intervals at which the interest will be paid.
(3) If the rate of interest which is specified is not an annual rate of simple interest, the advertisement shall state the basis on which the rate will be calculated.
(4) If the rate of interest which is specified may be varied during the period for which the deposit will be held this shall be stated in the advertisement.
(5) If interest will or may not be paid in full at the rate which is specified, this shall be stated in the advertisement, and the advertisement shall state the nature and the amount of or rate of any deductions which will or may be made from the interest before payment.
(6) If the rate of interest which is specified is or may not be the rate at which interest will be payable in respect of the deposits on the date on which the advertisement is issued this shall be stated in the advertisement, and the advertisement shall state the date on which interest was payable at the rate which is specified, such date being as close as reasonably practicable to the date on which the advertisement is issued.
(7) If an advertisement specifies more than one rate of interest payable in respect of deposits of a particular amount the advertisement shall contain the information required by any of the foregoing paragraphs of this regulation in relation to each such rate.
(8) Where different rates of interest apply to deposits of different amounts, the advertisement shall contain the information required by any of the foregoing paragraphs of this regulation in relation to each such rate.
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