2012 No. 795

Savings Banks

The National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 2012

Made

Laid before Parliament

Coming into force

The Treasury make the following Order in exercise of the powers conferred by section 4(1) and (2)(a) and (f) of the National Savings Bank Act 19711:

Citation and commencement1

This Order may be cited as the National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 2012 and comes into force on 6th April 2012.

Amendment of the National Savings Bank (Investment Deposits) (Limits) Order 19772

In article 3B of the National Savings Bank (Investment Deposits) (Limits) Order 19772, for “£5,340” substitute “£5,640”.

Angela WatkinsonMichael FabricantTwo of the Lords Commissioners of Her Majesty’s Treasury
EXPLANATORY NOTE

(This note is not part of the Order)

This Order amends the National Savings Bank (Investment Deposits) (Limits) Order 1977 (S.I. 1977/1210) by increasing, from £5,340 to £5,640, the annual amount which can be accepted by the Director of Savings from any person by way of deposit in an individual savings account at the National Savings Bank.

A full impact assessment has not been produced for this instrument as no impact on the costs of business and the voluntary sector is foreseen.

The Explanatory Memorandum is available alongside this instrument on www.legislation.gov.uk.