The National Savings Regulations 2015

Joint accounts

11.—(1) Subject to paragraph (2), a deposit may be made jointly in the names of two or more persons entitled to make deposits.

(2) No new account may be opened in the names of more than two persons.

(3) A declaration in the approved form must be made by each person in whose name the account is to be opened.

(4) The persons in whose names an account is held or is to be opened may jointly, in the approved form, authorise the Director of Savings to act on an application made by one of those persons to withdraw or transfer deposits, but in the absence of an authorisation an application to withdraw or transfer deposits must be made jointly by all of them or by such of them as have survived.

(5) An authorisation under paragraph (4) is revoked upon the receipt by the Director of—

(a) an application under paragraph (6); or

(b) notice of the following, in relation to the persons in whose names an account is open—

(i) the death of one of them;

(ii) the making of a receiving order against one of them;

(iii) the appointment of a trustee in the bankruptcy of one of them; or

(iv) that one of them becoming a person who lacks capacity whether or not a deputy has been appointed.

(6) Upon application in the approved form by all the persons in whose names the account is held, or by such of them as have survived, the Director of Savings may remove the name of any of those persons from the title of an account.

(7) This regulation does not apply where an account is held jointly in the names of trustees under regulation 12 or jointly in the names of a trustee and a beneficiary under regulation 13.