The National Savings Regulations 2015

Withdrawals from individual savings accounts

26.—(1) This regulation applies to applications to withdraw deposits from individual savings accounts, and regulation 24 (withdrawals of investment deposits) does not apply to such applications.

(2) The Director of Savings may, if the Director of Savings considers it expedient, dispense with any (or all) requirements in these Regulations in order to—

(a) vary the procedure for making an application to withdraw;

(b) vary the method of making payment; or

(c) make payment in any manner the Director of Savings considers appropriate.

(3) An application to withdraw must be made—

(a) to the principal office of the National Savings Bank in the approved form, signed by the depositor or by a person entitled to make the application; or

(b) if payment is to be made to the home bank account or by crossed warrant, by the authorised telephone procedure.

(4) An application to withdraw must request that payment be made to the depositor (or person entitled to make the application)—

(a) by electronic transfer to a specified account in that depositor’s or person’s name; or

(b) by crossed warrant drawn in favour of that depositor or person,

and is to be treated by the Director of Savings as authority to give effect to that request.

(5) The Director of Savings may—

(a) refuse an application to withdraw to the extent that it relates to a deposit not yet received in cleared funds;

(b) limit the number of crossed warrants which may be issued to or under the direction of the same applicant in a calendar year;

(c) refuse to issue a crossed warrant where the amount to be withdrawn is less than a specified amount fixed for this purpose by the Director of Savings.

(6) Where, pursuant to an application under paragraph (4)(a), a payment by electronic transfer is initiated—

(a) a determination of the authority to make the payment shall not deprive any person of a full discharge under these Regulations, where the payment is made in the normal course on being initiated;

(b) receipt of the payment by the banker or other person with whom the specified account is kept shall be equivalent to receipt by a person entitled to payment of deposits from the investment account concerned.

(7) The death of a person who has made an application to withdraw shall not of itself terminate the authority under paragraph (4), but where the Director of Savings receives notice that the applicant has terminated the authority or has died—

(a) where payment was requested by crossed warrant, the Director must not issue the warrant; or

(b) if a crossed warrant has already been issued, or where payment was requested by electronic transfer, the Director of Savings must take reasonable steps to prevent payment being made.

(8) No application to withdraw may include a request for payment in cash.