The National Savings (No. 2) Regulations 2015

Making payments

64.—(1) A person making an application under regulation 63 may request that payment be made—

(a) by crossed warrant;

(b) by electronic transfer; or

(c) by using all or part of the amount repayable to—

(i) purchase, in the name of the holder, any other description of Treasury security; or

(ii) make a deposit in the National Savings Bank.

(2) The Director of Savings may refuse a request under paragraph (1) if—

(i) it is not permitted under the terms and conditions applying to the children’s certificate; or

(ii) the request falls under paragraph (1)(c).

(3) Each application must be treated as authority for the Director of Savings to make payment in accordance with that application.

(4) Where the Director of Savings has initiated a payment, the authority to make that payment is not terminated by—

(a) the death of the person who made the application; or

(b) any notice purporting to terminate that authority.

(5) For the purpose of determining the amount repayable in relation to a children’s certificate, a payment of that amount by crossed warrant shall be deemed to happen on the date on the warrant.

(6) Subject to paragraph (7), the date on a warrant must—

(a) unless the holder has requested a later date, be not more than 31 days from the date on which the application for payment was received by the Director of Savings; or

(b) where the holder has requested a later date (under regulation 99(2)), the date on the warrant must be no later than that date, except that the Director of Savings may set a different date (being not more than 10 days after the requested date) if satisfied, having regard to the terms on which the children’s certificate was issued, that setting the different date would be in the interests of the holder.

(7) If the Director of Savings is satisfied that it is, or was, not practicable to dispatch the warrant in time to enable payment to be made on a date within paragraph (6), then the date on the warrant must be no later than the earliest date by which the Director of Savings is satisfied it would be practicable for the payee to obtain payment (and “payment” shall include paying in the warrant at a bank or other institution).