National Savings Bank Act 1971
| Jurisdiction | UK Non-devolved |
| Citation | 1971 c. 29 |
| Year | 1971 |
(1) The establishment known as the National Savings Bank shall continue in existence for the receipt and repayment of deposits.(2) The business of the National Savings Bank shall be carried on by the Director of Savings.(1) The Treasury may make regulations for superintending, inspecting and regulating the manner in which the accounts of persons making deposits with the National Savings Bank are kept and examined, and with respect to the making of deposits and to the withdrawal of deposits and interest, and all other matters incidental to the carrying of this Act into execution.(1A) Regulations under this section may restrict the classes of persons who may open accounts with the National Savings Bank, but any such restriction shall not apply to any account opened before the coming into force of the regulations imposing the restriction.(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) A deposit with the National Savings Bank may be made either as an ordinary deposit or as an investment deposit.(1A) But subsection (1) is subject to any provision made in relation to ordinary accounts or ordinary deposits by regulations under section 2 of this Act made by virtue of section 8(3) of this Act.(2) Regulations under section 2 of this Act may make different provision with respect to ordinary deposits and with respect to investment deposits F3and with respect to investment deposits of different descriptions, and may prevent the making of an investment deposit F4or an investment deposit of a particular description unless the person who will be the depositor in respect thereof is also a depositor in respect of ordinary deposits and the sum due to him in respect of those deposits is not less than such amount as may be specified in the regulations.(1) The Treasury may by order limit the amount which may be received by way of deposit in the National Savings Bank from any person whatsoever either in one year or in the aggregate.(1A) The Treasury may by order prescribe an amount as the minimum balance for investment accounts and may provide for converting into a different description of investment account any account into which investment deposits of any description are made if the balance of that account falls below the minimum balance so prescribed for an account of that description.may make different provision with respect to ordinary deposits and with respect to investment deposits F6and with respect to investment deposits of different descriptions,may fix different limits as respects different classes of persons,may provide that any limit fixed by the order shall have effect subject to any exceptions or exclusions specified in the order,may contain special provisions with respect to depositors whose deposits, at the date on which the order takes effect, exceed the limit fixed by the order as regards deposits,may contain such consequential and supplemental provisions as appear to the Treasury to be necessary for giving full effect to the order, andmay be revoked or varied by a subsequent order.(3) For the purposes of this section a person who is a trustee shall be treated separately in his personal capacity and in his capacity as trustee, and in the latter capacity separately in respect of each separate trust fund.(4) Regulations under section 2 of this Act may include any provision that may be included in an order under this section.the balance of the account at any time or over any period or the aggregate balance of that account and the depositor’s other ordinary deposit accounts at any time or over any period; andthe number of withdrawals from that account over any period or the number of withdrawals from that account and the depositor’s other ordinary deposit accounts.(1A) The Director of Savings shall give notice in the London, Edinburgh and Belfast Gazettes of any determination under subsection (1) above; and any such determination may affect deposits received at or before, as well as after, the time the determination is made.(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) Interest on an ordinary deposit shall not commence until the first day of the month next following the day of deposit, and shall cease on the first day of the month in which the deposit is withdrawn.(4) Interest on ordinary deposits shall be calculated to 31st December in every year and shall be added to and become part of the principal; but interest shall not be calculated on any amount less than one pound or some multiple of one pound.(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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