Amend the National Savings Bank Regulations 1972, SI 1972/764 and the National Savings Bank (Investment Deposits) (Limits) Order 1977, SI 1977/1210 to modernise the National Savings and Investments Investment Account and make it a more cost effective account to administer.
Partly on 28 November 2011; fully on 21 May 2012
Legislation Affected
SI 1972/764, SI 1977/1210 amended
Require the Director of Savings to cease issuing and updating passbooks. Instead, customers will be sent a transaction record by post after each deposit or withdrawal is made. Customers will be provided with an annual statement and will also be able to obtain a statement at any time upon request.
Current transaction options are narrowed. The age at which children may open and manage an Investment Account is increased to sixteen. A child who holds an Investment Account and is already entitled to manage it when the amendments take effect on 21 May 2012 will be allowed to continue to do so.
The power of the Director
