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.
