Explanatory note

This Order further amends the National Savings Bank (Investment Deposits) (Limits) Order 1977 to increase the limit on the amount which may be paid into an individual savings account managed by the Director of Savings in the tax year 2000–1 and to enable the Director of Savings to accept deposits in respect of individual savings accounts transferred by account holders from other account managers pursuant to the Individual Savings Account Regulations 1998. An individual savings account managed by the Director of Savings is a type of investment deposit account which was introduced on 6th April 1999 by the National Savings Bank (Amendment) Regulations 1999. No more than £3,000 may be paid into an individual savings account in the tax year 2000–1. No more than £1,000 may be paid into such an account in subsequent years.