Regulation 4 Certain deposit accounts
United Kingdom
A deposit account (“the account”) is a stakeholder product if the following conditions are fulfilled—
the minimum amount which an account-holder may deposit on a single occasion is £10, except where the deposit-taker permits a smaller payment;
the deposit-taker permits F1payment to the account by any of the following means, at the option of the account-holder—
cash;
cheque;
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
standing order;
direct credit (other than standing order),
excluding payments by credit card or debit card or any combination including a payment by credit card or debit card;
interest accrues on the account on a daily basis at a rate that is not less than the Bank of England base rate minus 1 per cent. per annum (“the interest rate”);
when the Bank of England base rate increases, the interest rate must be raised within one month of the date of that increase;
on the instructions of the account holder, any cash and interest held in the account is transferred or paid to the account holder within a period which may not exceed seven days (“withdrawal instructions”); and
there is no limitation on the frequency with which an account holder may issue withdrawal instructions.
Annotations
Textual amendments
- F1
Words in reg. 4(b) substituted (6.4.2005) by The Financial Services and Markets Act 2000 (Stakeholder Products) (Amendment) Regulations 2005 (S.I. 2005/594), regs. 1, 2(2)(a)
- F2
Reg. 4(b)(iii) omitted (6.4.2005) by virtue of The Financial Services and Markets Act 2000 (Stakeholder Products) (Amendment) Regulations 2005 (S.I. 2005/594), regs. 1, 2(2)(b)