# The Financial Services and Markets Act 2000 (Stakeholder Products) Regulations 2004, Regulation 4: Certain deposit accounts

Extent: E+W+S+N.I.

A deposit account (“the account”) is a stakeholder product if the following conditions are fulfilled—
(a) the minimum amount which an account-holder may deposit on a single occasion is £10, except where the deposit-taker permits a smaller payment;
(b) the deposit-taker permits payment to the account by any of the following means, at the option of the account-holder—
(i) cash;
(ii) cheque;
(iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(iv) standing order;
(v) 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;
(c) 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”);
(d) when the Bank of England base rate increases, the interest rate must be raised within one month of the date of that increase;
(e) 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
(f) there is no limitation on the frequency with which an account holder may issue withdrawal instructions.

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Source: https://www.legislation.gov.uk/uksi/2004/2738/regulation/4 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-stakeholder-products-regulations-2004/regulation-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.