Explanatory note

These Regulations amend the National Savings Bank Regulations 1972 with effect from 1st January 1990 to enable accounts to be opened only by a class of depositors which is narrower than the class presently entitled to open accounts under the Regulations. The maximum number of joint holders is reduced to two; trust accounts under regulation 5(2) may be opened where there are not more than two trustees, and not more than two beneficiaries both of whom must be individuals; trust accounts under regulation 9(1) may be opened where the beneficiary is a sole individual; and friendly societies, building societies, industrial and provident societies, charitable and other societies and corporations, will cease to be entitled to open accounts (other than as trustees). The Regulations also provide that in relation to accounts opened on or after 1st January 1990 deposits held by a minor under seven may be repaid to any person who satisfies the Director of Savings that he is a proper person to receive payments.