{
  "url": "https://openlegislation.uk/national-savings-bank-amendment-no-2-regulations-1996/note",
  "json_url": "https://openlegislation.uk/national-savings-bank-amendment-no-2-regulations-1996/note.json",
  "legislation": "uksi/1996/1724",
  "legislation_title": "The National Savings Bank (Amendment) (No. 2) Regulations 1996",
  "legislation_url": "https://openlegislation.uk/national-savings-bank-amendment-no-2-regulations-1996",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This Note is not part of the Regulations)\nThese regulations amend the National Savings Bank Regulations 1972 so as to introduce a new type of investment deposit account, called a treasurer’s account. The Regulations provide for a treasurer’s account to differ from other investment accounts in a number of respects. References to particular regulations in the rest of this note are to regulations in the 1972 Regulations as amended by these Regulations.\nEligibility to open and hold treasurer’s accounts is restricted to organisations which fulfil specified criteria (regulation 29A(1)—(5) and (11)). A minimum opening deposit of £10,000 is required (regulation 29A(6)). Procedures for opening treasurer’s accounts are set out in regulation 29A, and procedures for making deposits are set out in regulation 29F.\nThe Regulations define the ‘proper officer’ of the account-holding organisation, who is given certain powers and responsibilities in relation to the account (regulation 29D). ‘Authorised signatories’ specified in accordance with regulation 29E will be able to operate the account, subject to the Director of Savings' discretion to accept instructions from the proper officer (regulation 29E(6)) and to certain other discretions conferred by regulation 29E(7) and (8).\nInstructions may be given by telephone, by duly nominated persons, in certain circumstances and by use of a specified procedure (regulation 29G provides when withdrawals can be authorised by telephone; regulation 29J(3)-(5) allows certain instructions relating to statements to be given by telephone; regulation 29K provides for the procedures and general conditions relating to the use of the telephone for these purposes).\nAn option of taking withdrawals by electronic transfer is available (regulation 29H; a definition of ‘electronic transfer’ is inserted in regulation 2(1)); regulation 42(3) provides when a withdrawal made by this means is deemed to occur for the purpose of calculating interest. The notice requirement for withdrawal without penalty is 30 days instead of one month (regulation 29(1) and (1A)).\nInterest will be calculated on every whole penny instead of every whole pound (regulation 42(2)).\nThe Director of Savings is enabled to require an account to be closed in certain circumstances (regulation 29I).\nDeposit books are not to be used, but monthly statements will be issued (for months in which transactions took place), and provision is made for additional statements (regulation 29J).\nThere are certain requirements for notifying changes (regulation 29A(9) and (10)).\nCertain regulations are disapplied to treasurer’s accounts (regulation 29B).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/1724/note",
    "retrieved_at": "2026-10-29T12:39:57.530669+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}