OpenLegislation

Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations amend The National Savings Bank Regulations 1972 (“the 1972 Regulations”) and the National Savings Bank (Investment Deposits) (Limits) Order 1977 (“the Order”).

Regulation 2(a) amends regulation 29L of the 1972 Regulations so that the age that must be attained by a person before he can open a National Savings Bank individual savings account (“ISA”) is reduced from 18 to 16. Regulation 2(c) amends regulation 29L of the 1972 Regulations so that a person who is not resident in the United Kingdom and is not a Crown servant serving overseas can open a National Savings Bank ISA, if he is married to a person who is a Crown servant serving overseas.

Regulation 3(a) amends article 3B(a) of the Order so that the maximum amount which can be deposited in a National Savings Bank ISA is increased from £1,000 to £3,000 a year, for the years beginning 6th April 2001 to 6th April 2005 inclusive.