Explanatory note

These Regulations amend the National Savings Bank Regulations 1972 (“the Principal Regulations”), in order to introduce two changes to the operation of certain National Savings and Investments (“NS&I”) accounts.

Regulation 3 amends regulation 29 of the Principal Regulations so as to remove the one month period of notice required before depositors may make withdrawals from NS&I Investment Accounts.

Regulations 4 to 8 amend regulations 21, 27, 29H and 46 of the Principal Regulations so as to enable the Director of Savings to impose an upper limit of £2,000 on the amount which may be withdrawn in cash from NS&I Ordinary and Investment Accounts at a Post Office. These Regulations also change the manner in which cash may be withdrawn from those Accounts, by providing for uncrossed warrants to be replaced by cash payment advices.

A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.