# The National Savings Bank (Interest on Ordinary Deposits) Order 1987, Note: Explanatory note


(This note is not part of the Order.)
This Order continues the two-tier interest rate structure for ordinary deposits in the National Savings Bank, contained in the National Savings Bank (Interest on Ordinary Deposits) Order 1986, but reduces the rates of interest with effect from 1st January 1988. The standard rate of interest payable on such deposits will be reduced to 2½ per cent. per annum. Interest at the higher rate payable in respect of those months for which the balance of an account stands at £500 or more, provided that the account is kept open throughout the period of a year, will be reduced to 5 per cent.

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Source: https://www.legislation.gov.uk/uksi/1987/2096/note (the official version)
Page: https://openlegislation.uk/national-savings-bank-interest-on-ordinary-deposits-order-1987/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.