Regulation 42 Interest on investment deposits

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg.42(2) amended by National Savings Bank 1996 reg.7(a)
reg.42(3) amended by National Savings Bank 1996 reg.7(b)
reg.42 amended by National Savings Bank 1999 reg.7
reg.42 amended by National Savings Bank 1999 reg.5
reg. 42 amended by National Savings Bank 1983
reg. 42 amended by National Savings Bank 1983
reg. 42(2)(a) omitted by National Savings Bank 2011 reg. 27(a)(i)
reg. 42(2)(b) words omitted by National Savings Bank 2011 reg. 27(a)(ii)
reg. 42(2A) words substituted by National Savings Bank 2011 reg. 27(b)
reg. 42(2B)(a) words substituted by National Savings Bank 2011 reg. 27(c)
reg. 42(3) words substituted by National Savings Bank 2011 reg. 27(d)

(1)

Interest on an investment deposit shall not commence until the first day of the month next following the day of deposit, and shall cease on the first day of the month in which it is withdrawn.

(2)

Interest on investment deposits shall be calculated to 31st December in every year and shall be added to and become part of the principal; but interest shall not be calculated on any amount less than £1 or some multiple of £1.

(3)

For the purpose of this Regulation, money deposited by way of investment deposit and withdrawn under and in accordance with these Regulations shall be deemed to have been withdrawn on the earliest day on which the relevant payment warrant was payable.