Explanatory note

This Order consolidates, with amendments, the Savings Banks (Deposits) (Limits) Order 1960, the Savings Banks (Deposits) (Limits) (Amendment) Order 1961, and article 2 of the Savings Banks (Deposits) (Limits) Order 1966. It applies to deposits in ordinary accounts in the Post Office Savings Bank and savings accounts in the Ordinary Department of a Trustee Savings Bank and its main purposes are:

(a) To increase from £5,000 to £10,000 the limit on the aggregate amount standing to the credit of a Savings Bank account.

(b)To define the conditions under which the limit shall not prevent the making of certain classes of deposit.

(c) To define the conditions under which a depositor will be allowed, for the purpose of calculating his maximum permitted deposits, to count the deposits he has made in his personal capacity separately from those he has made as a trustee or those a trustee has made on his behalf for an account in their joint names, and his deposits in respect of different trust funds, separately from each other.

(d) To define certain kinds of deposit which are ignored in computing the amount of the account for the purposes of the limit.

(e) To define the terms and conditions under which the limit may be waived in favour of certain classes of depositor.