208 Ordinary accounts and investment accounts
Finance Act 2003 (2003 c 14) | Legislation

National Savings

208  Ordinary accounts and investment accounts

(1)     The National Savings Bank Act 1971 (c 29) is amended as follows.

(2)     In section 3 (ordinary and investment deposits), after subsection (1) insert—

“(1A)     But subsection (1) is subject to any provision made in relation to ordinary accounts or ordinary deposits by regulations under section 2 of this Act made by virtue of section 8(3) of this Act.”.

(3)     Section 6 (interest on investment deposits) is amended as follows.

(4)     In subsection (2), for “Director of Savings may from time to time determine with the consent of the Treasury” substitute “Treasury may from time to time determine”.

(5)     After that subsection insert—

“(2ZA)     The Treasury may determine that a rate of interest payable on investment deposits, or investment deposits of a particular description, is to be a rate produced by the operation of a formula involving

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