The National Savings Bank (Interest on Ordinary Deposits) Order 1987

• Citation: S.I. 1987/2096
• Sections: 3

Section 1

This Order may be cited as the National Savings Bank (Interest on Ordinary Deposits) Order 1987 and shall come into force on 1st January 1988.

Section 2

(1) The rate of interest payable after 31st December 1987 on ordinary deposits in an account at the National Savings Bank shall be —

(a) 2½ per cent. per annum; or

(b) in the case of deposits in an ordinary account which is held by the depositor throughout the relevant period, 5 per cent. per annum in respect of any month in the relevant period, if the balance of the account does not fall below £500 at any time during that month.

(2) In paragraph (1) “the relevant period” means the period of twelve months beginning on 1st January 1988 and at any time thereafter the period of twelve months beginning on 1st January; and “month” means any one of such months.

Section 3

The National Savings Bank (Interest on Ordinary Deposits) Order 1986 is hereby revoked.