
1 
This Order may be cited as the Savings
Banks (Ordinary Deposits) (Limits) Order 1969, and shall come
into operation on 14th July 1969.
2 
The 
Interpretation Act 1889 shall apply for the
interpretation of this Order as it applies for the interpretation of an Act
of Parliament.
3 

(1) Subject to the provisions of this Order,
it shall not be lawful for the Postmaster General to receive a deposit from,
or make a credit to an account of, any person by way of ordinary deposit,
or for a trustee savings bank to receive a deposit from, or make a credit
to an account of, any person by way of savings account deposit (as defined
by section 1(3)
of the Trustee Savings Banks Act 1964,
in any case where the amount standing to the credit of that person by way
of ordinary deposit in the Post Office Savings Bank or by way of savings account
deposit in the trustee savings bank, whether solely or jointly with any other
person, and whether the depositor has or has not more than one account by
way of ordinary deposit in the Post Office Savings Bank or by way of savings
account deposit in the trustee savings bank, as the case may be, exceeds,
or would as a result of the receipt of the said deposit or the making of the
said credit exceed, £10,000.
(2) The foregoing paragraph shall not operate
to prevent—
(a) the transfer of an account from one trustee
savings bank to another trustee savings bank; or
(b) the crediting to a depositor's account
in any savings bank of—
(i) interest on deposits in any such account,

(ii) dividends on any Government stock or
bonds held by him on the Post Office Register,
(iii) any sum accruing to him in respect
of any savings bank annuity or insurance,
(iv) any sum transferred from the account
of another depositor who has died.
(3) In computing for the purposes of this
Order the amount standing to the credit of any person, whether solely or jointly
with any other person and whether the depositor has or has not more than one
account as aforesaid, there shall not be taken into account deposits made
for the purpose of an immediate—
(a) investment in any Government stock or
bonds, or
(b) loan, free of interest, to Her Majesty's
Government.
(4) For the purposes of this Order, a person
who is a trustee shall be treated separately in his personal capacity and
in his capacity as trustee, and in the latter capacity separately in respect
of each separate trust fund; and so much of the property in the hands of a
trustee shall be treated as a separate trust fund as is held on trusts which
(as respects the beneficiaries or their respective interests or the purposes
of the trust or as respects the powers of the trustee) are not identical with
those on which other property in his hands is held.
(5) In computing for the purposes of this
Order the amount standing to the credit of any person, there shall not be
taken into account any amounts received from a trustee on behalf of that person
for an account in the joint names of the trustee and that person.
4 

(1) The limits on the amounts of deposits
imposed by this Order shall not apply to deposits made—
(a) with the approval of the National Debt
Commissioners,
(i) by a friendly society being a registered
society within the meaning of the 
Friendly Societies Act 1896 or by a registered
branch of such a society;
(ii) by a society being a building society
within the meaning of the 
Building Societies Act 1962;
(iii) by a society registered or deemed to
be registered under the Industrial
and Provident Societies Act 1965;
(iv) by a charitable or provident institution
or society;
(v) by any person in respect of donations
or bequests for the maintenance, education or benefit of the poor;
(vi) by a savings club; or
(vii) by a penny savings bank; or
(b) in the Post Office Savings Bank, with
the approval of the Postmaster General, by a Government Department or Office;
or
(c) by virtue or in pursuance of any enactment
in that behalf, by a sheriff clerk in Scotland or a clerk of the Crown and
Peace in Northern Ireland.
(2) The National Debt Commissioners and the
Postmaster General may attach to their approval referred to in this article
such conditions as may seem to them appropriate and may at any time revoke
or vary an approval given by them or revise the conditions attached thereto.

5 

(1) The 
Savings Banks (Deposits) (Limits) Order 1960 and the 
Savings Banks (Deposits) (Limits) (Amendment) Order 1961
are hereby revoked.
(2) In so far as any approval given by the
National Debt Commissioners or the Postmaster General before the date on which
this Order comes into operation could be given under 
article 4 of this Order, it shall have effect
as if it had been given under that Article.
Joseph Harper
B. K. O'Malley
Two of the Lords Commissioners of Her Majesty's Treasury
11th July 1969