§ MR. BARTLEY (Islington, N.)
asked the Postmaster General, Whether no depositor in the Trustee Savings' Banks can insure his or her life, or buy a deferred annuity in the Post Office, unless he or she either first closes his or her Trustee Savings' Bank account, or forfeits his or her savings?
§ THE POSTMASTER GENERAL (Mr. RAIKES) (Cambridge University)
The facts, as stated by the hon. Member, are correct. The Savings' Bank Act, 1882, requires a person who wishes to insure or purchase an annuity through the Post Office to open an account in the Post Office Savings' Bank, and a previous Act prohibits one person from having a direct interest in more than one Savings' Bank account. The same Act of 1882 applies, however, to the Trustee Savings' Banks; and therefore a depositor in the Trustee Bank can apply for a contract to the bank in which he is a depositor.