HC Deb 28 April 1887 vol 314 c241
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.