§ Mr. W. J. Brownasked the Chancellor of the Exchequer the limit placed upon the amount which an individual depositor can put in a Post Office Savings Bank account; the reason for this limit; and the reason for any limit.
§ Sir J. AndersonIn reply to the first part of the Question, the limit in ordinary cases is that new deposits shall not exceed £500 in any one calendar year. In reply to the second and third parts, the terms on which deposits are taken are designed to meet the requirements of the small investor and on that account are exceptionally favourable. The object of the limit is to prevent the use of the Post Office Savings Bank by large depositors for whom it is not intended.