§ Lord Stewartbyasked Her Majesty's Government:
How many persons currently hold ordinary accounts with the National Savings Bank; what are the total sums deposited in such accounts, the rate of interest currently paid, and the maximum sum which can be deposited in any one account; when that maximum was most recently changed; and what it would be if increased by inflation for the period since it was last altered. [HL5226]
§ Lord McIntosh of HaringeyExcluding dormant accounts with less than £1, there were 17.9 million accounts to a total value of £1.4 billion as at March 2003.
The current rates of interest are 0.25 per cent per annum for accounts of less than £500, and 0.35 per cent per annum for accounts with balances of £500 or more.
The current maximum holding per person (not per account, because there is no maximum sum which can be deposited in any one account) is £10,000. This was fixed in July 1969 and has not been changed since. This would be worth today £104,534 if up-rated by the RPI.