Savings (Government Contributions) Act 2017 section 13A

Matured accounts and successor accounts

Section 13A provides rules for what happens to the balance in a Help-to-Save account once it has matured and ceased to be a Help-to-Save account, including the transfer of funds to a successor account.

• A "matured account" is a Help-to-Save account held by the Director of Savings that has reached the end of its term and is no longer active as a Help-to-Save account.
• The Treasury may make regulations allowing the balance in a matured account to be transferred to a "successor account", which must be an account in the National Savings Bank.
• A transfer cannot override instructions given by (or on behalf of) the account holder about how to deal with the balance, provided the Director of Savings receives those instructions before the transfer takes place and considers it reasonably practicable to carry them out.
• The successor account may be either a new or an existing account, no charge for the transfer may be imposed on the account holder, and the regulations may apply to accounts that matured before the regulations were made.