A deposit account ("the account") is a stakeholder product if the following conditions are fulfilled -

(a) the minimum amount which an account-holder may deposit on a single occasion is £10, except where the deposit-taker permits a smaller payment;

(b) the deposit-taker permits payment to the account by any of the following means, at the option of the account-holder -

(i) cash;

(ii) cheque;

(iii) [deleted]

(iv) standing order;

(v) direct credit (other than standing order),

excluding payments by credit card or debit card or any combination including a payment by credit card or debit card;

(c) interest accrues on the account on a daily basis at a rate that is not less than the Bank of England base rate minus 1 per cent. per annum ("the interest rate");

(d) when the Bank of England base rate increases, the interest rate must be raised within one month of the date of that increase;

(e) on the instructions of the account holder, any cash and interest held in the account is transferred or paid to the account holder within a period which may not exceed seven days ("withdrawal instructions"); and