(1) A payment account with basic features is a payment account, denominated in sterling, which allows consumers to -

(a) open, operate and close the account;

(b) place funds in the account at the counter of the publicly accessible premises of -

(i) the credit institution offering the payment account with basic features ("A"); and

(ii) any other credit institution with which A has agreed arrangements that allow any consumer who holds a payment account with A which is not a payment account with basic features to place funds with that institution;

(c) withdraw cash from the account within the United Kingdom in sterling -

(i) at the counter of the publicly accessible premises of -

(aa) the credit institution offering the payment account with basic features; and

(bb) any relevant third party;