near cash

money, deposits or investments which, in each case, fall within any of the following:

1. (a) money which is deposited with an eligible institution or an approved bank in:
   1. (i) a current account; or
   1. (ii) a deposit account, if the money can be withdrawn immediately and without payment of a penalty exceeding seven days' interest calculated at ordinary commercial rates;
1. (b) certificates of deposit issued by an eligible institution or an approved bank if immediately redeemable at the option of the holder;
1. (c) government and public securities, if redeemable at the option of the holder or bound to be redeemed within two years;
1. (d) bills of exchange which are government and public securities;
1. (e) deposits with a local authority of a kind which fall within paragraph 9 of Part II of the First Schedule to the Trustee Investments Act 1961, and equivalent deposits with any local authority in an EEA State, if the money can be withdrawn immediately and without payment of a penalty as described in (a).