Northern Rock Close e Saver

posh*spice

"Old Customers only" - Full up, can't take any more money....

http://www.northernrock.co.uk/savings/online-accounts/

isofa

I doubt it's an issue with "can't take any more money", they will launch a new product soon, "E-Saver Issue 2" as the site says...

Stavros_3

After the boogers dropped their rate by 0.25% on issue 1 without a drop in the BOE rate, I've taken all but a tenner out. Greedy gits promote a reasonable product with 100% safety then drop their rate aye right-you-are

vbrindle

Any reason why you left a tenner in?

Stavros_3

vbrindle wrote: »

Any reason why you left a tenner in?

Yes, I have a tenner in a few accounts so I can keep an eye on future rate improvements.

posh*spice

http://news.bbc.co.uk/1/hi/business/7647914.stm
Northern Rock has withdrawn a number of savings deals to new customers to ensure it does not abuse any competitive advantage.
The nationalised bank is one of few financial institutions that has a 100% guarantee for the safety of customers' savings, as it is government-backed.
On Thursday, it said that it had seen a "sizeable inflow" of deposits in recent days owing to financial turbulence.
It must cap its market share of UK retail deposit balances at 1.5%.
This commitment was made as part of the nationalisation deal.





On Saturday the FT reported that there was 10 days left to reach this point. In fact it took only 4 days.

dunstonh

If that is the case, why are they still accepting deposits and about to launch a new esaver?

isofa

dunstonh wrote: »

If that is the case, why are they still accepting deposits and about to launch a new esaver?

Quite.

Surely those with accounts already can just add as much as they like?

And, surely they can't possibly restrict deposits in normal instant access accounts from their standard maximums in T+Cs?

ian-d

Unfair advantage, oh come on, which bank has complained or have the government decided to shoot themselves in the foot for no reason. Yes they offer 100% cover of your money, but so have NS&I for many years. They hardly have the best interest rate, so to me it's a decision between a safe place for your money on a lower interest rate, or higher interest rate with potentially more risk, the options are there!

clairehi

the e-saver can accept a max of 250K; I assume they have looked at the maximum that could be deposited by existing account holders in deciding to withdraw the account. I only wish I had enough readies to fill up my e-saver!

dunstonh

All it appears to be at the moment is restricting the options in an attempt to slow down the deposits. Not a full withdrawal from new business.