Northern Rock Close e Saver

nicko33

Funnily enough, the BBC are also currently reporting that:

"The other state-backed savings institution that cannot go bust is the Northern Rock.
Now it is nationalised it too has a 100% state guarantee and is very keen to have your money. "

tucked away at the bottom of
Where is the safest place for your cash?
http://news.bbc.co.uk/1/hi/business/7643603.stm

jamiegibbo

nilrem wrote: »

One commentator on the BBC said he thought it was because they lost so many staff during their 'sizing down' that now they don't have enough to cope with the rush!
Ironical if true!

Load of rubbish, Northern Rock is the only bank with the 100% guarantee along with National Savings. NS&I is guaranteed but NOT with all its products.

NR has had to reduce its intake of business as its capped market share can only be at 1.5% at the rate NR was taking business it would have exceeded that capped margin.

NR can still take deposits into a restricted account but thus is to slow down the rate of business to allow the rest of the market to catch up.

The idiots who clearly know nothing of this calling Northern Rock gready is laughable. NR have to adhere to terms and conditions as a result of having the government guarantee and these must be met.

dougs

I see they've closed several accounts to new business now.

As I can't find this information on their website any more does anybody know what the current interest rate on the Silver Savings online account is please?

TIA

bloaty

jamiegibbo wrote: »

Load of rubbish, Northern Rock is the only bank with the 100% guarantee along with National Savings. NS&I is guaranteed but NOT with all its products.

NR has had to reduce its intake of business as its capped market share can only be at 1.5% at the rate NR was taking business it would have exceeded that capped margin.

NR can still take deposits into a restricted account but thus is to slow down the rate of business to allow the rest of the market to catch up.

The idiots who clearly know nothing of this calling Northern Rock gready is laughable. NR have to adhere to terms and conditions as a result of having the government guarantee and these must be met.

Sorry to be slightly off topic but do you know if the N & I Cash ISA @4.6% is 100% protected as this is the only one you can transfer existing ISAs into?

Seem to have taken on new staff to cope with the volume as the lady I spoke to didn't have a clue what she was doing!

She said I just went to my current provider and gave them the details to transfer to N & I. I asked what details? Do I apply online then create an account for the money to be transferred into. She said No then said she would double check when I said how does my provider know where it is going apart from my name and your bank?

She then came back and said oh, you need to complete a transfer form, how do I get that from the P.O?, oh no, I need to send it to you can I have your name and address please?

Oh dear, looks like its going to get worse.

As stated above, I would be happy to forego a decent rate in exchange for 100% guarantee of my money back.

We had a GTD rate 5yr tracker ISA some years ago which was linked to the stock market, didn't know much about them but thought we would have a go. Needless to say at the end of the 5 yrs the FTSE was lower than when we took the account out and we didn't get any interest back. However, we did get our deposit back minus the 2% initial setup cost.

Could have been worse.

oramgepekoe

dougs wrote: »

I see they've closed several accounts to new business now.

As I can't find this information on their website any more does anybody know what the current interest rate on the Silver Savings online account is please?

TIA

5.65% AER

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