Additional Funds to Existing NR Savings Account

TDS_2

Hi,
Sorry if this has already been covered, but is it possible to add additional funds (10k+) to an existing Northern Rock savings account? I believe that they have had to stop taking on new accounts, but wondered how this affected existing account holders. Also, does anyone know the savings account interest rate?


Thanks

maypole

I believe if you are an existing customer you can add to an account, maybe ring NR.

Baldur

TDS wrote: »

I believe that they have had to stop taking on new accounts, but wondered how this affected existing account holders. Also, does anyone know the savings account interest rate?

See their website:

The current issue of our E-Saver account is no longer available to new customers (existing E-Saver customers can still make additional deposits up to the maximum deposit limit).

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

Satscene

I don`t understand this. At a time when banks are crying out for deposits why are NR not taking any more new money in?

gozomark

Satscene wrote: »

I don`t understand this. At a time when banks are crying out for deposits why are NR not taking any more new money in?

As part of their nationalisation they are restricted to 1.5% of the UK savings market

agsnu

gozomark wrote: »

As part of their nationalisation they are restricted to 1.5% of the UK savings market

Due to EU competition restrictions - they have an unfair advantage in that their deposits are 100% guaranteed by the UK Government. Of course how long that remains a differentiating feature is open to debate

TDS_2

Thanks guys. Does anyone know the current rate of interest on the Northern Rock Instant Access Savings account. Am trying to decide whether it's worth adding to the pot, or going elsewhere - though don't ask me where?!

Thanks.

gozomark

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