Northern Rock savings cap question.Want to save there.

1694

The commercial banks have forced a savings cap on Northern Rock is there any way to save with them left?

I will explain my reason but my question is why this post is here.

I think the nationalised banks might actually be the veihcle that save us from the crisis.
IF
There is a slow and steady run on commercial banks and everyone and puts the money in Northern Rock. The treasury can lend that money, rather than borrowing more from other banks, to the faltering commercial banks to ease there liquidity for an interest rate higher than savers get. The profits go to the treasury to reduce the national debt and the interest we pay on that. Taxes down public spending up.

Long and short term this bank is a winner for everyone.

agsnu

1694 wrote: »

The commercial banks have forced a savings cap on Northern Rock is there any way to save with them left?

I think you'll find that this is due to EU competition legislation. And perfectly understandable, to be honest.

And as you will find if you bother to read their web site, they are currently offering a Fixed Rate Bond at 4.25% (maximum deposit £25k).

trevs707

NR have suspended opening any new easy access online account due to a possible breach in the rules (i.e. too many people were putting their money in NR).

1694

agsnu wrote: »

I think you'll find that this is due to EU competition legislation. And perfectly understandable, to be honest.

And as you will find if you bother to read their web site, they are currently offering a Fixed Rate Bond at 4.25% (maximum deposit £25k).

EU competition legistlation, which prevents the british people from owning there own succesfull bank and enjoying economic prosperity so that a select few bankers are able to get rich off the nation and savers have to risk there hard earned money.

Excellent. Thank god for the EU.

(I wonder who wanted this legistlation...private bankers?)

Thanks for the NI info though I will get involved.

Just a though: If the treasury re privatized NI by distributing all the shares equally to everyone in the country this would avoid the legislation.