Northern Rock Crisis Article Discussion

MSE_Martin

Hi Cosworth.

I was in most of the press highlighting the poor buys of most, but not all of NR's accounts. And if you look at the guide you'll see I write

It’s also worth noting, most of Northern Rock’s accounts aren’t best buys, so whilst there’s no need to move your cash, you can get better deals elsewhere. Just don’t withdraw huge wads of cash, that ain’t safe; do a bank transfer instead, see the Top Savings Accounts article.

and as for

Why is Martin not posting callistos link that gets you into the NR website?
is it illeagal? its in the "Savings" articles, and it works, unlike the normal NR website.

To be honest I dont know wha tyou're talking about. Im in a car (the back of) using my 3G setting on the way to GM-TV so it isn't easy to look. If there's a link that works, feel free to post it. Though the likliehood is if I put it in my article it won't work for long!

W@LT

Dont Panic?

Discussion on the radio over the weekend would seem that more and more people (Including some of the bigger investement Houses) will be more than pulling out their money they will be selling their shares this morning.

If there is no need to panic and there's scope for recovery why would the people in the big Financial Institutions be wanting to pull their money out..

I seem to have missed the point in all of this...

1. If you have shares in NR is it worth sticking with it?

2. If you don't have shares in NR is it worth buying?

I am not looking for advice but given the situation that NR find themselves in the answer to the questions above will tell you whether we should panic or not...

[EMAIL="W@LT"]W@LT[/EMAIL]

Former_MSE_Dan

Thanks for the advice Martin.

What is the position for compensation if one has have multiple accounts with a building society i.e Savings account, Isa ,savings bonds.
Is each of them protected to £35,000.

Thanks

Hi,

You are protected once for each bank you are with. i.e. you get the protection on only the first £35,000 with Northern rock, whether that is in one account or ten accounts.

Dan

caveman38

Bump

Martin. do you think that if as been reported in the media that NR is sold in chunks. That the money savers still have with NR will be 100% safe or would that side of things be referred to compensation by the FSA scheme.
My point being that if it is accurate should us with more than the safety net figure apply for our money now with loss of interest ie Bonds

I'm sorry for my impatience. I am off on holiday tomorrow and still have my money with them. I would be happy to leave it there but for the fact that if sold in chunks I am worried where it leaves savers.

pounds_2

Can investors and savers be assured of the financial stability of mutual building societies eg Nationwide etc.

roddydogs

NR silver saver online was actually @ 6.30%, the best instant savings a/c for anyone over 60, till the Coventry BS trumped it @ 6.40%, thats why i invested in it!

RayC

By the way, Northern Rock's Silver Savings Account is paying 6.3%, to over-50's, and should have still been in the Best Buys. So interest rate savings are not a good reason to move out.

mcgazz

It's unlikely that NR will be bought over by another UK bank.

Firstly, the NR brand name is tarnished after all the media coverage of this crisis.

Secondly, NR's business is mostly loans and mortagages (indeed, part of the reason they're in trouble is that they have a much higher ratio of money loaned out to money held in accounts than any other UK lender), so most NR customers are likely to already be customers of one of the other banks. What's the point in buying an organisation whose customers are already your customers and will disappear once their loan/mortgage is paid off?

Thirdly, NR don't have much of a branch network to speak of.

Most of the big banks have already ruled themselves out of a takeover. It's more likely they'll concentrate on trying to poach NR's business.

caveman38

Bump. Martin or anyone
Martin. do you think that if as been reported in the media that NR is sold in chunks. That the money savers still have with NR will be 100% safe or would that side of things be referred to compensation by the FSA scheme.
My point being that if it is accurate should us with more than the safety net figure apply for our money now with loss of interest ie Bonds

tin. do you think that if as been reported in the media that NR is sold in chunks. That the money savers still have with NR will be 100% safe or would that side of things be referred to compensation by the FSA scheme.
My point being that if it is accurate should us with more than the safety net figure apply for our money now with loss of interest ie Bonds
Off on hols tomorrow and my money is still with NR

VeeW

I'm new to this so firstly hello everyone.
I have a mortgage with N.R. and want know if their interest rates are likely to rise disproportionately to other lenders. I'm going on holiday for 3 weeks and want to know if I should pay the mortgage off before going or if that would just be panicking