Northern Rock Accounts

JOBAR16

I have withdrawn all savings from my Northern Rock online savings account apart fron the minimum to keep the account open. If things improve with Northern Rock and I put my money back into the account would I still be covered by the government guarantee?

chesky369

Oh for goodness' sake, at least have the courage of your convictions. If you wanted it out of Northern Rock, there must have been a good reason - surely not panic? Find another place for it and stop worrying - until the next time.

Steve_xx

JOBAR16 wrote: »

I have withdrawn all savings from my Northern Rock online savings account apart fron the minimum to keep the account open. If things improve with Northern Rock and I put my money back into the account would I still be covered by the government guarantee?

The guarantee is in place for the "current" market turmoil. This does not mean that the assurance that Alistair Darling gave yesterday will last indefinitely. So if things in the markets calm down today, then the guarantee might end today. Best to minimise your risk by not putting more than £33k in any one institution.

boyse7en

You obviously think that NR's financial stability is suspect and that the Treasury and FSA are lying, otherwise you wouldn't have taken your money out.

So why would you want to put money back into a company that you don't believe is solvent?

Best to stuff it in jam jars in the shed, as the next bank you put it in could be just as shaky.