northern rock savings

mambi

I still have some savings in the Northern Rock silver savings account.

Should I withdraw the money immediately?

M

Aegis

mambi wrote: »

I still have some savings in the Northern Rock silver savings account.

Should I withdraw the money immediately?

M

If you find somewhere else with a better rate, then yes. Otherwise your money is totally safe there until the government withdraws its guarantee, so no need to panic.

Biggles

Aegis wrote: »

If you find somewhere else with a better rate, then yes. Otherwise your money is totally safe there until the government withdraws its guarantee, so no need to panic.

... and it's over 90% safe even if they do (ie with the 'normal' protection).

melbury

I closed down my last NR account today, just don't know what will happen to them in the long term and certainly don't trust them anymore.

Like everyone else I just wish I had sold my NR shares a few months ago, but it is that old hindsight thing again.......... Just have to forget about it and move on, at least I got my savings out intact so that is something.

bristolleedsfan

mr darling has said that if the government were to withdraw its guarantee to savers it would give sufficient notice to enable NR savers to move their savings elsewhere.

cheerfulcat

Thus causing another panic! Would you happen to have a link for that, bristolleedsfan?

oldfella

it seems to me there is very little to gain by leaving money in NR, and the possibility of irritation/hassle should there be further problems. You can get the same rate elsewhere, whats the point of leaving it with NR ?

free4440273

^would have to agree: why leave one's money in an institution which is systemically 'at risk': especially, as others have said, one can receive the same rate of interest elsewhere

baby_boomer

Aegis wrote: »

your money is totally safe there until the government withdraws its guarantee, so no need to panic.

Martin was too clever by half with his initial comments on the "security" of NR savings.

Current NR savers will owe their security after February to rulings in Brussels, about whether the UK government is breaking EU law by subsidising the Rock. It could even get sent up to the European Court of Justice for a decision.

Your call.

But IMHO it makes no sense to wait for another panic.

Bidders are in no hurry to help out the government with an offer for the Rock because they know that the closer it gets to February the more desperate the government will get.

Do you want your savings at the mercy of UK elected politicians and/or unelected Euro bureaucrats / judges?

JayTee99_2

i agree with the above advice, i removed large sums shortly after the initial run, did not return it, despite all the reassurances from different quarters, and had already decided to close one account and run down the other one to a minimal holding, over the coming month.

pity, i was a huge fan of NR, but once the run was allowed to get underway they were seriously damaged goods left with more questions than answers.

and now there is talk of 'Granite' which is apparently their off-shore branch?

just saw Gordon Brown on the news citing Northern Rock as one of their successes :rolleyes:

bristolleedsfan

JayTee99 wrote: »

ijust saw Gordon Brown on the news citing Northern Rock as one of their successes :rolleyes:

gordon brown actually said "northern rock had a business model that didnt work in the times that we were facing. " :rolleyes:

absolutely nothing to be gained keeping savings in northern rock, personally i wouldnt keep any savings in a PLC, one thing is certain whilst keeping savings in a mutual may not lead to any merger windfalls, keeping savings in a plc definately wont lead to a merger windfall payment.