northern rock paying 9.49% till March 1st !

Ephemera

Mikeyorks wrote: »

Halifax have a 3 month fixed rate Web at 6.95%. A heading claiming, therefore 'Halifax pay 27.8%' (4x 6.95%) ...... would be wrong

Nice one Mike,

Thanks.. have just opened one online... that'll help fund my shares habit (well, a bit!)

Mikeyorks

Jonbvn wrote: »

.. I will east my shoes ....

That's easy for you to say!!;)

shoi

nilrem wrote: »

Lol, If NR were offering a deal giving an interest rate as your maths suggest (wrong BTW) there would be more long queues outside NR branches only this time they would be begging NR to accept their cash as savings!

Well if it turns out that it is 6.99 then going down to 6.49 (and thats not what the words they use say) it still beats Martin's 6.41, AND they have a one year fix at 6.71 (and nearly 3 years at 6.40) and they do have a 100% guarantee, so actually there's is the best offer for many people. But no queues. Sadly voodoo and vibe reign over figures and facts

sloughflint

it still beats Martin's 6.41

Yes to that comment.
1+0.0649+0.0008225+5/6*0.0649*0.0008225=1.06577 ie 6.58% from Jan 1st to Dec 31st if normal interest paid on 31/12 say

MiserlyMartin

I wouldn't touch Northern Rock with the worlds longest pole, however high the rate is. Let the thing die. What a waste of our taxes.

noh

shoi wrote: »

I get where you are coming from, but that's not what it says.

If it said a bonus of 0.5% PER ANNUM (or they used some other words meaning a temporary uplift of 0.5% on top of the prevailing rate) then I would agree

But it doesn't say that it says a bonus of 0.5% gross full stop. (calculated daily not compunded less tax yadda yadda) That logically can only mean 0.5% of the amount deposited, or approx 3% annualised.

One thing for sure is I'll report back in March

Steve

Here's a quote from the email that NR sent me concerning the bonus note the use of p.a,

"A thank you to Northern Rock savers
You are really important to us and we cannot thank you enough for staying with us through these difficult times. You have kept faith with Northern Rock and we'd like to start paying that back.
So all savers who had a savings account with us on 1 December 2007 and who keep their money invested with us until 1 March 2008 will receive an extra guaranteed bonus of 0.50% gross p.a. on their savings. This bonus rate will be calculated daily on the balance of your account between 1 January 2008 and 1 March 2008. This additional bonus interest will be added to your account shortly after 1 March 2008 and paid in accordance with your existing interest payment instructions.
This bonus is in addition to the interest rates shown in the table below.
All savers continue to be protected, so you can be certain that your savings plus any new deposits are absolutely secure.
We know we must rebuild and repay the trust and confidence you have invested in us. Which is why we're working very hard towards a solution to take our business forward."

HTH

Nigel

shoi

noh wrote: »

Here's a quote from the email that NR sent me concerning the bonus note the use of p.a,
HTH

Nigel

Oh yes. Thats NOT what it says on website. stoopid bu*&$s, it looks like they forgot to consult the proofreader and that I did have the wrong end of the stick. I'll take it up with NR tomorrow, and also try to follow the 7.23% post just before yours.

nilrem_2

MiserlyMartin wrote: »

I wouldn't touch Northern Rock with the worlds longest pole, however high the rate is. Let the thing die. What a waste of our taxes.

The fact is that whether it is/was a waste of or taxes or not the implications of letting NR go under would have been far worse and would have put at risk the savings and trust of all other investors, considering the long queues of customers at NR who were desperate to remove their savings even when they had less than the 'guaranteed' amount and not in any risk can you not imagine the panic caused by long queues at every other financial institution with people wanting their cash out too had people lost their savings?

I am not saying that the government acted in the best possible way but IMHO they could not let NR die, the consequences would have been to great.