We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Northern Rock
tudie
Posts: 6 Forumite
I withdrew most of my funds from Northern Rock during the recent crisis, leaving £100 in the account. I now have the proceeds of my house sale to invest - I can tie it up for about 6 months to 1 year. As NR is now offering 100% protection for existing savers during the current period of financial uncertainty, coupled with their current rate of 6.49% for existing savers (plus extra half per cent bonus for Jan and Feb), would I be right in thinking that this is a safe and relatively wise choice?
0
Comments
-
yes...........0
-
Absolutely - also investment funds are erratic at the moment because of stock market volatility; not a good idea except for long-term saving (and even then I'm not convinced in the present climate, given that cash interest rates are pretty high).0
-
-
I'm another poster on this thread to reply "Yes".
Many people on MSE will have deserted Northern Rock and will now have nothing to say that is good about them but I am one of Northern Rock's 'loyal customers'.
I feel my savings with them are totally protected. I like the way their online savings works, I like their customer service and it works for me.0 -
You may as well. The money's totally safe, and it's a very good rate.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Not that you'd ever really talk about investing in the stock market for less than 1 year. Very dangerous game that, unless you're a short-term trader rather than an investor!Absolutely - also investment funds are erratic at the moment because of stock market volatility; not a good idea except for long-term saving (and even then I'm not convinced in the present climate, given that cash interest rates are pretty high).I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
I withdrew most of my funds from Northern Rock during the recent crisis, leaving £100 in the account. quote]
I wonder why you left £100.
Though I did not reduce my balance at all - and I haven't added to it either, if I had decided to get my funds out I certainly would not have bothered leaving £100 in, tying up any accrued interest.0 -
-
If northern rock is nationalised it's been reported that savers deposits could or would be transfered to another bank or buildings society savings deposit account. Does anyone know whether this would likely to be an arbitary descision by the office handling the nationalisation or would savers and depositors likely to be given a choice? I know this is unchatered territory and nothing like it has happened before, possibilities please. I also wonder if the rate negotiated with NR for a three year bond would have to renegotiated with the new bank or BS........................impossible question?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.6K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.6K Work, Benefits & Business
- 600K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards