Northern Rock demand online going to 2.5% from 3%

Northern Rock issued letters to that effect today.

It detailed the change in rates over the entire year, was rushing out the door but from what I recall it said that ecb interest rates had dropped 2.75% and theirs had only dropped 2% so it was necessary to move inline with the market.

Pity - with the drop in Anglo's Premium demand rate I had intended going back to NR as the ease of moving money in and out suits my requirments.
 
They are giving 3months notice ! Also, they have an EU directive on them to only have 0.6pct market share according their last report,, so this looks like they are winding down out of the market.
 
NR are soon to be split into 'Good' and 'Bad' banks in early January and the good part (including £19 billion deposit base) likely to be sold in the following months.
No announcement yet about when the UK Treasury deposit guarantee status will change but this is likely some time after the sale.

http://news.bbc.co.uk/2/hi/business/8401467.stm
 
It will be interesting to see what the new Northern Rock owner, possibly Virgin Money, will do with Northern Rock Ireland.

Northern Rock Ireland is clearly non-core. We will see if their owner sell the deposit base, wind Northern Rock Ireland down or start to get more competitive.
 
fungus said:
It will be interesting to see what the new Northern Rock owner, possibly Virgin Money, will do with Northern Rock Ireland.

Northern Rock Ireland is clearly non-core. We will see if their owner sell the deposit base, wind Northern Rock Ireland down or start to get more competitive.
Click to expand...


I have about 17k there and will be seeking a better return in the new year, but meantime is there any need to worry as the amt is covered by the British deposit protection scheme ( I think)


edit: been answered in another thread!
 
You must log in or register to reply here.
Back
Top