# Reinvesting with Northern Rock



## Jethro Tull (26 Mar 2008)

I withdrew all my cash last September and closed my account (really should have left €1 in to keep it open but didn't). I have an anglo regular saver maturing in August and will be looking for somewhere to keep about 25k (possibly more as I am almost maxing out some of the other accounts attractive rates). So I am thinking, why not Northern Rock again ezpecially seeing as the bank has been nationalised and your deposits are safer than anywhere else?

Just wondering has anyone either re-invested or kept the faith throughout the entire 'episode' and what have your experiences been dealing with them? I see my old log on still works and I can re-open an account online so I assume its pretty hassle free? Also can I open the account now, getting any ID checks etc out of the way (if they need to reconfirm my ID etc) long before the regular saver matures and just maintain a zero balance til then or do I need to deposit the minimum €1,000 on opening?

Thanks


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## trebor (26 Mar 2008)

They seem to be a safe option to save with. I reckon if you ring them they'll give you an answer instead of people giving you their opinion on whether they might or might not need ID. etc. They seem to be decent and helpful staff...01 4806050


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## z105 (26 Mar 2008)

Your deposits are as safe as the British Establishment (!), if the country goes bust then your savings are gone, but the chances of that happening are.....


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## oldtimer (26 Mar 2008)

I withdrew some of my money last September but now have full confidence with them as the guarantee is with the British Treasury. Recently lodged more money. Found them most helpful. Also notice they have a new updated website.


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## westside (26 Mar 2008)

Jethro,

I was in same boat as you and since your account has been closed for longer that 3 months you have not option but to reapply for an account. Do this via your NR login. You will have to print the application and provide the relevant ID.

I too am regretting not leaving a few euro in my account to keep it active.


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## Jethro Tull (26 Mar 2008)

westside said:


> Jethro,
> 
> I was in same boat as you and since your account has been closed for longer that 3 months you have not option but to reapply for an account. Do this via your NR login. You will have to print the application and provide the relevant ID.
> 
> I too am regretting not leaving a few euro in my account to keep it active.


 
Hi westside

When i withdrew in September I left 2k in (it was less that the ST£2,000 that the FSCS guaranteed 100%, even before the government intervened) and didn't actually close my account til mid january. 

I'll give em a ring today at some stage


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## Jethro Tull (26 Mar 2008)

got in touch with NR. Don't need to pass ID checks again if account is closed for less than 3 months. Just need to fill in a new application and send it off. You can also have a zero balance for a while before depositing a lump sum (for all of you waiting on Regular or similar such investments to mature). If not enclose a cheque.


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## iggy (27 Mar 2008)

Hi Jethro, As far as I can see Northern Rock is the safest place for your cash at the moment.....can`t really get a better guarantee...and the best demand rate for large lump sums too.


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## joe sod (27 Mar 2008)

well at the moment there alot safer than anglo, no british government guarantee for anglo, its a wonder the irish authorities have done nothing about bolstering deposit guarantees to prevent a northern rock happening here, they have been completely silent


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## vipera1 (27 Mar 2008)

Got the following from their website, now seems a "rock" solid place for large deposits:

What are the guarantee arrangements and how long will they stay in place?
On Tuesday 9 October 2007, Northern Rock agreed guarantee arrangements with the Bank of England and HM Treasury. These arrangements remain in place at the current time.

The guarantee arrangements protect all savers, regardless of the amount deposited and apply to all existing accounts, all re-opened accounts and all new accounts.
They also cover all new deposits, all further interest payments and movement of funds between accounts and all term deposits, including Fixed Rate Bonds, for the duration of their term.
The guarantee arrangements will remain in place during the period of temporary public ownership and, as previously confirmed by the UK Government, such arrangements would not be withdrawn without at least three months notice in any event.
*Is my money safe?*

Yes. The UK Government has put guarantee arrangements in place for all Northern Rock savers. These protect all savers in all accounts, regardless of the amount deposited and apply to all existing and new accounts. The guarantee arrangements will remain in place during the current instability in the financial markets and HM Treasury will give reasonable notice (no less than three months) of any termination of these arrangements.


*I'm a new customer, are my deposits covered by the guarantee?*

Yes. The Bank of England and HM Treasury guarantee arrangements cover all deposits, regardless of the amount deposited, and apply to all existing and new accounts, as well as to further interest payments. The guarantee arrangements will remain in place during the period of temporary public ownership and, as previously confirmed by the UK Government, such arrangements would not be withdrawn without at least three months notice in any event.


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## TSThomas (27 Mar 2008)

There were 1 or 2 glitches with regard to Interest (e.g. Annual interest was a few days late _displaying_ in the account) since September, but other than that I can't complain. Customer supports always been quick getting back to me anytime I needed them. 5% Rate + 100% State guarantee = Happy 

Re: Anglo Irish I think you ought bear in mind the following;

http://www.finfacts.com/irishfinancenews/article_1012993.shtml

_The Irish Times reports that the Financial Regulator is preparing to examine share dealing records stored by the Irish Stock Exchange and the London exchange in its inquiry into *"false and misleading" rumours about the fiscal position of Anglo Irish Bank* and other Irish financials._


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## GeneralZod (27 Mar 2008)

I'm almost ready to give them another go


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## Jethro Tull (27 Mar 2008)

GeneralZod said:


> I'm almost ready to give them another go


 
I reopened yesterday. 

100% guarantee is the only factor, I swore I'd never go near them again after the problems I've had with their website (not just during the 'run' either)


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## Godfather (29 Mar 2008)

I would reopen it immediately but soon I have to move country for family reasons and I cant have residence abrod for that account...


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## GeneralZod (29 Mar 2008)

Are they still taking days to process lodgements and withdrawals? 

That, even more than the slow web site, really bugged me.


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## Jethro Tull (29 Mar 2008)

GeneralZod said:


> Are they still taking days to process lodgements and withdrawals?
> 
> That, even more than the slow web site, really bugged me.


 
I posted an application last wednesday. New account is now open and I  have a balance of 1,000 waiting to clear (enclosed a cheque). Can't see why they didn't just reopen my old account so that the online payment method I set up on PTSB internet banking would still work but you can't have everything!!!


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## RedDevil (29 Mar 2008)

GeneralZod said:


> Are they still taking days to process lodgements and withdrawals?
> 
> That, even more than the slow web site, really bugged me.



This is what I find and no Lo Call number either


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## GetMoving (30 Mar 2008)

I kept my money there once I heard the UK Treasury were guarenteeing deposits. Have benefitted from a bonus .5% on savings as a result. However, am thinking of taking my money out once this bonus .5% expires - I think the end of March. There are better rates out there!


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## GeneralZod (30 Mar 2008)

Wasn't the 0.5% bonus rate replaced with a straight 5.0% rate with a guarantee not to drop below the ECB base rate before Jan 2009.

I can't see them cutting it below 5.0% if the rest of the market doesn't move that way and they want to attract savings back to them.


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## TSThomas (30 Mar 2008)

No, when the Demand Online rate changed to 5% the bonus interest remained. If I remember right they changed to 5% on 1st of February & the Bonus rate expired at the end of February... so was 5.5% for February.


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## TSThomas (6 Apr 2008)

Only spotted this today, but as regards the 100% guarantee + 3 month notification of removal this may be relevant;

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/03/rock_path_to_privatisation.html

_ Now in state hands, the Rock will also make a commitment later today that during 2010 it will have repaid all of the taxpayer-backed loan it has received from the Bank of England, which currently stands at around £24bn. Repayments have started and the loan is already about £3bn lower than it was at the end of last yeari._

*The new nationalised Rock will say that after the Bank of England loans have been repaid, it will relinquish the guarantees the Treasury has given to other creditors.*


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