A catastrophic blow for the U.K. economy with inevitable knock on effects for us sadly!
Depositors funds were already fully guaranteed! There is no change on that front. Have you not been following this story...?From a savers perspective I presume this is a good thing...the money is totally guaranteed now.
II still amazed anyone has left funds with NR to be honest...yes it's guaranteed but what exactly does that mean? I doubt you get your money back instantly and surely there's a lot of paperwork, form filling etc? Hardly worth the risk I would have thought
I am not sure what you mean. I can understand moving your money to another institution if you believe NR will not offer good value in the future, but the mechanism for removing money from a NR online account has not changed. You log in and hit the approx 10-20 keys it takes to transfer money out.
Where do you get your assumption that there is suddenly more form-filling and a risk that they will not allow instant access to your instant access bank account.
Yes, Clubman, I have been following this story. My understanding was that the BofE would not continue to 100% guarantee the NR deposits indefinately; the guarantee would fall back to whatever it is for other bank deposits. If NR went into private hands the situation was likely to be re-evaluated. Now that the British Government owns the bank the deposits are 100% safe.Depositors funds were already fully guaranteed! There is no change on that front. Have you not been following this story...?
The thing is though, some / many here would take the view that "It's 100% guaranteed, the interest rate is high & I don't need immediate access to the money". I know I'm willing to accept that.... I still amazed anyone has left funds with NR to be honest...yes it's guaranteed but what exactly does that mean? I doubt you get your money back instantly and surely there's a lot of paperwork, form filling etc? Hardly worth the risk I would have thought
The thing is though, some / many here would take the view that "It's 100% guaranteed, the interest rate is high & I don't need immediate access to the money". I know I'm willing to accept that.
Yes - this was all covered on the UK Treasury/NR websites for example.Did they guarentee the interest?