UK to lift Northern Rock Deposit Guarantee

[Barney Magoo]

News comes today that the UK government will lift the 100% guarantee on deposits in Northern Rock. There is a 3 month notice period from today, so it appears that the standard UK compensation scheme kicks in after 24th May 2010, that is £50,000 guaranteed.

[broken link removed]

 

[skrooge]

NR deposits will be covered by the Irish deposit scheme up to €100k. besides its still owned by the UK Government so no need to panic just yet

From the horses mouth [broken link removed]

Existing variable rate accounts will retain the UK Government savings guarantee until 24 May 2010 from which point customers will be protected under the UK Financial Services Compensation Scheme and the Irish Deposit Guarantee Scheme, providing total cover of up to €100,000 per customer.

 

[oopsbuddy]

What would be a safe option then for a deposit holder with more than 100k, say 400k (not me, sadly, just a hypothetical query), currently sitting securely with NR? Split it up and invest in a number of savings accounts?

 

[Lightning]

Maybe, the parent of Northern Rock is the AAA rated UK Govt, so your money is still very safe.

 

[onlyonpaper]

NR deposits will be covered by the Irish deposit scheme up to €100k. besides its still owned by the UK Government so no need to panic just yet

From the horses mouth [broken link removed]

I assume for joint accounts that it is 100k each