Saturday, Sep 15, 2007
Why savers aren't silly to pull money out of Northern Rock
Monevator.com: Thoughts on a very British banking crisis at Northern Rock
The media is criticising people as lemmings for getting their money out of Northern Rock, but what's the incentive to stay put? They're not being compensated for the extra risk that's emerged, after all. From the article: "What does a depositor owe the company? Banks have ceaselessy encouraged us to jump ship with great rates for new customers, whilst shafting existing customers by letting the interest paid on their older accounts dwindle away to nothing, and even refusing to move their money into the higher rate ‘teaser’ accounts if they do happen to notice. They’ve turned banking into another branch of Buyrite Britain PLC. Well, if you live by the sword, you die by the sword."
Posted by theinvestor @ 07:18 PM (147 views) Add Comment
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