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zoomraker

£6k With Northern Rock

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Yes.I have got 35K with the sods.I have the choice, do I send in a first class letter tonight and ask for my money back on the Bond and take a 60 day hit on interest or do I ride it out?I await your advice.At least if they go under I can join the storming of Threadneedle Street with angry Geordies,it might be worth it.

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You have a choice....

Do you stick with the bank and take the risk (although slight) that they could fold and you will then have to beg for you money back via the compensation system. Or do you take your cash and put it somewhere a little more secure?

I dont think NR is going under but if people keep taking out their money it may do so... Do you want to be the last one with your money still in there when the balance shifts from "difficulties to bust" :blink:

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You'll be told you needn't be worried but it's always best to have one's own money in one's own pocket.

National savings and investments is probably the safest place to be until this all blows over. (A long time, I'd guess.)

I would certainly withdraw any monies I had deposited with Northern Rock.

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I thought that we were eligible to up to 33k if the company goes bankrupt according to the fsa regulations. What are the details then?

If I remember correctly its 100% up to £3,000 and 90% up to £33,000. Anything over that you are on your own!

I guess that some people are happy with the very slight risk and the extra stress of having to make the claim for compensation.. Others it seems are not.. :blink:

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You have a choice....

Do you stick with the bank and take the risk (although slight) that they could fold and you will then have to beg for you money back via the compensation system. Or do you take your cash and put it somewhere a little more secure?

I dont think NR is going under but if people keep taking out their money it may do so... Do you want to be the last one with your money still in there when the balance shifts from "difficulties to bust" :blink:

Yep,I might go for the safety first option.I stand to lose about £350 in interest penalty.

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If a bank goes to the wall, the first £2,000 you’ve saved with them is 100% guaranteed by the Financial Services Compensation Scheme. The next £33,000 is 90% guaranteed. After that, you’re on your own. In other words, from a deposit of £35,000 or more, you’d get £31,700 back.

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If a bank goes to the wall, the first £2,000 you’ve saved with them is 100% guaranteed by the Financial Services Compensation Scheme. The next £33,000 is 90% guaranteed. After that, you’re on your own. In other words, from a deposit of £35,000 or more, you’d get £31,700 back.

Cheers for clearing that up.. I thought it was either 2k or 3k that was 100%.... I should learn not to be so optimistic ;)

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£6k with Northern Rock

should I be worried?

I wouldn't be immediately worried, they're not moments away from going bust or anything like that but I'd still get my money out ASAP.

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Yes.I have got 35K with the sods.I have the choice, do I send in a first class letter tonight and ask for my money back on the Bond and take a 60 day hit on interest or do I ride it out?I await your advice.At least if they go under I can join the storming of Threadneedle Street with angry Geordies,it might be worth it.

Frankly, i'd get writing. IMHO.

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If a bank goes to the wall, the first £2,000 you’ve saved with them is 100% guaranteed by the Financial Services Compensation Scheme. The next £33,000 is 90% guaranteed. After that, you’re on your own. In other words, from a deposit of £35,000 or more, you’d get £31,700 back.

Yep i got shafted by the Equitable Life fiasco,so if I lose 3K plus it wont be for the first time.And to think that in 1998 firms like the Pru were queueing up to give me a windfall for my stake in it.Sadly Jenny Page turned away all suitors and she was rewarded with the Dome.Then both ventures went f**k up.

Edited by crashmonitor

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If a bank goes to the wall, the first £2,000 you’ve saved with them is 100% guaranteed by the Financial Services Compensation Scheme. The next £33,000 is 90% guaranteed. After that, you’re on your own. In other words, from a deposit of £35,000 or more, you’d get £31,700 back.

this possibly deserves further investigation, the most pertinent point is just how quickly would your cash be paid back in the event there was major run on the bank (NR) and it did in fact collapse? How long would the process take? Do relaxed savers imagine they'll simply turn up at Threadneedle street be given a chq with an apology for the inconvenience? We would be heading for completely unchartered territory in the event of a collapse and it would be silly to imagine that the little guy won't get shafted first. <_<

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A small price to pay for a certain house price crash which would follow.I'm not losing any sleep over the potential loss of £3300.

I wouldn't be too happy! How much interest would you lose?

You'll be told you needn't be worried but it's always best to have one's own money in one's own pocket.

National savings and investments is probably the safest place to be until this all blows over. (A long time, I'd guess.)

I would certainly withdraw any monies I had deposited with Northern Rock.

I agree.

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