You are here: Home - Saving & Banking - News -

Northern Rock customers still heading for the lifeboats

Written by:

Troubled bank Northern Rock extended its branch opening times today (Monday 17th September) to prove to savers that it is ‘business as usual’.

Around £2bn has been withdrawn by customers from the bank’s savings accounts since Thursday when the true extent of its exposure to the credit crunch became known and it appealed to the Bank of England for emergency funds.

The share price dropped 32% on Friday and analysts are keeping an eye on the situation as the UK stock market traded in red figures, due in part to the difficult situation faced by banks like Northern Rock, Bradford & Bingley and Alliance & Leicester.

Northern Rock saver John Collier, 78, of Croydon in south London, said: “I am keeping calm as asked to do so by Alistair Darling and others, but this is a nerve-wracking time for me.

“All of my life savings are with Northern Rock and if it does go over I would be extremely angry indeed, especially as we have been repeatedly assured that our money is safe.”

In addition to extending its opening hours, Northern Rock has also increased bandwidth for its online banking which, in the experience of many online users, performed poorly when the story broke.

The Financial Services Authority (FSA) has come out in support of the Treasury and endorsed its claim that Northern Rock is solvent and that savers could continue to deposit and withdraw money.


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Get a life (insurance policy) – before it’s too late (8)

KNOW YOUR RIGHTS IT IS IN everyone’s interest that you get the right life insurance policy but there is a...