Northern Rock drops savings products

[Legal Beagles]

Savers flood nationalised bank with money, threatening its commitment not to hold more than 1.5% of all UK deposits

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[Amethyst]

Re: Northern Rock drops savings products

Northern Rock is seen as one of the safest places to put savings as the government has promised to guarantee all its deposits. With shares in HBOS fluctuating wildly, there has been a flood of savings into National Savings and Abbey as well as the Newcastle firm, helping it to shake off its reputation as Northern Wreck.
The Post Office also saw a surge in popularity this week after the Irish government guaranteed all deposits at its six domestic banks including Bank of Ireland – which run the Post Office's savings accounts.

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[Legal Beagles]

Northern Rock turns savers away after becoming too popular

Savers panicked by near collapse of HBOS and Bradford & Bingley switch deposits to government-owned bank

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