If you had your 'life savings' in Northern Rock, what would you do?

[Bozza]

Supposedly there is no risk with your money with NR, but if you had all your cash in there what would you do?

To be honest I think I would move it elsewhere. The risk may be negligible, but I still feel the risk (nomatter how small) is currently greater with NR than, say, A&L, Abbey etc etc

 

[Beach Hut]

I know there is a saying no-one is too big to go under but I think if Northern Rock do go down then there will a huge financial meltdown.

Don't forget whilst this goes on our pensions are contracting as the stock market devalues as well.

I would leave it in but easy to say when I have no money with them.

 

[Bozza]

I would leave it in but easy to say when I have no money with them.

That's not quite the point. Imagine that all and any cash savings you did have were in a NR account this morning. You (as Mr. conservative, non-gambler) would be one of the first to put it elsewhere, just in case, surely?

 

[Starry]

if it were my life savings i would more than likely pull it all out and go elsewhere.

our children's savings accounts are with them and we are leaving the money there. for now.

 

[Cian]

Mine is in NR, and I'm leaving it there for the moment; in the process of setting up a notice account with ICC/BOSI/Halifax/Whatever they want to call it this week to move it to if needed.

 

[Bozza]

Mine is in NR, and I'm leaving it there for the moment; in the process of setting up a notice account with ICC/BOSI/Halifax/Whatever they want to call it this week to move it to if needed.

What defines 'if needed' ?

 

[Race]

I'd move it too, I think it's a natural instinct to think like that.

There was some woman on GMTV this morning outside a branch telling the viewers she was just about to remove her million quid!! Probably not the best thing to advertise on national TV!

 

[cjd]

If you had more than £35,000 in their accounts, you,d have to be a brave man to leave it there.
This situation seriously needs more than the limp statements being made by Mr. Darling etc etc to calm the investors. If Northern Rock do go under and investors lose money, the knock on effects for ALL banks and EVERYONE would be huge.

 

[Willow]

I don't see how any bank can go under if the Bank of England is happy to keep them topped up with a few reddies.

 

[Cian]

What defines 'if needed' ?

The FSAI changing their position on it from "absolutely safe" to "not". Its (well) under the 35k cutoff limit, so theres not a huge amount to lose, in fact I'd almost lose that in interest taking it out...

 

[maffew]

take it out deffo. There might be "no" risk. If the government or someone would underwrite the cash fair enough, if not, theres safer places for it now regardless

and also Beach "pipex" Hut said leave it in

 

[larus]

I think the problem is that we can remember BCCI going bust and 'joe public' are the ones that don't get bailed out.

If the government want to convince people that their money is safe, then get the BoE to guarantee that all savings will be covered IF NR does go under.

It's very eay to say 'Oh, it will be alright', but if you're retired and all/a lot of your money is with them and you haven't the opportunity to start again, then you'd be a fool to accept the platitudes from a politician (yes, I know they always tell the truth).

 

[Beach Hut]

That's not quite the point. Imagine that all and any cash savings you did have were in a NR account this morning. You (as Mr. conservative, non-gambler) would be one of the first to put it elsewhere, just in case, surely?

Agreed I would have done it on Saturday rather than waste time at Gillingham !

 

[Beach Hut]

Mine is in NR, and I'm leaving it there for the moment; in the process of setting up a notice account with ICC/BOSI/Halifax/Whatever they want to call it this week to move it to if needed.

If needed may well be after the horse has bolted and too late

 

[Marshy]

why would you take the risk with your life savings...you would be silly to leave it there in my opinion

 

[Beach Hut]

BTW down £1.27 and 57 million shares traded this morning already.

There may be a killing to be made with these

 

[Cian]

If needed may well be after the horse has bolted and too late

Wouldn't think so.

Far, far, far less risky than buying shares in Pipex for a start.

 

[Beach Hut]

Wouldn't think so.

Far, far, far less risky than buying shares in Pipex for a start.

Just you watch and see your savings disappear of the face of the earth - still as you like

 

[Albion Dan]

There is absolutely zero risk of losing your money, the very worst case scenario is that they will get taken over by another bank.

Its just a shame that so many middle Englanders are just too intelectualy challenged to realise and insist on doing their best to take the bank that looks after their money into the hands of another firm.

 

[Cian]

Just you watch and see your savings disappear of the face of the earth - still as you like

The majority (about 96% of them) will be refunded by, oddly enough, your FSA if - and this is a massive if - the bank goes under. Which it won't, as its low-risk loan book is so large as to make it a very attractive takeover target still. The remaining 4% I'd lose in interest if I withdrew it without notice. As it is the majority of my "savings" are in my current account because I never have the time to get a bank to get a draft to transfer to NR...

You, however, have watched masses of money go down the drain on a skid-row ISP...