Northern Rock

[NickP]

This report is from moneysavingexpert.com

Government-owned Northern Rock is scrapping its 100% savings guarantee, it announced this morning.

"Northern Rock chief executive Gary Hoffman says: "This is another positive step in the right direction and the decision reflects our good progress and the strong capital position of Northern Rock.

"The Company is returning to a level playing field and our savers will enjoy exactly the same level of protection, under FSCS, as customers of other UK banks and building societies."

Funny how they manage to put a spin on everything, so the fact that all of our money is not safe anymore is good news? Cheers Gary, I'm really pleased about that.   [:P]

[Martin963]

I have a deposit (fixed interest bond) there and this impending decision has been influencing my thoughts as to whether to renew it (it comes to maturity on 1st March).

I read that if one renewed before the end of the government guarantee one was still guaranteed for the rest of the life of that particular investment vehicle.

So do we know what the actual date for this ending of the guarantee will be?

[NickP]

[quote user="Martin963"]I have a deposit (fixed interest bond) there and this impending decision has been influencing my thoughts as to whether to renew it (it comes to maturity on 1st March).

I read that if one renewed before the end of the government guarantee one was still guaranteed for the rest of the life of that particular investment vehicle.

So do we know what the actual date for this ending of the guarantee will be?
[/quote]

The Treasury reports that it will be 24th  May 2010. "But savers with fixed-rate bonds will retain 100pc protection until the bond matures", a Rock spokesman said.