Government Guarantee Cut-off Date Set at Northern Rock
The 100% Government guarantee that savers enjoyed with nationalized bank Northern Rock, will no longer be associated with the privileged with the same assurance as the guarantee runs out today.
On Monday, 5pm on onwards, customers holding variable rate accounts will be devoid of all of their money guaranteed by the Government.
But, under the Financial Services Compensation Scheme, up to the £50,000 limit will be shielded.
Until the maturity of their product, investors with fixed-rate deposits will gain from the unlimited guarantee. Condition is that they should have i9nvested money before February 24, when the Government declared that it will be doing the guarantee.
According to Northern Rock, they are not concerned about the big-budget withdrawal; the main focus is "customer reaction”.
It has been predicted that in order to invest their money somewhere else, consumers having higher levels of funds with the bank have already pulled off.
Spokesman of the Northern Rock stated that the decision of eliminating guarantee proves that Northern Rock is backed by a “strong capital and funding position” and this has been opted in order to regain “level playing field”.
For keeping the grip on the ground firm and to stand the tougher competition, the bank has introduced many savings products in last few weeks.
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