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Northern Rock increase interest rates

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  • 01-02-2008 9:03am
    #1
    The Rooster
    Registered Users Posts: 4,508 ✭✭✭


    Northern Rock have increased the interest rate on their Demand Online Account to 5.00% (not on their website yet, but big advert in the Irish Times p7).

    That really puts Rabo's 4.3% in the shade, and while there are some better rates out there (e.g. First Active 5.22% on the first 15k), I think NR's 5% is the best rate in the Irish market for demand accounts with no limit on the amount saved (min €1k, max €3m - I'm regarding as "no limit").

    I think its fair to say your money would be 100% safe (?) but human nature being what it is I'd still feel nervous about putting more money in it....


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    #2
    TheDriver
    Registered Users Posts: 12,496 ✭✭✭✭TheDriver


    I'd be nervous about putting my money with them at moment to be honest. Is it a sales ploy to get confidence back I wonder?


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    #3
    Hitchhiker's Guide to...
    Registered Users Posts: 3,322 ✭✭✭Hitchhiker's Guide to...


    TheDriver wrote: »
    I'd be nervous about putting my money with them at moment to be honest. Is it a sales ploy to get confidence back I wonder?

    how could you be nervous? Seriously ... it's now one of the safest banks in the world due to the UK government guarantee


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    #4
    Afuera
    Closed Accounts Posts: 619 ✭✭✭Afuera


    Roundtower2 wrote: »
    how could you be nervous? Seriously ... it's now one of the safest banks in the world due to the UK government guarantee
    The EU is hardly going to allow them to provide that government guarantee indefinately though are they? There are lots of regulations about what kind of state aid can be provided these days. Within the next month, the UK government has to change the status of the aid they are providing from emergency aid to restructering aid. I would wait until at least those plans have been clarified before commiting anything to this bank. Also it might be wise to wait until they release their financial statements (due in the next month I think) and clarify how their business model has been adopted to the changing financial markets before even considering it.


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    #5
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    are you sure this is a global rate increase or is the 5% inclusive of the 'bonus' for loyalty


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    #6
    The Rooster
    Registered Users Posts: 4,508 ✭✭✭The Rooster


    Colonel Sanders wrote: »
    are you sure this is a global rate increase or is the 5% inclusive of the 'bonus' for loyalty

    Yes, its definitely a global 5% for all customers with effect from 1 Feb.
    Its up on their website now:
    http://www.northernrock-ireland.com/

    The wording of the customer loyalty bonus is "an extra guaranteed bonus of 0.50% gross" for Jan and Feb, so existing savers should get 5% for Jan and 5.5% for Feb (then back to the new standard of 5% from March onwards).


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