Northern Rock has withdrawn a number of savings products since the huge increase in demand risked it exceeding 1.5 percent of UK retail deposit balances.

According to Northern Rock recent turbulence and uncertainty in financial markets led to a “significant inflow of retail deposits, particularly in recent days” which meant restricting it’s product range and product pricing to maintain competitive commitments. It seems that many savers, worried about the safety of their money, have flocked to the government controlled bank as a place of security during the past few days.

While there are no changes to the terms and conditions for existing customers, the following savings products have been withdrawn for new customers:

• Silver Savings
• Silver Savings 30
• Business Reserve
• Range of Fixed Rate Bonds

There are still a range of saving available products for new customers which are detailed on the Northern Rock website.

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Thursday, October 2nd, 2008 You can leave a response, or trackback from your own site.