Savers move their money following crisis at Northern Rock

| November 13, 2007 | 0 Comments

At least 1.7 million people have moved their savings after the problems at Northern Rock to lessen the risk of having all their savings within the same financial organisation.

According to the price comparison website,, at least 50,000 savers a day moving accounts. A third of these moved their savings after the Government announced it would guarantee only the first £35,000 of saver’ cash held at any one institution.

Sean Gardner of, said the queues outside Northern Rock branches may have disappeared but the fears of a repeat has meant that many are being shrewd and not having their savings in one place.

However, 72% of savers that have left their money untouched said that they felt confident in doing so as their bank is a respected, well-known major high street bank.

Comments (0)

Trackback URL | Comments RSS Feed

There are no comments yet. Why not be the first to speak your mind.

Leave a Reply

Visited 1804 times, 2 so far today