uk.finance

On Wed, 19 Sep 2007 20:12:07 GMT,
mymail@ wrote:
> On Wed, 19 Sep 2007 20:15:01 +0100, "Anthony R. Gold"
> wrote:
>
>>On Wed, 19 Sep 2007 19:41:04 +0100, Alasdair wrote:
>>
>>> What and when was the last bank to go bust and the customers lost
>>> their money. The City of Glasgow Bank which went bust in 1878?
>>
>>Maybe it was with BCCI in 1991? But fraud was also involved.
>>Tony
> I recon some of NR customers have been lying to the TV reporters this
> week or they are stupid or N R operate differently to other banks, one
> women was clutching a bag yesterday proclaiming she had removed all
> her savings of 3/4 million. I can't get fifty quid out of one of my
> accounts on demand a months notice is required so if she had it in a
> no notice account she mustn't have been bothered about making any
> interest on her money .
Many NR bonds had a penalty clause equivalent to 2 months interest if
you withdrew the money before maturity. (And the NR have been saying
that people who pay the money back in will get the penalty back)

If that person with 750k had had that money in a 5% bond they'd have
paid a penalty of something like 6k to get the money out (although they
probably didn't notice because they just got less interest)

I can't believe anyone would put all their savings into one bank.
Ignoring banks going bust, they've only got to have an employee dispute
where all the employees walk out on strike and you're going to be
completely stuck. (about as likely to happen as losing your savings
because a bank goes bust ;-)

When I've held notice accounts in the past the penalty for withdrawing
without giving notice has usually been the loss of interest during the
notice period rather than the total inability to withdraw without giving
interest.

I've not noticed any accounts with forced notice periods giving better
rates of interest.

Tim.

--
God said, "div D = rho, div B = 0, curl E = - @B/@t, curl H = J + @D/@t,"
and there was light.

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