British bank Northern Rock has made further changes to its range of savings products to commit to its competitive framework to ensure that it does not exceed 1.5% of the UK's retail deposit balances.
The self-imposed framework is designed to ensure Northern Rock does not take unfair advantage of the government support during the period of temporary public ownership. As part of this commitment Northern Rock has capped its market share of the UK retail deposit balances at 1.5%. Northern Rock confirms that retail balances remain within this level.
However, recent turbulence in financial markets has led to a sizeable inflow of retail deposits, particularly in recent days, and Northern Rock is therefore taking further action to moderate its product range and product pricing, to uphold its competitive commitments.
Northern Rock retains a range of savings products and remains open for business. For existing customers, there are no changes to the terms and conditions, the bank said.
Following the recent withdrawal of a number of savings products, including its Fixed Rate Access Bond and the online E-Saver products, Northern Rock is withdrawing a number of savings products for new customers from its range including: Silver Savings, Silver Savings 30, Business Reserve and a range of Fixed Rate Bonds.