But I've just realised that Northern Rock is offering much better rates on new products than the ones I originally took out in December 2008. The one-year fixed rate cash Isa - at 3 per cent with 60 days loss of interest if I withdraw funds, is a much better deal than my family's emergency cash fund's previous home in Northern Rock's easy access Isa at 0.80 per cent. Also, the new E-saver issue 2 offering 2.5 per cent is much better than E-saver issue 1 at 1.85 per cent.
It only took me 20 minutes to transfer my money - after checking that, yes, these accounts from Northern Rock still offer significantly better rates than similar products from the other government-backed bank, National Savings & Investments.
I was also pleased to see improvements to the Financial Services Compensation Scheme (FSCS). The fast payout rules, which come into force on 31 December 2010, will mean many individuals and small businesses will receive deposit compensation within a target of seven days, and all payments within 20 days as required under the Deposit Guarantee Schemes Directive. It took me two months to receive compensation via the FSCS for my Icesave cash Isa, so this is a great improvement.
Also, future FSCS payouts will be made on a 'gross' basis, which will effectively ring-fence the deposits if a depositor has savings and loans with the same firm. Currently, any outstanding loan or debt held with a firm would have been deducted from the amount of an individual's or small business' savings before any compensation was paid out.
• Check latest Isa savings rates at www.investorschronicle.co.uk/ResearchTools
