Sir,
If my own experience is anything to go by, your correspondent (Letters 5 April) would do well to temper his enthusiasm for his Northern bank’s move South with the thought that, whilst his bank is obviously intent on boxing the compass, it may be quite prepared to let his own savings go west.
Ten years ago, in conjunction with a Northern insurance company that is a household name, my Northern bank sold me an endowment policy that had a projected maturity value of some £6,900. The policy has recently matured, bringing me the grand total of just £4,556.29.
Now, I know interest rates are liable to fluctuation, and sometimes at an alarming rate, but what I cannot accept is that the Thatcher years have left my Northern bank and its partner in grime with a cash shortfall of almost 34%.
Consequently, I cannot help but wonder whether my Northern bank has not been making a disproportionate portion of its own muckle with the mickles I was banking on to re-roof the house.
Victor Jameson (Mr)
Blackley
Manchester 9.
26 April 1991
Carpetbagger says: And all because you ignored my oft-repeated advice about insurance. So, I say again: Equitable Life, period.