Northern Rock has withdrawn some of its savings products after a stampede of customers put it close to breaking its pledge not to take advantage of state ownership.

The bank, which was nationalised in February, has been offering some of the best savings rates on the high street, aligned with a 100 per cent government guarantee, making it a highly attractive place for worried savers to put their money.

The rush of consumers looking for safer places for their savings meant Northern Rock was in danger of exceeding a commitment to take only a 1.5 per cent share of total UK retail deposits, which it made so that it could not take advantage of its temporary government support.

The nationalised lender said the recent turmoil in financial markets, including the nationalisation of rival Bradford & Bingley and the government-brokered takeover of HBOS, had led to a “sizeable” inflow of deposits, particularly in recent days.

Products withdrawn to new customers from today include Silver Savings, Silver Savings 30, Business Reserve and a range of fixed-rate bonds. The move follows the recent withdrawal of Northern’s fixed-rate access bond and its online e-saver product. Northern has also amended its product pricing to uphold its competitive commitments.

It has reassured existing customers that they are not affected and can continue to put money into their accounts.

In a statement the bank also confirmed that retail balances remained within the 1.5 per cent cap, but experts say that if the flow of savings continues at the present rate, it will have to close its doors in the next few weeks.

Michelle Slade at Moneyfacts.co.uk, the financial website, said: "Northern Rock has already cut rates to deter customers, but that clearly hasn't worked as savers have been queuing at its doors to take advantage of the government guarantee. It could soon get to the point where it has to close its doors to all new customers."

Northern Rock's savings products still open to new customers include an attractive fixed rate cash Isa paying 6 per cent over one, three and five years.

Savers have also been flocking to the Treasury-backed National Savings & Investments, which like Northern Rock has a 100 per cent guarantee from the UK Government.

The Irish Government’s pledge this week that it would guarantee all money saved with six main Irish banks for two years has also caused a rush of money to Irish banks. The unprecedented safeguard applies to UK savers with Post Office accounts, which are provided by the Bank of Ireland, and to other Irish banks operating in the UK, including Anglo Irish Bank and Allied Irish Bank.

Some of these are offering good rates, particularly Anglo Irish, which has a one-year fixed-rate bond at 7.05 per cent and a seven-day notice account at 6.55 per cent.

The Post Office has a cash Isa paying 6.25 per cent, dropping to 5 per cent after a year. Its popular branch-based Instant Saver account has an introductory rate of 5.75 per cent.

At other UK banks only the the first £35,000 is guaranteed although Prime Minister Gordon Brown has confirmed that this will be raised to £50,000.

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