SAVERS are putting their money back into Northern Rock, six months after panicked customers staged the first bank run for a generation.

Northern Rock is offering best-buy interest rates on easy-access and fixed-rate accounts, with the security of a government-backed guarantee.

As with all other banks regulated in the UK, you would get compensation of up to £35,000 if it went bust – or potentially less if you had a mortgage with the same bank. With Northern Rock, however, the guarantee is unlimited.

Rates on Rock accounts trump those offered by the other government-backed bank, National Savings & Investments.

While savers reap the benefits of the nationalisation, shareholders are threatening to sue. We answer your questions. Should I be putting my money in Northern Rock? If a government guarantee is important to you, yes – but be careful. Northern Rock is paying 6.49% on its nonotice account, which experts say is the best deal on the market – but this rate is unlikely to last.

David Kuo, of comparison site Fool.co.uk, said: “Northern Rock has a privileged status, offering one of the best savings rates in the market and a government-backed guarantee. However, savers need to watch for any changes to Northern Rock’s interest rates – with other banks complaining to the Treasury about being disadvantaged, the rates on offer are unlikely to last.”

Alternatively, you could opt for a fixed rate, so you know your rate will not fall for a certain period of time. Northern Rock has the best one-year fixed rate of 6.45% if you have a deposit of less than £500. Kaupthing Edge has the best buy account at 6.86% on a minimum deposit of £5,000, followed by West Bromwich and Anglo Irish on a minimum deposit of £1,000 and £5,000 respectively.

You can fix for longer, but the rates fall to 6% over two and three years.

Northern Rock’s Fixed Rate Access bond is also worth a look. It pays 6.35% for a year, but unlike many fixed accounts you can access your money without notice.

Do these rates compare with National Savings? NS&I was quick to cut rates following the reduction in Bank rate this month, leaving customers much worse off than they would be with Northern Rock on most products. NS&I pays as little as 2.10% on a deposit of less than £1,000 in its easy-access accounts, and 4.15% on a deposit of between £10,000 and £5,000.

NS&I’s Direct Isa is ahead at 5.8% on a minimum £3,000 deposit, against Northern Rock’s Mini Cash Isa paying 4.79%. But Northern Rock’s 30 Day Isa pays 5.5% on a £3,000 deposit, with rates up to 5.85% on a deposit of £25,000.

What will happen to shareholders? Shares in Northern Rock were suspended at 90p when the nationalisation was announced. An independent body is to work out the shares’ value, but investors have been warned to expect very little back because the valuers will assume that Northern Rock did not have the benefit of £55 billion in government guarantees.

Big institutional investors have said they will take legal action against the government as they feel the shares are worth 400p. However, Virgin’s bid for the bank, which came the closest to acceptance, would have valued them at 50p.