HE was stuck between and rock and a hard place.

But a Hampshire electrician has bucked the national trend and taken the decision to reinvest his six-figure savings with Northern Rock.

Just 24 hours after closing his account, Malcolm Ward, from Shirley, Southampton, made the U-turn after Chancellor Alistair Darling guaranteed Northern Rock customers that their savings were safe.

When Malcolm, who has been an investor with the bank for 20 years, first heard the news on Thursday that Northern Rock had applied to the Bank of England for emergency funds, he was not worried.

However, as thousands of concerned customers queued for hours to withdraw their money and close their accounts, Malcolm began to feel uneasy.

So after a weekend of worry, he took the decision to withdraw the £150,000 from his account.

But following reassurances from the Bank of England and the Chancellor, Malcolm immediately wanted to reinvest his money with the bank.

Malcolm, 56, said: "I hadn't taken any action until I saw all the people queueing at the weekend. Then I began to panic.

"But as soon as the Government guaranteed that all savings would be safe and that there was no chance of money being lost I put my faith back into Northern Rock.

"As soon as I got my cheque yesterday morning I opened another account with them and reinvested it all.

"I think far too many people are panicking even after these guarantees from the Chancellor.

"I would advise Northern Rock customers to keep their money where it is, it is as safe as anywhere else."