Well, there has been a bit of a silver lining to the Northern Rock fiasco if you are a saver!
The Government has said it will raise depositors' protection on their savings to £35,000, after the UK suffered its first bank run in more than a century last month.
Under the old Financial Services Compensation Scheme, as a saver, you were given a guarantee for 100% of your first £2,000 of your savings, and 90% of the next £33,000. This would have left you with just £31,700 of your savings had your bank gone into administration.
New legislation could now protect savings of up to £100,000 and specially protect savers' assets should a bank go bust.
Previously, the chancellor had only guaranteed protection for Northern Rock's savers, but the new guarantee applies to every bank and building society.
Mr Darling said it was the first stage of a wider process to reform the whole system that protects UK savers and it was something that was clearly needed after the mass hysteria surrounding Northern Rock.
Thousands of panicked savers queued to get their money out of Britain's fifth-biggest mortgage lender after it had to seek emergency funding from the Bank of England. The run only stopped when Darling pledged to guarantee all Northern Rock deposits.
Mr Darling said that by using administrative powers he could ensure that 100% of the first £35,000 of savings would be protected straight away.
During the second stage of the reform process he hoped to "separate savers' money from the rest of a bank's assets, so that savers' money is as much protected as possible".
To do this the Government needed consultation with the banking industry, and then follow it up with new legislation, Mr Darling said.
However he did rule out an unlimited protection of savings. He said the Government would study savings protection schemes around the world and indicated that the government might aim to protect savings up to £100,000.
The new rules apply only to customers of banks and building societies that default on or after 1 October 2007.
So, will this positive move restore your confidence over where to put your savings?
Where should you put your savings?