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Nationwide & Portman to Merge!!!
Comments
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ReportInvestor:
You are doing a fantastic job on here - thanks!
"ISA investments (although tax free) do not produce tax free windfalls" - me being extra fussy, you still get the windfall I assume?
Whilst very welcome and certainly not to be turned away, a taxable payout around £500 could cause an impact on the tax situation of anyone on the total income margins of the age-related personal tax reliefs!
schiff
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Investors Association links (above) made interesting reading – thanks, ReportInvestor.
re "almost £500" average merger windfall to Portman members - wonder where the Times newspaper got this hint?
Britannia BS would become the 2nd largest building society in the UK, against stronger competition from an enlarged Nationwide.
Abbey's mortgage lending would be threatened - Moneyfacts said, "Nationwide would leapfrog Abbey and move from third to second-largest mortgage provider behind Halifax Bank of Scotland."
Personally, I have for many years been disappointed with savings facilities of both Nationwide and Portman, and online + banking services of Nationwide. For instance, Nationwide have been known recently to clear their own cheques from the customer's FlexAccount after adequate cash was deposited, then reverse clearance and endeavour to charge the customer for being 'overdrawn'. Dirty tricks, and their online facility is five years behind that of Coventry BS.
Long may quality service & attractive savings rates continue at Yorkshire BS, Stroud & Swindon BS, Coventry BS, Leeds BS, Furness BS, Hanley Economic BS, Ipswich BS, Scarborough BS, Monmouthshire BS, and (played carefully for monthly savings accounts) Alliance + Leicester and Halifax plc possibly plus Barclays plc.
Well done to Lloyds TSB for recent improvements.
Improvements needed (or good riddance, someday) to Britannia BS, Derbyshire BS, Abbey plc, Norwich & Peterborough BS, Holmesdale BS, Nottingham BS, West Bromwich BS, HSBC - and as for Kent Reliance, what are you thinking of using outsourcing?!
Manchester BS has gone very quiet, with only one savings account currently promoted...?
Nationwide could learn much from the above building societies, and members' evaluation thereof.
Meanwhile, Investors Association press resource is invaluable - and sometimes highly amusing.
Mike Trippitt, analyst at Oriel Securities, re Portman merging with Nationwide, "Does this really queer the pitch for people like Northern Rock and HBOS?" - hmm, "queer the pitch"? - methinks someone misheard "clear the pitch"!0 -
Yes you doschiff wrote:"ISA investments (although tax free) do not produce tax free windfalls" - me being extra fussy, you still get the windfall I assume?
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Good point.Whilst very welcome and certainly not to be turned away, a taxable payout around £500 could cause an impact on the tax situation of anyone on the total income margins of the age-related personal tax reliefs!
This is one of the reasons the Revenue requires potentially tax free windfall recipients to submit an additional R85 form nearer the time of the windfall distribution.
By the way, the IA has done the windfall sums and it looks like the average windfall is going to be around £400 - not quite as good as the Times suggested, but a substantial offering given that this does not involve conversion to a Plc.0 -
lolly5648 wrote:I've got £150 in Portman which has been untouched for over 10 years. I suspect they will treat this as a dormant account. Will they still notify or should I go to a branch and do something. (My local branch closed and I never got round to doing anything with the money)
I think it woud be a good idea for you to post your passbook to Portman and ask them to update it (i.e. with the interest you have received over the last few years).
This act will also reactivate any dormant account..
Regards
Sunil0 -
ReportInvestor wrote:Yes you do.
Good point.
This is one of the reasons the Revenue requires potentially tax free windfall recipients to submit an additional R85 form nearer the time of the windfall distribution.
But where do you send the form to? For example, with the Lambeth, I was told that my account is already registered so no need to submit another form.0 -
Just spoken to the Lambeth and was advised that if the account is already registered via R85, no further action is necessary.
BTW, the deadline for submitting an R85 for the Lambeth Merger Bonus is 15 Sept.0 -
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I will submit an additional form just in case.0
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Question 7 could be read as referring to an previous form or a new one.
I hope you are right. Here is a reference to literature sent out to Staffordshire savers when Portman took over the Staffordshire in 2003 and is the basis for my previous advice.
IA link
That couldn't be more explicit.0 -
I'm gutted I closed my account two weeks ago which I had for 6 years, still have a mortgae though so hope to get some from that but only had that 3 years so hope that does not fall under this 5 year thing...0
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