£100 in 8 Building Societies............

Folio

As title says, I have had £100 in 8 different accounts (that is to say £100 in each account not spread across them all) I have been loathe to shut these accounts as I wanted to maintain membership of the societies. Am I doing the right thing or should I close the accounts andd pay a chunk off my mortgage?

Masomnia

I think I'm right in saying that none of the building societies that demutualized and became banks exist anymore, not independently anyway. What I'm saying is that the chance of any of them becoming banks and paying windfalls (if that's what you're after) is tiny now, after all that has happened.

I'd use the money to pay off the mortgage.

Robert_Sterling_3

Folio wrote: »

Am I doing the right thing or should I close the accounts andd pay a chunk off my mortgage?

In the late 1990s i posted about 15,000 posts at either Carpetbagger.com or the moneybag.


The money bag is now lucky if at gets 5 posts per day.
Carpetbagger,com changed its name to ipoints.com

The number of Building Societies was at one time over 5,000

In the late 1990s it was about 100 and now it is about 50.

Carpetbagging is almost a thing of the past.

Having £100 in a B.S. is a gamble.

You decide whether or not it is worth the candle.

My family has about 50 windfalls.

We no longer take a serious interest in it.

At one point each of us had 30 accounts each with £100 or more.

this was in the days when I was Building Society Bob or Robert Shilling.

Those were the days my friend
We thought they'd never end ( sung by Mary Hopkin )

:j :j :j

Milarky

Keep going, but monitor the rates just in case a 'special' or better rate is offered on a new account that allows balances of £1+ or £100+

Incidentally many building societies offer ISAs accepting transfers-in - and most of these will allow you to specify the exact amount (e.g. '£100.00') By this method I have about 14 x £100 ISA accounts from money split up from previous years. Since ISAs are now poor value in general this is a good use of otherwise 'dead' money - but it does take time and patience to get these accounts opened.

Here's list of (£100) ISAs

Chesham


Bucks


Leek


Progressive


Newcastle - requires 'full' balance


Kent Reliance


Scottish


Stroud


Earl Shilton


Ecology - requires 'full' balance


Ipswich


Saffron


West Bromwich


National Counties

Milarky

Another reason for building up BS memberships is that it is then easier to apply for additional accounts (e.g. regular savers) that occasionally become 'best buys' than starting from scratch to prove I.D. etc

Oblivion

Robert_Sterling wrote: »

Those were the days my friend
We thought they'd never end ( sung by Ruby Murray )

Mary Hopkin surely?

Dave.

Robert_Sterling_3

Milarky wrote: »

Another reason for building up BS memberships is that it is then easier to apply for additional accounts (e.g. regular savers) that occasionally become 'best buys' than starting from scratch to prove I.D. etc

A good point.

Robert_Sterling_3

I will correct my post. :A :A :A :A :A

Oblivion

Robert_Sterling wrote: »

I will correct my post.

Or just have a nice curry tonight. :j

(For those who live north of Watford, a Ruby Murray or just Ruby, is cockney rhyming slang for ....... oh, never mind)

Dave.

withnell

Also they may well only pay windfalls (if they pay anything) to people who have £200+ in the accounts - I'm sure for a few of them to have certain votes you need to have over 500 in, which could well be the level you need

bristolleedsfan

withnell wrote: »

Also they may well only pay windfalls (if they pay anything) to people who have £200+ in the accounts - I'm sure for a few of them to have certain votes you need to have over 500 in, which could well be the level you need

100.00 is the level for all BS voting rights and windfall payments.