Lambeth BS windfall for members

ReportInvestor

I gather that the Lambeth chairman has written to members informing them of their eligibility for a £200 minimum windfall when Nationwide takes over Portman, in addition to the £400 minimum windfall when Portman takes over Lambeth .

As he says, "I believe this [600 smackeroos & future membership of Nationwide BS] is excellent news for Lambeth members" :rolleyes:.

Probably the easiest letter he's ever had to compose .

steady__eddie

Yes I received my letter this morning, they obviously deemed it to be of the utmost importance as it arrived with a first class frank on it. Perhaps they have a lot of first class franked envelopes left in the stationery cupboard and need to get rid of them before the rebranding exercise starts ?
On a more serious note, if a person was both a qualifying member with the Lambeth and the Portman, besides the Lambeth windfall in a fortnights time, would they be eligble for TWO windfalls in September 2007 ?

ReportInvestor

You would only get one windfall (from Nationwide) in September 2007, but I assume that they will total up the balances in both your accounts (Portman & ex-Lambeth, soon to be Portman) as a basis for working out any variable rate windfall payment above the basic £200 minimum.

Over at The Money Bag site someone else is miffed at only getting one windfall in these circumstances. They argue that it effectively values their Portman membership at £0.

My best guess is that you may need around £5K total savings to start to inch above the £200 minimum, but that's just an informed guess - so don't sue me if you withdraw some money & lose out !

The sensible thing, if in doubt, might be to consolidate your holdings in the best paying Portman account you can find.

You sound like a likely "loyal member" of Portman, s_e, and there is a 5.25% 90 Day Notice Members Loyalty account for 3 year members like you. The maximum allowed is, coincidentally, also £5K & it has a three year term.

Given that Nationwide has stopped issuing its own 3 year member's loyalty bonds, this is one account where Portman beats Nationwide hands down.

I've been so loyal to Portman that I'm almost certainly heading for a variable rate windfall on top of the basic £200 .

steady__eddie

Thanks RI for that, I was 120% what the answer would be but had to ask.

"The sensible thing, if in doubt, might be to consolidate your holdings in the best paying Portman account you can find."

Don't think that this option is a goer as my a/c. with Lambeth was an ISA (my lucky one, transferred from Staffordshire) currently not a best payer, but as I recall, Portman do not allow transfers in to their decent paying ISA s and I do not wish to lose the tax free status in the future.
I'll find a new home for my lucky ISA and rely on the £137-42 in my Portman Instant Access a/c. to maintain my membership.

Cazzkins

From 1/3/07 Portman is increasing rates on 1 Year fixed rate accounts (Bonds & ISA's): Bonds: 5.45% to increase to 5.70% gross (£2500+); ISA's 5.45% to increase to 5.70% (£3000+). Transfers in and product switches are allowed! :j