Keeping accounts open

jeffers1969

Hi, this may be a silly question but just want confirmation of my line of thought please.I have a number of building society accounts still open with small balances of £150 or so from the carpetbagging days,is there any point in keeping any of these accounts open? or am i correct in thinking there is never going to be any payouts of compensation in the future on takeover or bailouts!!
many thanks

Money_Grabber13579

If there is a bailout, there will be no payout i.e. Derbyshire, Cheshire, Dunfermline. You'll only get a payout if they voluntarily merge, and even then a lot have terms written in to say that payouts go to charity. (Nationwide do I think)

withnell

Money_Grabber13579 wrote: »

a lot have terms written in to say that payouts go to charity. (Nationwide do I think)

The charity payments are only for people who opened the accounts 5 years before demutualisation - the condition is written in to stop new carpetbagging accounts, but members existing before the change retain their bonus rights (if one is actually given)

Hungerdunger

Personally, I'd work out how much all those accounts are currently earning me in interest; then work out how much I'd receive if all the money was in a fixed rate account (currently you can get over 4% gross); and if it showed I could get significantly more, I'd move the whole lot.

jeffers1969

thanks but i assume in the future no one is going to want to merge with a mutual?