Carpet -Bagging Progressive Building Society

Dunwunderin

Hi,
have a couple of old redundant Progressive Building Society savings accounts. Was going to close them and take the cash but does the credit crunch make a takeover more likely with this local building society?
I expect a consolidation of smaller societies and maybe some carpet bagging cash

NAR

All the more recent building societies to go have not involved payouts to members. They have involved merging rather than takeovers, so I would say your chances of a windfall are low.

leftieM

Yeah, I agree with the above. When the West Brom was taken over we received no pay out. If the Progressive gets taken over at the moment it's likely to be because it's about to go bust. Hence, no extra dough for existing customers.

steveymp

However the Progressive does actually turn over quiet a sizable profit at present;) especially for such a small localised Building Society.

Chances of buy out in current economic climate are however low:o

ballyblack

Not very good for savers

eg. their cash ISA only pays 1.2%