Kent Reliance BS - Charitable Assignment

ReportInvestor

I can't see many people thinking like that.

Anyway Lazenby has got plans to turn Kent Reliance into an internet building society and rename it "The Internet Building Society".

So there'll be a few more high value savers attracted to KRBS in the near future.

I think that precludes a demutualisation in the near future. Even if Mike Lazenby was secretly planning that, it would make sense to build up new business over the next few years.

cheggers

I closed my Kent Reliance account long ago, gave up on all hope of a future windfall from then.

I've only got accounts with the top 20 building societies and the odd one outside the the top 20 (teachers, Barnsley)

Robert_Sterling

thrifty_get wrote:

I noticed Kent Reliance's new gimmick and wondered which other BS are open for this kind of speculation? I know its lazy and I should do my own leg work but does anyone have any ideas.........

Go to Carpetbagger.com
Click on Forums
Click on Mutuals

Carpetbagger.com also answers to the name rpoints

Robert_Sterling

cheggers wrote:

I closed my Kent Reliance account long ago, gave up on all hope of a future windfall from then.

I've only got accounts with the top 20 building societies and the odd one outside the the top 20 (teachers, Barnsley)

I thought the days of windfalls were over.
But times have changed
Mergers are now on the agenda.
Mergers are not subject to the Signaway clause because there is no demutualisation involved.
A merger will not necessarily produce a windfall.
Mergers in progress now:-

Lambeth Portman
Universal Newcastle
Mercantile Leeds

Nationwide welcomes approaches.

Every thing to play for as the number of building societies falls

soon be less than 60 left.

Cheshire could bring a smile to your face one day

Lizbeth

Robert_Sterling wrote:

Go to Carpetbagger.com
Click on Forums
Click on Mutuals

Carpetbagger.com also answers to the name rpoints

I can't find the website - is it still around??

cheggers

Lizbeth wrote:

I can't find the website - is it still around??

Think carpetbagger, shut down years ago. Those were the days. Here's a list of the current societies. My advises is open the top 20 then take it from there, I do think Nationwide has been a lifetime windfall sign away since 1997 so don't bother with them.

Rank by Society Assets Name of Society

1 Nationwide
2 Britannia
3 Portman
4 Yorkshire
5 Coventry
6 Chelsea
7 Skipton
8 Leeds
9 West Bromwich
10 Derbyshire
11 Cheshire
12 Principality
13 Newcastle
14 Norwich & Peterborough
15 Stroud & Swindon
16 Nottingham
17 Dunfermline
18 Scarborough
19 Kent Reliance
20 Progressive
21 Lambeth
22 Cumberland
23 National Counties
24 Furness
25 Cambridge
26 Saffron Walden Herts & Essex
27 Leek United
28 Hinckley & Rugby
29 Universal
30 Manchester
31 Darlington
32 Newbury
33 Monmouthshire
34 Melton Mowbray
35 Market Harborough
36 Barnsley
37 Marsden
38 Ipswich
39 Hanley Economic
40 Tipton & Coseley
41 Mercantile
42 Teachers'
43 Mansfield
44 Loughborough
45 Vernon
46 Scottish
47 Dudley
48 Chesham
49 Bath Investment
50 Chorley & District
51 Holmesdale
52 Buckinghamshire
53 Harpenden
54 Stafford Railway
55 Beverley
56 Swansea
57 Earl Shilton
58 Shepshed
59 Penrith
60 Ecology
61 Catholic
62 City of Derry
63 Century

steady__eddie

Saw this in the T & Cs on the Norwich & Peterborough site,

New customers opening savings accounts that provide membership of the Society will be required to enter into an agreement to assign (to the Charities Aid Foundation (a registered charity) any windfall benefits to which they may become entitled in the future as an investing member.

No mention of a 5 year waiting period so don't bother with number 14 in the top 20.

CopperPlate_2

But is it the top 20 ones you should be opening with? Logic maybe tells us that if times are going to get tough it will be for the tiddlers first and they'll be the ones getting "taken over" (or merger as the cuddly BS's like to call it - certainly not of equals if recent weeks are anything to go by) and so members of these societies would be most likely to receive a "merger bonus". Just a thought.

CP

steady__eddie

Exactly

Portman & Lambeth, Lambeth members are financially rewarded.
Newcastle & Universal, Universal members are financially rewarded.

But if there is a mass influx of new members to the tiddlers, won't this be self-defeating

EdInvestor

Lizbeth wrote:

I can't find the website - is it still around??

It's now here