Close Britannia account or keep?

andyroberts_2

Hi,
I've saved with Britannia for 20+ years. However there rates are never that great so I've gradually moved money away. I've got about 2k still in a Britannia direct saver account which I'm thinking to move out.

Years ago I remember it was good to keep money in in case there was some form of payout.

Is this still the case especially with the co-op merger?

Is there a set amount to keep in to qualify for such an event?

Or just remove money and close account as never going to happen?

Thanks
Andy

sabretoothtigger

They are still a bs so keep it open just in case

Essex123

sabretoothtigger wrote: »

They are still a bs so keep it open just in case

This is incorrect - they are now owned by the Co-operative Group. Members of Britannia automatically became members of the Co-op when the merger happened, unless they opted out (or were already members).

My own course of action was to keep the Co-op membership, but close down the Britannia accounts. There is a small risk they launch an attractive "existing customers" offer at some stage, but I'm willing to take that risk.

andyroberts_2

OK. Still confused what to do?

Essex123

Only you can decide that. But if you're waiting for Britannia to pay its members a merger or takeover bonus, then that won't happen IMO.

Britannia is now part of Co-operative Financial Services, itself owned by the Co-operative Group. At the effective date of the Co-op deal, your ownership interest in Britannia changed from direct membership of Britannia to being a member of Co-operative Group (as long as you did not decline Co-op membership).

The potential windfall now (and a highly unlikely one at that IMHO) would come if Co-operative group (or a large part thereof) was sold

andyroberts_2

OK Thanks. So hardly worth the effort but then if there is an outside chance or a decent rate for existing members (unlikely) then hang on to some.

My question therefore is how much is 'some'. Is there a set amount to leave in an account (and can it be any account?).

Is there a set figure to qualify for payments or is it up to the company to decide?

My point is if I am to leave some there I want to leave some there in the knowledge it might have an outside chance. Don't want to leave money there only to find it was not enough.

Thanks
Andy.

Primrose

I'm in the same situation as you. I've got an elderly Easy Saver account with a small amount of money in it and it's probably not worth keeping open any more.. I seem to recall that many of their accounts have different minimum balances. I can't remember whether their website lists all these criteria - I haven't checked it for ages. I don't really think there's any chance of a member payout now the merger with the Coop has taken place but if you check all the minimum balances for their savings accounts and want to keep one open, you could transfer perhaps to one that has a minimum £1 balance requirement and withdraw the rest of your money. However I suspect this account will then have a nuisance value for you as you may have to keep topping it up with a pound or so from time to time to stop it being turned into the "Dormant" category.

sabretoothtigger

I cant see a benefit to closing the account over leaving it at 1p Im not sure they'd close it automatically, Ive not had that occur in recent years

Primrose

Just checked their website for minimum savings account balances. Details are here: http://www.britannia.co.uk/_site/pdfs/savings/product/comparison-chart.pdf

andyroberts_2

Thanks for the link. That is annoying - I would have to keep £100 in as I have the Direct Reserve account.


So other than a minimum for keeping an account open there is NO minimum for qualification for a payout should there be one?

cardsharps

Please don't kid yourself. Windfalls are finished. There's no point in waiting for one.