Carpetbagging - no longer worth it?

DemiDee

I have about ten or so building society accounts open with around £100 in each. They've all been open since about 1997 since I'm nervous about closing them just in case they de-mutualise and I miss a windfall. Is this likely now, given the current climate? Am I better to simply amalgamate the money and give up on the idea of a windfall ever happening? I'm concerned that after leaving them dormant for so long, I'll have to go through the hassle of reactivating them all, even though I still receive tax statements every year.

Scaredy_Cat_3

I would also be interested in knowing the answer to this one.

I do have accounts already with a couple of building societies which have recently merged/been taken over, and I got absolutely nothing for it.

RayWolfe

Well, what do you think? It's all well and good asking here but we all have access to the same information, so, what do you think?

Scaredy_Cat_3

RayWolfe wrote: »

Well, what do you think? It's all well and good asking here but we all have access to the same information, so, what do you think?

Is that directed at me or the OP?

Personally I don't think there's much benefit to keeping them, but then there's always that nagging doubt that things may change in a few years. As I said, I haven't received anything for the accounts I already have where building societies have been taken over, but who knows what will happen in the future? Since the question has been asked, I just thought I'd add my info.

Primrose

I hardly think it's worth keeping them all open. The Building Society scenario has completely changed in the past couple of years due to the banking crisis, with several mergers/takeovers happening without any savers receiving compensation and I suspect it's unlikely ever to return the earlier heady days of the past with windfalls. Also, I think the hassle of keeping them active and non dormant is not worth it now. ING are making accounts dormant after only 3 years and I imagine that other societies will tighten up their administration of dormant accounts in the same way as such small savings accounts are just an inconvenience for them.
You'd probably be better off closing the accounts and using the money in a cash ISA or putting it into a fixed term savings account.

cepheus

There was one benefit I found from keeping open my Coventry account, that was access to a 5% 3yr bond for current members of the society, the best around I think. However, the reverse in normally the case, better interest for new customers.

jamesblue

I have just been creating my yodlee account to get my finances organised and noticed I had about 7 Building Society accounts. 3 of them were useless for carpet bagging, because they had already merged with the others I had.

I keep them active by using standing order of £10 per month and then just do a withdraw about £100 at the end of the year.

I am going to keep them going just encase one does get taken over instead of merged, therefore a payment.

sabretoothtigger

5% 3yr bond for current members of the society, the best around I think.

Thats not amazing, there is 5% current interest available with some effort

coventry have a good bank ac though

claire07

I've been wondering this as I've got a few that I've held on to in the hope of some windfall. Although I know it's unlikely and I'd love to get rid of them and declutter my finances there's that nagging feeling of having held on so long I'd be spitting tacks if one of them did produce some benefit! Maybe I should just get rid of them and accept what might happen.

cepheus

sabretoothtigger wrote: »

Thats not amazing, there is 5% current interest available with some effort

Like to know which other one you can fix £5K for no more than 3 years.

NS&I index linked is good but could go anywhere.

http://www.moneysupermarket.com/savings/compareresults.aspx?enquiryId=25035159

jamesblue

claire07 wrote: »

I've been wondering this as I've got a few that I've held on to in the hope of some windfall. Although I know it's unlikely and I'd love to get rid of them and declutter my finances there's that nagging feeling of having held on so long I'd be spitting tacks if one of them did produce some benefit! Maybe I should just get rid of them and accept what might happen.

Use the Are Your Saving Safe story on MSE, to see if you hold ones which are now owned be one company, therefore you could get rid of a few of them. This is what I did, and at least you would have one holding just encase they were ever taken over.

Unfortunately even though everyone knows societies like the Scarborough BS were taken over by Skipton, they called it a merge, hence no payout. Even the Scarborough Evening News kept using the term "takeover" from the day it was announced.

Thanks