Nationwide & Portman to Merge!!!

ED

schiff – hope it rains hard this evening in your district, so you don't feel quite so miffed at missing your train and not getting out this evening ;-)

ReportInvestor – building societies (all sizes) and banks I've found to be efficient, fair and offering savers competitive rates are, in current order of preference (Nationwide, take note, so you can improve!) :

Coventry BS (5.35AER Coventry First hybrid savings & current a/c, instant access, monthly interest & paper statements, direct ATM w/d up to £500 per day, set up & send BACS same-day even beyond 9am–5pm, adjust next day's SOs till 8pm, but complaints not perfectly dealt with – bit brusque, even to people with disability – & online/paper statements fail to differentiate destination a/c's with same recipient bank or building soc)

Portman BS (8% closed issue Regular Saver ISA Issue 2, other rates poor)

Yorkshire BS (6.50% Regular Saver + 5.10% Internet Saver direct ATM w/d)

Stroud & Swindon BS (7% Regular Savings, £1,000 per month max)

Bath BS (6% Regular Saver, prompt email responses to Q')

Leeds BS (7% closed issue Leeds Monthly Saver; 5% Online Saver)

Furness BS (6% closed issue Fixed Regular Saver)

Hanley Economic BS (5.35% Regular Saver – high for small soc)

Ipswich BS (8.25% Target Saver via monthly deposits)

Scarborough BS (6.00% My Savings via monthly deposits)

Monmouthshire BS (5.55% Saver Plus via monthly deposits)

Lloyds TSB (8.00% Monthly Saver, if minimal use of ch a/c really OK?)

Halifax plc (7% Regular Saver – especially when feeding OK via WebSaver)

Barclays plc (10% Regular Saver, minimal use of £1,000/m ch a/c deposit)

Principality BS (6% Regular Saver Bond, but w/d on anniversary)

Leek United BS (6% Regular Savings, but w/d on anniversary)

Alliance + Leicester (but unfair limiting 12% monthly a/c to newcomers)

Methinks, currently, the following 'queer the pitch', putting people off the savings habit :

Nationwide BS (dishonest bouncing of FlexAccount cheque after cash cr. showed online, later moved to later position! + poor rates portfolio other than 6% Christmas bond almost 2 yrs ago)

Britannia BS (lousy rates, multitude of errors, failure to respond)

Derbyshire BS (0.85% rate drop for Regular Savings contrary to Base Rate)

Abbey plc (lying to existing customers re 8% Monthly Saver Issue 5 availability)

Norwich & Peterborough BS (declining fresh 8% monthly Gold Savings on anni.)

Holmesdale BS (only 5.15% 60-day w/d notice Mini Cash ISA/TOISA)

Nottingham BS (0.20% rate drop for Post It a/c, Feb 2006, contrary to BR)

West Bromwich BS (mere 4.60% 2 yr Member Privileged M'ship Inv Bond)

HSBC (good 8% Regular Saver, bad complaints dealing, cruel Online Saver T+C)

Kent Reliance BS (fully outsourcing risks customers' security + UK jobs)

Service OK from National Counties BS (rates low – eg 4.65% Monthly Saver)

Stafford Railway not yet tried by anyone in my circle.

Perhaps it would help urge Nationwide to emulate best aspects of competitors if ample savers notify them. Anyone had wildly different experiences to me & my circle, compared with the above?

Daft_Monkey

ReportInvestor wrote:

OK, Lloyds & Barclays beat Nationwide & Abbey for counter service. How often do we praise those two on MSE?

Well, you'll have to find a Barclays branch first. My local branch closed about 8 years ago. The nearest is about 5 miles away, making it impossible to visit during the working week. At least there is a Nationwide branch close by. Very handy for the odd cheque every now and then.

MiserlyMartin

Surely this is not good for the BS sector? Most towns where there is a Portman presence, also have a Nationwide branch, so Nationwide will be closing those Portman branches nearby initally. Later on when everybody has forgotten about Portman, they will close the other ones. Its already happened in Milton Keynes, where there used to be two branches in the shopping centre, there is now only one. If this is £200 pre tax, this is not really worth it. Nationwide are really only buying out the competition. I am wondering about voting no. Nationwides rates have been so terrible for savers lately, I think the Portman ought to be left alone.

nearlyrich

We have no Portman branches up here in Lancashire so having one just down the road will be a bonus for us (currently Nationwide) I might get round to updating my passbook occaisionaly;)

ReportInvestor

Telegraph

:T :j Children to get windfalls after all :j :T

Investors' Association lobbies Portman in 2003 for children's windfalls in the event of BS mergers

IA lobbies FSA hearing on behalf of Lambeth BS children deprived of windfalls in 2006
See sections 4.7 and 5.5 vi of this FSA ruling.

suekjw

My two children have accounts with the Portman too so that's great news!

oldandhappy

I have a fixed Bond with Portmans that matures May 2007 so unsure as to my position with any Bonus. It is the only account I have with Portmans and on Maturity I have to move the money to another account I believe.....appreciate any comments/ideas please

ReportInvestor

No problems. Nothing to worry about for now.

Even if you do nothing, Portman will keep your money and you will keep your membership and windfall rights.

Just wait for them to write to you before May 2007 and invest in the best account they offer you that lasts beyond the expected completion of the merger in July 2007.

Presumably you are now old and even happier .

KerryGold

ED wrote:

Portman's 8% Regular Saver ISA was indeed an attractive product - well chosen, KerryGold!

Wonder if the £30 fee to transfer out, on/after its anniversary, will be become an obsolete T+C if the Nationwide merger goes ahead.

:beer: Even the DH is :j now! He complained at the 1+hr drive down to Staffs to open it! :rotfl:

Speculator wrote:

Yes, you have signed away for life.

Just for knowledges sake I'd like to know when they brought the signaway clause in?

Thanks!

oldandhappy

Thanks for info...Yes I am older than yesterday today and Mr Old is very Happy today more than yesterday even.