Portman Merger

prendergast

Can anyone tell me how to get the best windfall. I understand that only the smallest account will qualify. But there are two qualifying dates. The amount in your accounts on 11th Sept is one. The other to be announced later. If only the smallest account qualifies does that mean you can close or add to those accounts to get the best return?

ReportInvestor

The combined total of all your Portman accounts is what will qualify you for a your bonus, not your "smallest account". This, of course, depends on you being the "first named" on all those accounts.

£100 minimum is the basic amount you need to keep continuously with the Portman to qualify for the minimum £200 windfall.

You are right to say that September 11th is the start date for windfall calculations. Nationwide/Portman have not yet set the final qualifying date but it windfalls are due to be paid in October 2007, provided Portman members vote in favour in March/April 2007 and the FSA approves the merger. After you get your cheque, you can be pretty sure you're in the clear .

Your confusion probably arises from the fact that your windfall will be calculated on the lowest balance of your combined accounts between the two qualifying dates.

My best guess that you are likely to need above £5K in your combined accounts to start getting much more than the mininum £200 windfall.

If you have more than that, it should not matter which account it is in, as long as it remains with the Portman. So, YES you can transfer to the best rates that the Portman subsequently offers. But keep a written record of your transactions as a precaution. [I doubt that Portman will be offering too many "best buy" rates before October 2007, since they know they have a "captive audience" .] Maybe best, therefore, to go for a fixed rate or a tracker if one is available.

If you hold a mortgage and a savings account, you qualify for two windfalls - but the mortgage windfall is likely to be a flat rate basic £200, regardless of the size of your loan.