Opportunity to Carpet Bag?????

huwy123

I notice there is an article on the bbc news website predicting building society mergers?

http://news.bbc.co.uk/1/hi/programmes/moneybox/6206211.stm

I'd be interest if people think it would be worth chucking a few quid into accounts on the offchance the society will merge? If so who do you think are likely candidates?

-H

nearlyrich

Like Al Mac I think it's too late, most of the BS accounts I have had at least a 5 year signaway for new members. I have a few accounts with £100 plus 6 or 7 years interest in just in case and the only one that's coming good so far is the Portland.

Afahmaep

huwy123 wrote:

I notice there is an article on the bbc news website predicting building society mergers?

http://news.bbc.co.uk/1/hi/programmes/moneybox/6206211.stm

I'd be interest if people think it would be worth chucking a few quid into accounts on the offchance the society will merge? If so who do you think are likely candidates?

-H

I've been doing this for the last year and have reached 22 out of the remaining 62.
Forget the 5 year signaway clauses , if a Building Society is taken over then all qualifying accounts will receive a windfall.
My advice go to the Building Society Association home page http://www.bsa.org.uk/index.htm and work through the list from biggest to smallest and try to obtain qualifying accounts (I would suggest a minimum £100 in each) with as many as possible, as soon as possible. Remember some need original documents whereas some will verify you electronically. Some BSs insist on minimum £1000 opening balances and some exclude 'non-locals'. Most allow you to operate by post as well.
Also get your family involved. If you have got children and spare cash (I know they don't go together) then open children's accounts as well. A particularly good example is the Scarborough BS (number 18) where you can open a 6.25% Regular Saver for adults and 6.00% Regular Saver for children. Even if the BS is not taken over your money is doing better than in a Bank Account, as you are saving more efficiently.
The Skipton BS (number 7) are launching a Christmas Saver in January and they have been talked about as a possible takeover target as have the Chelsea BS (number 6) during the last year.
Link to Lambeth,Portman,Nationwide takeovers with windfall figures
http://www.moneyweek.com/file/18961/how-to-win-at-the-windfalls-game.html

annie42

Are you a member of the Co-op? They may be taken over at some point I guess. You enrol and then have to spend £25 to become a fully paid up member.

plumb1_2

nearlyrich wrote:

Like Al Mac I think it's too late, most of the BS accounts I have had at least a 5 year signaway for new members. I have a few accounts with £100 plus 6 or 7 years interest in just in case and the only one that's coming good so far is the Portland.

The signaway will not come into effect with Mergers, plus it has never been tested, as no BS has yet demutalised since they imposed the clause.

Windfalls so far in 2007, Universal Bs £400, and Portman Bs £320(yet to vote).And i expect another 4 this year.
So not to late to start bagging.

There is a lot of info on rpoints about this, as it used to be called carpetbagger.com, i dont think i am alowed to post a link, but if you want a link Pm me, happy bagging

ellchester

Any idea of any specific ones without the clause?

Kazza242

ellchester wrote:

Any idea of any specific ones without the clause?

Kent Reliance Building Society removed their signaway clause recently. Therefore, to qualify for a windfall, should they demutialise, you'll need to open a qualifying account and maintain a balance of at least £100.

Of course, you would also qualify for a windfall if they were to merge with another building society.

Robert_Sterling

For further info visit carpetbagger.com in the forum section

RayWolfe

Kazza242 wrote:

Kent Reliance Building Society removed their signaway clause recently.

But strangely only for new customers. Existing customers have to run the five years.

the_commander

Can someone clarify what a qualifying account is? How do I know if I have one? For example is any savings account with a building society a qualifying account?

I also have a current account with the nationwide but I had to sign the charity clause.

RayWolfe

Most often the account T&Cs will say if it's a SHARE account or mention the word membership. If it is and you started it before the charity clause was introduced or if the qualifying period has expired, then you are a member. If none of that helps you can always ask. The NW current account does confer membership, subject to the charity clause.