Is there any merit in keeping BS accounts?

Robert_Sterling

The original home of carpetbagging was https://www.carpetbagger.com
This its still exists.
You need to find the forum called --- mutuals --- to get the building society low down.

https://www.carpetbagger.com also answers to the name https://www.ipoints.com i think.

A spin off from https://www.carpetbagger.com is https://www.themoneybag.com
.............................................................................................

Will you make money by opening £100 accounts .... well I think I will ...

you think what you like.

But £100 in the Leeds for 3 years at 6% looks a bit like like a no lose gamble.

Regular Savers where the interest rate is 6% or more look good.
Regular Savers where you can take money out once or more per year look good
etc etc

Scarborough My Saver ... Regular Saver
Yorkshire Regular Saver 7% ... What can you lose?


THIS IS NOT FINANCIAL ADVICE.

up2mischief

It's definately worth it. I had 400 pound in the Portman and in preparation for the birth of my son I decided to shop around for better rates. The Portman had a rubbish interest rate and so I withdrew all but 25 pounds on the Thursday before they announced their merger with the Nationwide. I get no windfall payment at all despite having been with the Portman for 15 years! I couldn't believe my bad luck!

ReportInvestor

altyfc wrote: »

Let's suppose I had £10,000.

With this, I opened 100 BS accounts (ie. with different BSs) and put £100 in each.

What is my return from this likely to be in, say, 5 years time?

There are soon going to be less than 60 building societies.

I reckon that you would make a profit compared to selecting one top paying account. But you would also be in profit if you worked the hours it will take you to do this behind the bar at your local pub.

And you would get your money quicker.

susanjfp

Main site nowadays for discussions on carpetbagging is on R Points where they have a forum for it and tends to be good place to visit from time to time to keep abreast of what is going on. .

cheggers

Got in at the Scottish Building Society last year for £100, now you have to put £1K for non-locals, the account pays next to no interests, but I'm sure the Scottish will be a take over target for Dumfermline in the future.

Got most of the top 20 and a few others taken care of, just looking at some of the smaller societies to get in at £100 now with half decent interest rates.