Valid accounts for windfall eligibility

Mojo71

Hi,

I was wondering if all savings accounts are treated the same for any potential building society takeover/conversion windfall.

I've got £100 in Portman BS, so will benefit when that becomes Nationwide.

I've also left £100 in an old Nationwide "Cashbuilder" account for many years, paying a poor rate of interest.

However, I do bank with Nationwide, and have an e-Savings account with a much bigger balance in.

Does the e-Savings account (or indeed other types of savings accounts such as a Monthly Saver or ISA) count towards eligibility if Nationwide ever went PLC?

I really want to get rid of that "Cashbuilder" dinosaur passbook, and put the £100 in with the rest of my savings.

MrChips

You should be fine to transfer it into e-savings - it won't affect your eligibility for a windfall. The only difference is the money might be donated to charity on your behalf.

LittleVoice

MrChips wrote: »

You should be fine to transfer it into e-savings - it won't affect your eligibility for a windfall. The only difference is the money might be donated to charity on your behalf.

If the "many years" is long enough, if Mojo71 can demonstrate an unbroken Membership with the minimum of £100 in an account throughout then the charity assignment shouldn't come into it.

Mojo71

Thanks for the replies. Yes, I've been a continual saver/member with them since before they forced new members to sign away windfall rights to charity. But just wanted to check that it is member status that counts, and that their present savings accounts are all valid "share" accounts.

Mojo71

Just a thought.... have any of the proposed charities ever been nominated? I can just picture the uproar and lawsuits from the charities themselves if that move was thrown out of the window. :rotfl: