Old building society accounts

grimwau

I would appreciate members views on whether it is still viable to keep old accounts open with just over £100 in them on the off chance that they will one day pay a bonus if they merge or get taken over. In the past I have benefitted from having had such accounts; i.e. Leeds, Northern Rock, Portman and Bradford and Bingley to name the ones I remember getting a windfall from in the past. Because of these I have kept my old Chelsea, Nationwide, Skipton and Britannia accounts open even though they just have the bare minimum in them to produce a windfall under the right conditions.

I can't in all honesty see the good old days of mergers, takeovers, becoming a bank etc. that produced these bonuses happening again so should I just close them all down and just put the money from them into one of my ISAs where it will at least be doing something useful?

However, ever hopeful I would appreciate the input of the members of the savviest forum on money matters before proceeding.

Thanks guys for any info you can supply. :beer:

bigadaj

No prospect and many of them now assign windfalls to charity, older accounts predate this clause but means that most people woudknt benefit so won't vote for it.

All the demutualisations performed pretty poorly, if not disastrously. I still have accounts with some smaller socities but just like the idea of them,as to whether they will continue to survive is open to debate. Of teh ones you list the Chelsea has already been taken over in a rescue and Britannia merged with co OP ina. Form of mutual car crash.

McKneff

I cashed all 6 of mine a few years ago and had a spending spree.
Never regretted it

grimwau

Cheers guys, basically my own thoughts but always worth getting a second and third opinion.

talexuser

The chances are so minimal, it's on a par with lottery or premium bond large prize IMHO. The only reason to keep them with minimum £ is if you have trouble with electronic identity verification and one day one of them produces a best buy savings account you want to take advantage of. But then again what are the chances of a great rate savings account in the present circumstances...?

planteria

fwiw I remain a member of most Building Societies and am retaining that membership, along with membership of other mutuals.
when & where the next windfall will appear, I don't know, but I would guess it will be from a Friendly Society rather than a Building Society.