Building Society Windfalls

Old_Slaphead

planteria wrote: »

why those two?

I keep Nw and Cov (and Newcastle) because there are times when they 'reward' existing members. Other than with these I've closed all my BS accounts - having made a few bob from demuts

planteria

ok... i have hung on to membership of the majority of building societies. the opportunity cost is minimal.
there will be further consolidation over time & times do change.

planteria

Old_Slaphead wrote: »

I keep Nw and Cov (and Newcastle) because there are times when they 'reward' existing members. Other than with these I've closed all my BS accounts - having made a few bob from demuts

received a letter this week, rewarding my loyality to Nationwide with a reduction in the rate paid on the Loyalty Saver:whistle:

MoneyMate

joerugby wrote: »

We've kept those two as well, just in case

I have old Nationwide account, keeping open just in case

EarthBoy

planteria wrote: »

there will be further consolidation over time & times do change.

Further consolidation is almost inevitable, but the most recent mergers/consolidations haven't produced any windfalls. I see no realistic prospect of windfalls in the foreseeable future, no matter how many consolidations take place.

evenasus

planteria wrote: »

received a letter this week, rewarding my loyality to Nationwide with a reduction in the rate paid on the Loyalty Saver:whistle:

Me too.

planteria

EarthBoy wrote: »

Further consolidation is almost inevitable, but the most recent mergers/consolidations haven't produced any windfalls. I see no realistic prospect of windfalls in the foreseeable future, no matter how many consolidations take place.

agreed, and perhaps you are right. i guess it all depends on what someone's timeline is. on one hand, £4500 (45 BSs? £100/society?..if someone had a small account with all of the societies) would generate £108 in a S123 account, after tax...which would be 'a free account' every year....on the other, a couple of windfalls in a decade could be more lucrative, and once you are in, it seems a shame to leave:think:

Thrugelmir

EarthBoy wrote: »

Further consolidation is almost inevitable, but the most recent mergers/consolidations haven't produced any windfalls.

Why not expansion of the mutual model? Mortgage lending isn't particularly profitable. Better margins on business lending for the banks. An approach Santander have been focussing on for a while.

planteria

i didn't know that they had been Thrug.. off on a tangent i know, but we have found them miles off the pace.

Thrugelmir

planteria wrote: »

i didn't know that they had been Thrug.. off on a tangent i know, but we have found them miles off the pace.

Nationwide alone accounts for 15% of all new mortgage advances.

Pretty much the level Northern Rock was hitting prior to its collapse (18%).