Portman Merger - close account now?

SaveMe2

Hi, I have received my cheque for £160 today (Surname is W by the way). Should I now close my Portman account (contains £100) as I already have a Nationwide share account (£100). Or would both of these Nationwide accounts now be share accounts? i.e is there any value in keeping them both going should anything ever happen to Nationwide's mutuality or would only one count in this event? Many thanks in advance.

mk-donald

You've now got TWO share a/c's with the Nationwide BS. But you cannot be a member twice.

You can potentially gain from the membership with
- any 'loyalty' a/c's that Nationwide offer with perks for long(er) membership
- if Nationwide BS get taken over by someone (eg a BIG bank from somewhere)
- if Nationwide BS de-mutualise and give you shares.

The value of those latter incentives has only ever varied with (smallest) AMOUNT on deposit at the BS on date announcement and then at merger. Typically the incentive (ie £££) has to be a couple of hundred pounds to motivate everyone to vote yes, and only increases once you have some substantial funds (eg Portman was over £3000 odd before got more than £200).

So with your 2 x £100 a/c's just keep ONE a/c of £100 or more going to preserve your membership AND consider whether it would be better in another type of a/c to maximise return - eg the 1 Year Loyalty Fixed Rate Bond at 6.7% if you can be bothered to spend the time/effort for the sake of £1-£2/year to do the paperwork and brave their branch (most unwelcoming in Milton Keynes!)

Incidentally you should have been closing one surplus a/c from 28/8 (which I'm STILL trying to do - damn Nationwide admin screwups/slowdowns) - and how come I havent had my £160 yet, sigh.

SaveMe2

Many thanks mk-donald great reply. So little value in keeping the old Portman account money now, may as well cash it in. Interestingly would the Bond count as a share account, I thought it was only particular accounts which qualified? Nonetheless there isn't much point changing for that value vs. interest gained.
Not sure what you mean by 'you should have been closing one surplus a/c? Did I miss some post?..