is there any chance of Building Society windfalls ever again?

Enigmaman

I expect this question has been asked before, but I have been keeping two BS accounts open in the sole hope of obtaining a windfall.

I have done very well out of various institutions' demutualisations and takeovers in the past, but is there any chance of either the Leeds or the Nationwide ever going that way, and even if they did, as the rules stand is there any chance of getting something out of them?

ColdIron

About zero I would say

18cc

Exactly zero I would say!

PeacefulWaters

How successful were the building societies that became banks?

Northern Rock
HBOS
Alliance & Leicester
Bradford and Bingley

Ah, they all went bust. I wouldn't expect it to ever happen again.

Linton

Very sad - a brilliant well-proven concept largely destroyed by political dogma and greedy management.

Voyager2002

Linton wrote: »

Very sad - a brilliant well-proven concept largely destroyed by political dogma and greedy management.

Not to mention greedy account-holders...

IanSt

Maybe there may be a chance in 30+ years when people start saying 'this time it's different'. :rotfl:

But at the moment I'd say it's as close to zero as to make no difference.

Glen_Clark

Short answer is No.
I profited from most of the demutualisations but years ago closed the accounts I had only in case of demutualisation.
I can't explain why without being accused of getting involved in politics.

gardner1

Voyager2002 wrote: »

Not to mention greedy account-holders...

But when we greedy account holders were offered £1500 plus.......what would you do
In the plain light of day what was offered would take a very long time to make in interest so in my case it was a no brainer....take the cash or shares and move on to the next one.
I just wish at the time i had more money to open more accounts as i missed a few which had high account balance limits but got most of the juicy windfalls

In answer to the OPs question........not for a very long time,i only hold Nationwide,Leeds,Coventry,Yorkshire and West Bromwich with £100 in each and will end up just keeping 2 or 3
Back in the carpetbagging days i had most except the hard ones to get.....Swansea and the Cumberland

Enigmaman

There is just the nagging doubt...but part of me just wants to streamline my finances and having these accounts feels like excess baggage. I'll probably close the Leeds but keep the Nationwide. After all Leeds & Holbeck > Leeds brought me £0.00.

I don't want to get into the politics either but as someone said above, who would not want to make such easy money? I had three foreign holidays out of the proceeds of the A&L. Without that I would never have traveled anywhere much in my life.

jimjames

18cc wrote: »

Exactly zero I would say!

Most recent was Kent Reliance. They pretended it would benefit account holders but essentially they gave the building society to venture capitalists (JC Flowers)