Close Derbyshire Reg Saver or not?

anticlaus105

I have 2 Derbyshire reg saver accounts. I wish to withdraw money and am considering closing them.

Is it worth keeping them open with a bit in and paying in the min amount each month.

I don't know much about this carpet bagging (if they convert to a bank I get paid?) thing but is this where it may come in useful.

Would this still work if I closed one and kept the other open.

Cheers
Andy

Milarky

Yes, you can close one account if you wish. The important thing is to maintain at least £100 with them at all times...

You could just open an online account with £100 - the 'isaver' which pays an OK rate of interest to keep up your membership - and THEN close your other account and forget about the regular payments. Make sure doing this doesn't incur any penalties (eg loss of bonus rate if there is one?)

Generally you need five years membership with a building society before you may qualify for potential 'windfall' payments from conversion. But some building societies will say 'in perpetuity' (eg Nationwide)

Remember that you may still benefit from a merger with another building society - and unlike 'conversion' a merger does not exclude for any period. Mergers now seem far more likely than conversions so smaller 'windfalls' are a real possibility as building societies may get together. Can't rule out a bank offering to buy one - in which case length of membership does matter but it is unusual and (nowadays) as unlikely

anticlaus105

Cheers for that.


I have been with them since May 05 (time really flies). When the account rate reduced I dropped to the min pay in each month.


Would the amount I had with them affect any potential future payment? Does 'in perpetuity' not mean forever? How does that work.


Cheers again.


Edit: My balance has dropped below £100 at one point. What would this mean?