CarpetBagging- The best accounts to open at each Building Society

wannabemoneysaver

So, is it worth opening an account now with the Derbyshire , if theyre in "advanced talks with the Nationwide? Would it be too late? How much would you have to put in the account ??

Speculator

I guess an announcement will be made on Monday morning.

sss555s

wannabemoneysaver wrote: »

So, is it worth opening an account now with the Derbyshire , if theyre in "advanced talks with the Nationwide? Would it be too late? How much would you have to put in the account ??

I've done a bit of digging and it looks like £100.

I'm not sure of the Derbyshire conditions on opening a new account.

freddykrueger

Hmmmm......I opened an account at the Cheshire just over a month ago. It was just a bog standard savings account with £100 - in event of a merger does the clause still come into play as I thought that applied in event of a takeover or conversion?

Any ideas folks?

wannabemoneysaver

Well , I've just put £100 in the Derbyshire - seems like a no-lose situation to me... I've probably opened the wrong type of account or missed the deadline or something, but worst case , my £100 should be safe..

You can do the I-Saver on line if anyone's interested..

noh

freddykrueger wrote: »

Hmmmm......I opened an account at the Cheshire just over a month ago. It was just a bog standard savings account with £100 - in event of a merger does the clause still come into play as I thought that applied in event of a takeover or conversion?

Any ideas folks?

If you opened your account after 1st Feb 2000 and have not been a member for 5 years since any potential windfall goes to Charity
http://www.thecheshire.co.uk/legal/inv-t-and-c.pdf section 6.8

Nigel

noh

wannabemoneysaver wrote: »

Well , I've just put £100 in the Derbyshire - seems like a no-lose situation to me... I've probably opened the wrong type of account or missed the deadline or something, but worst case , my £100 should be safe..

You can do the I-Saver on line if anyone's interested..

Similar situation with the Derbyshire any potential windfall goes to charity unless you have been a member for more than 5 years
http://www.thederbyshire.co.uk/uploadedFiles/Savings/LF002.pdf page 15

Nigel

freddykrueger

noh wrote: »

If you opened your account after 1st Feb 2000 and have not been a member for 5 years since any potential windfall goes to Charity
http://www.thecheshire.co.uk/legal/inv-t-and-c.pdf section 6.8

Nigel

I am happy to be corrected but only believe that this clause applies in the event of de-mutualisation or takeover but not merger?

ed123_2

...it mentions.."conversion annoucement" and ...."transfer of business to successor"....so it could exclude a merger aka the Portman where the 5 year rule did'nt apply.....but I not sure....<:-)..

bristolleedsfan

freddykrueger wrote: »

Hmmmm......I opened an account at the Cheshire just over a month ago. It was just a bog standard savings account with £100 - in event of a merger does the clause still come into play as I thought that applied in event of a takeover or conversion?

Any ideas folks?

Clause has never been used in the instance of two Building Societies mergers, IMO and many others its unlikely to ever be used in such instances because when a board of Directors announce a merger deal on its terms it wants to carry the vast makority of the membership with it.