CarpetBagging- The best accounts to open at each Building Society

talexuser

planteria wrote: »

anyone reckon there will ever be Building Society windfalls again?

Sure, question is when.

It took 70 years to unwind the legislation separating retail from investment banking, arguably bringing on the credit crunch and some kind of repeat of the 30s. Every time a rogue trader almost bankrupts somebody they say they have now put the systems in place etc etc, only to have the same thing over again a few years later. We don't seem to learn enough from history, so when Northern Rock etc is a distant memory greed will take over from common sense and some new "paradigm" will emerge from the latest economic theory fad.

Froggitt

talexuser wrote: »

It took 70 years to unwind the legislation separating retail from investment banking

And it took less than ten years of mis-management to trash a hundred plus years of reserves at the remaining mutual societies.

Converted societies were worth getting on for a couple of grand per member. Theres maybe only one or two societies left worth more than a couple of hundred quid per member.

planteria

Froggitt wrote: »

Theres maybe only one or two societies left worth more than a couple of hundred quid per member.

an interesting point Froggitt. and, in the current climate, the distribution to the members(owners) would be avoided anyway.

Froggitt

I still have my National Counties passport, which was worth about £4,000 back in the day. And Mrs Frogs. Both now with a CANCELLED stamp across all the remaining pages!!!

planteria

i never had a 'passport' with NCBS. was it a really massive passbook? and yes, they had the highest reserves/member i recall. i don't want to accept that i'll never collect a National Counties windfall;)

Froggitt

Nahhhh - it just looked like one of the old blue British passports......all official with a gold leaf logo embossed on the front.

planteria

i'm not old enough to remember blue passports, Frogger

Froggitt

They changed them? No way!!!!

MoneyMate

Any news on Nationwide BS is this a potential money earner if old accounts held ? :beer:

planteria

unlikely, but i won't be closing my Nationwide membership:)