CarpetBagging- The best accounts to open at each Building Society

bristolleedsfan

mr-mad wrote: »

I have an account at The Nottingham Building Society, that I have had for about about 25years, I was thinking of withdrawing the cash and closing the account.

Is it worth keeping open in case of windfall.

If so how much should I keep in it?

Yes def worth keeping 100.00 in Nottingham BS Account IMO, if u are getting a poor interest rate transfer 100.00 into the reg saver account before closing your existing account and then pay 10.00 a month into it. ( you can always make a withdrawal a year to keep the balance down to 100.00)

mr-mad_2

bristolleedsfan wrote: »

Yes def worth keeping 100.00 in Nottingham BS Account IMO, if u are getting a poor interest rate transfer 100.00 into the reg saver account before closing your existing account and then pay 10.00 a month into it. ( you can always make a withdrawal a year to keep the balance down to 100.00)

I have taken out the Bradford & Bingle 6.4 Internet account.

If I keep over £100 in The Notts, will I still be OK for any winfall if they merge or whatever?

Also I have some Halifax Shares.
I have had serious service problems with the Halifax recently,
and am thinking of closing all accounts and moving savings to Brad&Bing.

Is there likely to be any gains on keeping accounts with the Halifax?

Old_Slaphead

The Nottingham - yes you would qualify (provided there was no recent break in membership).

Best instant access account, interest wise, for leaving £100 in is Nottm Forest Saver currently paying 3.5%.

The Nottm is a pretty sleepy BS unlikely,IMHO, to be the first wave (if it happens) of any BS consolidation.

bristolleedsfan

Reason i suggested transferring 100.00 into Nottingham Reg saver and then paying 10.00 a month into it, making a withdrawal a year if u wish is because over a 10 year period ( many of my accounts have been open 10-12 years) the Reg Saver will pay 25.00 more interest than Nottingham Forest instant access account ,assuming that current rate differentials are maintained.

While 25.00 over 10 years might not sound like much on 10 accounts thats 250.00. :eek:

mr-mad_2

mr-mad wrote: »

Also I have some Halifax Shares.
I have had serious service problems with the Halifax recently,
and am thinking of closing all accounts and moving savings to Brad&Bing.

Is there likely to be any gains on keeping accounts with the Halifax?

Thanks for that.

Any opinnions on any future Halifax windfalls?

bristolleedsfan

mr-mad wrote: »

Any opinnions on any future Halifax windfalls?

Only if u are a time traveller and can go back in time. :rotfl: :rotfl: :rotfl:

Halifax is a division of Bank of Scotland plc.

welshtony

So, anyone brave enough to put some odds on who'll be next to merge, and reasons why?

The Portman one (pleasantly) surprised me, although I did benefit from it. I'm kicking myself for not keeping my Lambeth account going, I could have double dipped!

Old_Slaphead

bristolleedsfan wrote: »

Reason i suggested transferring 100.00 into Nottingham Reg saver and then paying 10.00 a month into it, making a withdrawal a year if u wish is because over a 10 year period ( many of my accounts have been open 10-12 years) the Reg Saver will pay 25.00 more interest than Nottingham Forest instant access account ,assuming that current rate differentials are maintained.

While 25.00 over 10 years might not sound like much on 10 accounts thats 250.00. :eek:

I agree in principal but sometimes depositing £10pm RSs and drawing the money out each year really aren't worth the effort especially if there's a reasonable paying £100 instant access alternative. Also in your 'saving' have you taken account of the 2 - 4 days interest lost with each transaction (possibly more when/if making an annual cheque withdrawal), the general faffing about of making a £10 monthly contribution and not to mention the talk in banking circles of introduction of current account charging which may/may not include transaction charges (?????).

bristolleedsfan

Old_Slaphead wrote: »

I agree in principal but sometimes depositing £10pm RSs and drawing the money out each year really aren't worth the effort especially if there's a reasonable paying £100 instant access alternative. Also in your 'saving' have you taken account of the 2 - 4 days interest lost with each transaction (possibly more when/if making an annual cheque withdrawal), the general faffing about of making a £10 monthly contribution and not to mention the talk in banking circles of introduction of current account charging which may/may not include transaction charges (?????).

:rotfl: I take account of loss of interest over a period of what can be 10, 20 or a lifetime of years.

Paying 10.00 a month by standing order is no "faffing about"

Now me and u may well have to agree to disagree, i believe and i hope that most posters agree that when u post advice or information on a savings forum you should post advice of the highest paying accounts when the amounts of money involved are the same or similar.

Of course all i did was post advice of the highest paying solution for 100.00ish, the poster concerned was at liberty to choose his/her own solution. ( after all he/she already has a Nottingham Savings Account so may well decide to leave 100.00 in that same account)

I wouldnt wasnt to advise someone to open a savings account where in real terms their savings will be devalued by R.P.I and lower than Base Rate when their are higher alternatives available for the same/similar amount of money.

I wouldnt advise anybody to take a speculative gamble on a Building Society merging ( that may well never happen) by investing in an account paying nearly half the interest that can be received elsewhere. ( I may do it, you may do it, i wouldnt advise others to make such potential losses)

mr-mad_2

Take it easy guys.

All posting are of use,

I will leave some money in the Notts, hoping they will be taken over,

Hopefully not by the Halifax (took 4 months to return some deeds?)

And the Notts (wrote to me at my new address, to tell me they did not know my new address?).

Lets get some money out of these Jokers!