CarpetBagging- The best accounts to open at each Building Society

Old_Slaphead

bristolleedsfan wrote: »

: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)

Again, I wasn't disagreeing that the RS account offered a higher rate - merely pointing out that as an alternative, the benefits of the NF Saver were. over 10 years, 1 transaction as opposed to approx 130, and instant access to 100% of funds at all times (RS offers max 2 withdrawals pa).
The downside, as you point out, is that the RS offers, by my calculation, the princely sum of £1.80pa extra interest (net of 20% tax)

bristolleedsfan

Old_Slaphead wrote: »

by my calculation, the princely sum of £1.40pa extra interest (net of 20% tax)

By my calculations differential on 100.00 is actually a 2.00 a year net ( 20.00 over 10 years, 200.00 over 10 years if 10 accounts were operated the same way, holding a number of accounts for possibly a number of years is the general thrust of the "carpetbagging " theme.

I initially had a forest account, i changed to a regular saver account for the reasons ive put forward.

Other advantage of Regular Savers is that unexpected small lump sums get built up, like another poster mentioned, one withdrawal a year from several regular savers can be timed to go straight into an ISA. [URL="javascript:emoticon(':clap')"][/URL]

steady__eddie

Food for thought ?

http://uk.biz.yahoo.com/29022008/399/long-cold-wait-wings-windfall.html

bristolleedsfan

steady__eddie wrote: »

Food for thought ?

http://uk.biz.yahoo.com/29022008/399/long-cold-wait-wings-windfall.html

This is why I would always advise people to stick 100.00 in the best paying account possible.

As ive mentioned in earlier posts people have to consider interest lost potentially over a number of years, even lifelong. ( not just per year)

Trouble with people posting "whos going to be next posts" is that its leading the wider audience to believe that Building Society mergers happen every few months, which they dont.

Afahmaep

bristolleedsfan wrote: »

This is why I would always advise people to stick 100.00 in the best paying account possible.

A case in point. My holding with Derbyshire BS is currently £100 in Fixed Rate Bond 156 (5.90%) until 31/12/08 issued only 2 months ago.
I will apply for Fixed Rate Bond 159 with £100 (6.51%) until 28/02/09 (issued yesterday) even though the bonds overlap just to get the best rate (at minimum investment cost).
If a higher paying Bond comes out I will get that also providing it is at minimum investment of £100.

Fella

bristolleedsfan wrote: »

Trouble with people posting "whos going to be next posts" is that its leading the wider audience to believe that Building Society mergers happen every few months, which they dont.

I guess it depends on your definition of "ongoing thing" but personally I defintely think they are!

http://www.bsa.org.uk/docs/consumerpdfs/mergerschronological.pdf

regards
Fella

bristolleedsfan

Fella wrote: »

I guess it depends on your definition of "ongoing thing" but personally I defintely think they are!

http://www.bsa.org.uk/docs/consumerpdfs/mergerschronological.pdf

regards
Fella

Average of 6 in last 7 years, of which Gainsborough was a low paying rescue payout.

Ilfreston how much did that pay out. ?

Mercantile was that 50 or 100.00 min payout. ?

Clay Cross was that 50 or 100.00 min payout ?

Out of the "whos going to be next game" How many of the 6 in last 7 years would have been guessed ?

MattyNeth

I've always thought that the next wave of consolidation would be regional mergers for BS. We had Newcastle buying the Universal BS. I could certainly see some of the smaller players grouping together i.e. Yorkshire and Leeds. Mansfield and Nottingham, Manchester and Cheshire just some examples.

I think Britannia and Yorkshire have talked about merging before...

bristolleedsfan

MattyNeth wrote: »

I've always thought that the next wave of consolidation would be regional mergers for BS. We had Newcastle buying the Universal BS. I could certainly see some of the smaller players grouping together i.e. Yorkshire and Leeds. Mansfield and Nottingham, Manchester and Cheshire just some examples.

I think Britannia and Yorkshire have talked about merging before...

Yip we all think the same way, in addition their are a load of Building Societies in Leicestershire as well that should really be merging , reason Building Societies are in no rush to merge is as they are their are two Chief Executive Posts, a merger reduces this number by one.

If you were a Chief Executive of a Building Society below retirement age would you make a proposal that would see yourself surplus to requirements, unless of course the proposal involved the Chief Executive of another Building Society retiring and u being parachuted into the soon to become available Chief Executive position of the proposed enlarged Building Society as part of the .

Brittania/Yorkshire rumour was actually that when the now retired COE of Coventry BS was due to retire, Yorkshire would buy Coventry and then at some point after that Yorkshire and Brittannia would merge so as to create some kind of No 2 Building Society force behind Nationwide. ( it didnt happen, Coventry BS now have a youthfull COE. )

BTW: Reports said that Portman were 24 hours from merging with Yorkshire BS. ( Before Nationwides offer for Portman )
Reports said that Portman and Yorkshire BS merely couldnt agree on a product range.


Its always the same names, geographical locations, reasonings that roll of people tongues year on year. Poster Shilling sums it up 100% here

http://www.themoneybag.com/vb/showthread.php?t=39436

"Which building societies could it NOT include"

Old_Slaphead

bristolleedsfan wrote: »

Average of 6 in last 7 years, of which Gainsborough was a low paying rescue payout.

Ilfreston how much did that pay out. ?

Mercantile was that 50 or 100.00 min payout. ?

Clay Cross was that 50 or 100.00 min payout ?

Out of the "whos going to be next game" How many of the 6 in last 7 years would have been guessed ?

Gainsborough = £0

Ilkeston & Clay Cross each = £50 gross

Merc (didn't have that one) = £100