CarpetBagging- The best accounts to open at each Building Society

DemiDee

Wow, very interesting news quinlanmd! I don't have a Catholic account but I do have Cheslsea in the portfolio, and it's one of the richest building societies per member. Also, some years ago, they increased their minimum opening balance to £5000 which made me think something might happen. However, looking at your post, it seems to indicate that Chelsea members will get nought!

quinlanmd

These type of mergers are the most likely during these volatile financial times, and I think its the norm that the larger society distributes monies (in additional interest or cash payouts) to the smaller. Here's the thread with the news in case you missed it:

http://forums.moneysavingexpert.com/showthread.html?t=961879

Milarky

http://www.thechelsea.co.uk/media/media_press_release_20080607.html

There's no mention of any bonus for Chelsea members above, I'm afraid - The Catholic is 1/286th the size of Chelsea - its members get asked and a customary 'sweetener' is offered. However Chelsea members don't need to be asked - since Chelsea is >5 times larger - and won't be getting anything - except possibly a 'new' account to celebrate any merger?

baby_boomer

Chelsea bring out a new account?!

That'd be something different :rotfl:

kanchhelskis

lol they bring out a new one evry month, then they drop the rate on the old account, they think we are stupid.

daviduk_2

Been gradually building up my carpetbagging accounts and just been looking at the www.carpetbagging.co.uk site and on one of the link pages shows an old article quoting 8 to go. And Catholic was one of them so might be worth bagging the others as another article on the site mentions the FSA are currently looking to force some of the weaker societies to merge.

quinlanmd

If the assumption is that more building societies will be forced to merge due to prevailing circumstances, at least 2 or 3 on that list of (now) 7 from 2006 still look vulnerable and are solid holdings for "carpetbaggers".

However, the reality is that the majority of the smaller building societies are in a financial position where, should they choose to, they can remain independent into the medium term. I wouldn't be surpised if there weren't any further building society mergers during 2008/9 (not that this should or will put off "carpetbaggers").

baby_boomer

Baggers tend to be stubborn & obstinate with plenty of patience and staying power.

Whether this means they will gain or lose money is very much open to question .

MiserlyMartin

quinlanmd wrote: »

However, the reality is that the majority of the smaller building societies are in a financial position where, should they choose to, they can remain independent into the medium term. I wouldn't be surpised if there weren't any further building society mergers during 2008/9 (not that this should or will put off "carpetbaggers").

Good now give it a rest. In these troubled times we may be using Building Societies as safe havens and a lot of you want rid of them for a few hundred quid if you are lucky?! Shame on you all.

bristolleedsfan

MiserlyMartin wrote: »

Good now give it a rest. In these troubled times we may be using Building Societies as safe havens and a lot of you want rid of them for a few hundred quid if you are lucky?! Shame on you all.

All 58 of them, :rolleyes2 sounds a bit dodgy to me :rolleyes2