Dormant accounts - Brown's raid

deemy2004

brm wrote:

Go read

Goodnight

Oh I get it ? - They give you 0.5% bonus for the first 6 months.... :rotfl:

edit afternoon

Hi Brm

I read the website that you referred to and its nothign to do with savings accounts as the excerpt below shows. Please feel free to transfer the discussion to the discussion forum rather than here, for I am up for nazi bashing..

DID SIX MILLION REALLY DIE?

Like Comintern delegates clapping the lies streaming from their master’s podium some pseudo ‘historians’ and journalists repeat the ‘6 million’ mantra. But in a Europe waking from its post-war slumber the gas chamber myths are exposed as bogus as the ‘democracies’ latest war’s illusory WMDs.

http://www.adelaideinstitute.org/newsletters/n233.htm

ReportInvestor

Good morning deemy & brm

I think brm may be confusing the rules on mini-cash ISAs from year to year (as many allowed as there are tax years) with the rules on different ISAs in any one tax year.

In 2004/5 you could have a mini-cash ISA, and mini-insurance ISA and a mini-shares ISA with three different providers.

Just as (a few) people were getting used to this Gordon changed the rules for 2005/6 so that there are now only mini-cash and mini-share ISAs. This actually means that there are plenty of people breaking the law in 2005/6 if they originally set up standing orders into mini-share and mini-insurance ISAs (which now count as the same) and have neglected to cancel one.

KISS, Gordon.

isasmurf

To get this back on topic, research by Experian shows that 4 out of 5 thinks this is a good idea.

ReportInvestor

The Experian survey asked if the public supported money in dormant accounts going to charity after a decade, not three years.

In my original post I mentioned that 81% of the public are against any action being taken before ten years are up.

These separate polls are not inconsistent. They both show that Gordon Brown's proposal ignores public opinion.

Also, like it or not, Money Savers are in the top 50% of the population. The average person in the UK has less than £1K in savings :eek:. So I'm not convinced that MSE should automatically heed opinion polls asking what the government should do with the nation's private savings.

ReportInvestor

Even when responsible people try to simplify their finances and close unwanted, dormant accounts, the building society tries to stop them :eek:.

Motley Fool link - Nationwide staff don't want you to miss out on a windfall in the unlikely event that they ever convert to a bank

At Nationwide if you close your account there is a lifetime windfall signaway clause if you reopen an account with them later. Most other societies make do with a five year signaway clause. If you think there's any chance of future windfalls then £100 is the magic minimum amount to guarantee that you have a vote so that demutualising directors will want to bribe you.

On a much more serious & practical MoneySaving note, I think it's a useful idea to keep an account going at Nationwide so that you are eligible for the special member loyalty reward accounts that crop up regularly . They offered 6% fixed in 2004 and 5.5% fixed in 2005. Other societies that go in for similar tasty offerings are the West Bromwich & the Cheshire.

But you won't find them at Britannia, Portman or Chelsea.