Worth keeping ~£10 in old building society acc?

flutterbyuk25

Hi all

I have just under £10 in an old young savers account with the Principality Buikding Society.

It's not doing anything there, earns bout 4p a year in interest!

I was going to cash it in but my Dad reckons i should keep it because if they were ever to become a bank then I might get shares? Does anyone think this is right? If it is I wouldn't get hardly any shares so is it worth keeping it there or shall I just close account as pay it off CC instead?

I know it's only £10 but every penny helps!

Thanks in advance

x

bristolleedsfan

flutterbyuk25 wrote: »

Hi all

I have just under £10 in an old young savers account with the Principality Buikding Society.

It's not doing anything there, earns bout 4p a year in interest!

I was going to cash it in but my Dad reckons i should keep it because if they were ever to become a bank then I might get shares? Does anyone think this is right? If it is I wouldn't get hardly any shares so is it worth keeping it there or shall I just close account as pay it off CC instead?

I know it's only £10 but every penny helps!

Thanks in advance [quote=flutterbyuk25;8877181




100.00+ is required for any BS change of status payments.

Chance of Principality converting into a Bank is less than zero IMO.

Doubt if any BS will buy Principality BS in either my life time or yours.

flutterbyuk25

thanks!

That's more or less what I thought, I'll close it this week

x

bristolleedsfan

flutterbyuk25 wrote: »

thanks!

That's more or less what I thought, I'll close it this week

x

If u not flush with cash but fancy a 100.00 punt that u can stick away and leave, Monmouth BS would be a better 100.00 punt than Principality BS IMO

Monmouth Christmas Saver can be opened with ideally 100.00 with only 1.00 a month requirement thereafter to get a very good rate.

http://www.monbs.com/content.php?nID=329

Alternatively put all 59 Building society names in a hat and pick 1.

barak

flutterbyuk25 wrote: »

.....That's more or less what I thought, I'll close it this week

I wouldn't!

I would open an e-Saver account (currently paying 6.30% Gross) with £100 BEFORE closing the old account. This will preserve your membership rights. You never know what may happen in the future, and you'll kick yourself if you miss out on any windfall.

flutterbyuk25

arghh now I'm undecided! But thanks for those suggestions.

Don't have a spare £100 at moment and won't really til this time next year.

I shall mull it over before I decide.

Thanks again

x

Purple_Peril

If you're not desperate for the £10 and know that you will have £100 this time next year you could always leave it as it is at the moment, then open the new account when you do have the money - assuming it's still available.

To be honest, wherever you save £10 you're not going to make much on it over the course of a year.

bristolleedsfan

Purple_Peril wrote: »

If you're not desperate for the £10 and know that you will have £100 this time next year you could always leave it as it is at the moment, then open the new account when you do have the money - assuming it's still available.

To be honest, wherever you save £10 you're not going to make much on it over the course of a year.

The E-Saver can be opened with 1.00, some other posters that post straight back saying stick 100.00 in, dont appear to be aware that not everybody has 100.00.

Purple_Peril

bristolleedsfan wrote: »

The E-Saver can be opened with 1.00, some other posters that post straight back saying stick 100.00 in, dont appear to be aware that not everybody has 100.00.

I wasn't aware of that - in that case maybe the OP should open the E-Saver with £1.00, then transfer in the £10 (or £9 if really short of money), then add to it as-and-when. Could well end up with £100 before this time next year.

I'd better check out what better accounts my local BS offers!

barak

bristolleedsfan wrote: »

The E-Saver can be opened with 1.00, some other posters that post straight back saying stick 100.00 in, don't appear to be aware that not everybody has 100.00.

Quite right - the reason I mentioned £100 is that it at least used to be true that you needed to keep a balance of £100 to maintain your membership rights and benefit from any windfall.

bristolleedsfan

barak wrote: »

Quite right - the reason I mentioned £100 is that it at least used to be true that you needed to keep a balance of £100 to maintain your membership rights and benefit from any windfall.

Whilst 100.00 is needed for voting and windfall payments some people basically dont have 100.00 and the O/P was asking for advice about the sum of 10.00.

Perhaps in these circumstances O/P should withdraw 9.00 to pay her credit card and keep 1.00 in the account so that at a later date he/she can top it up to 100.00. ( not that i believe that Principality BS should be first on O/P list for hopes of a Building Society merger)