Minimum Amount for Carpetbagging

jonny2510

Is there a minimum amount that needs to be in an account, in order to get the shares if a building society merges?

Does the more money you have equal more shares if they do merge?

The reason I ask is both my wife, my mum and I all have Britannia ISAs with a few thousand in each (from the good old days when the Britannia ISA was the top buy, with something lie 7.75% AER!).

I've always left the accounts open* (despite the current abysmal interest rate), in case there is a merger. This time round when April comes, I want to open new ISAs and transfer most of the money from these accounts (into my new ISA), leaving enough in to ensure I do get shares if there is a merger.

Can anyone offer any advise?


*I realise there's no excuse for this, but I'm making up for it, by planning in advance what to do with the money once the new "ISA Year" starts.

bristolleedsfan

100.00 is minimum thats needed for a possible payment in the event that a Building Society merges with another BS or converts to PLC status. ( The latter is extremely unlikely IMO)

Some BS change of statuses have made higher payments to those with higher balances. ( BS mergers are paid in cash not shares)

U could open Direct Savers with 100.00 each and then move all your ISA funds out.

http://www.britannia.co.uk/c_savings/product/instant_access/iadir/prod.html


Seen this posted elsewhere.

"For those with an existing ISA maturing on 5 April 2008 the interest rate is fixed at 6.1% for a year. Add on the extra members bonus and this is acceptable."

moneysaver

Hi,
I am in the same position with Britannia, I wish to move to another ISA provider . I need to open another account with Britannia first, I was looking at the easy saver account. Any idea if this easy saver account would still qualify for the shares issue if it happened.

Thanks
Moneysaver

bristolleedsfan

moneysaver wrote: »

Hi,
I was looking at the easy saver account. Any idea if this easy saver account would still qualify for the shares issue if it happened.

Thanks
Moneysaver

Yes it would, better to open a direct saver though to minimise loss of interest over what could be many years.

jonny2510

bristolleedsfan wrote: »

Seen this posted elsewhere.

"For those with an existing ISA maturing on 5 April 2008 the interest rate is fixed at 6.1% for a year. Add on the extra members bonus and this is acceptable."

Thanks for the advice.

You don't happen to have a link for that do you?

bristolleedsfan

jonny2510 wrote: »

Thanks for the advice.

You don't happen to have a link for that do you?

http://www.britannia.co.uk/c_savings/product/instant_access/iadir/prod.html

From experience Britannias Customer Service via contact them through their website and by email etc is excellent. ( are u watching Cheshire BS. :rolleyes2 )

jonny2510

bristolleedsfan wrote: »

http://www.britannia.co.uk/c_savings/product/instant_access/iadir/prod.html

From experience Britannias Customer Service via contact them through their website and by email etc is excellent. ( are u watching Cheshire BS. :rolleyes2 )

Sorry, I meant the 6.1% ISA offer...

bristolleedsfan

jonny2510 wrote: »

Sorry, I meant the 6.1% ISA offer...

As i posted initially, I saw it posted elsewhere that Brittannia are offering a 6.1% fixed rate to those who have a fixed rate ISA expiring at the end of this tax year.


http://www.rpoints.com/bb/viewtopic.php?t=1160733


Thought people might be gutted to transfer out and then find Brittannia were offering the 6.1% deal to existing fixed rate customers.

cashprincezac

You need to apply for the 6.1% otherwise it defaults to a lower paying rate. I have applied for the 6.1% as it seems a good deal (when you include reward)

jonny2510

cashprincezac wrote: »

You need to apply for the 6.1% otherwise it defaults to a lower paying rate. I have applied for the 6.1% as it seems a good deal (when you include reward)

How did everyone find out about it?

Did it come through the post, and if so how recently?

cashprincezac

jonny2510 wrote: »

How did everyone find out about it?

Did it come through the post, and if so how recently?

Mine came in the post, the wife went into the local branch to get an application for herself as she never received anything in the post