Stay or move from the Bradford+Bingley?

campins

Should I Stay or move from the Bradford+Bingley?

aleph_0

campins wrote: »

Should I Stay or move from the Bradford+Bingley?

If you are thinking of moving away from B&B because of risk, you should stay (even if they crash and burn, they are too big for the government to let die, just like NR).

If you can get a better rate elsewhere, stick your savings there.

Next question...

LongTermLurker

campins wrote: »

Should I Stay or move from the Bradford+Bingley?

"There is not enough information to answer that question" :rolleyes:

Do you have savings over £35k with them?
Do you have savings elsewhere?
Could you live without access to your B&B savings for 6 months?
Are you a lemming?

(sorry, the last one wasn't intended as an insult )

The aswer, of course, is it all depends on what portion of your savings are with B&B and whether a 6 month wait for FSCS to kick in would affect you; also whether you can be bothered queuing for the FSCS payout, if, indeed, it becomes necessary.

Oblivion

aleph_0 wrote: »

If you can get a better rate elsewhere, stick your savings there.

Next question...

And of course, the key point is that you can get a better rate elsewhere. If B&B have any sense, they will ditch and reverse their cynical rate reduction policy ASAP to keep existing savers loyal.

Dave.

TighterThanTwoCoatsOfPain

depends... the NR debarcle could quite possibly have been avoided if everyne didnt panic and whip out their money.... though as said above, if you can beat the rate then move it, else wouldnt bother.

MiserlyMartin

Remember this?


Here is a little bit from the voting AGM leaflet 1999:

"If we were forced to convert and become a bank there would have to be changes to the way we run Bradford & Bingley.... For over 150 years we have been building the Society's financial reserves. They are now worth around £350 per member.....We really believe our members will be better off if we stay a building society. Please don't vote for conversion".

Shame the greedy carpetbaggers won. Now look at the mess. I'd take your money out pronto if I were you.

Hungerdunger

MiserlyMartin wrote: »

Shame the greedy carpetbaggers won. Now look at the mess. I'd take your money out pronto if I were you.

I completely agree with your sentiments.

Unfortunately carpetbaggers are still alive and well and several of them regularly visit these forums.

oldagetraveller

I voted stay but only because I have a fixed rate term product deposited with them, only three months to go though and that sum will be moved elsewhere but only for a better rate or if B&B have nothing tempting.
It's not just the carpetbaggers though, I'm sure lots of members voted for the conversion because of the 250 shares "bribe" without thinking of the consequences.

bristolleedsfan

A significant number of people who visit these forums put their money in PLCs due to PLCS often being at the top of various savings best buy tables.

Seems to have slipped some peoples minds that a number of Building Societies have ( and will be) making losses in areas of their business, one difference being their is no share price to stare at and no City accountability.


http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=434332&in_page_id=7 Yorkshire BS

http://www.citywire.co.uk/adviser/-/news/property-and-mortgages/content.aspx?ID=300975 Brittannia BS

http://uk.reuters.com/article/UK_SMALLCAPSRPT/idUKL1849335420080118
Derbyshire BS


Some people dont seem to be aware that Building Societies have run into trouble in years gone by as well.

Wasnt the carpetbaggers that made the decision that Bradford and Bingley would get so involved in buy to let and the associated problems caused by a housing market downturn.

I suggest that if people want someone to blame then they blame Mr Brown after all from listening to conversations in shops he seems to be getting blamed for everything including the weather. :rotfl:

When more businesses go bust, repossessions soar, unemployment rises whos going to get the blame,,,, Carpetbaggers. :rolleyes:. When some Building Societies make losses due to irresponsible lending ( same as the PLCS) whose fault will that be.

isofa

bristolleedsfan wrote: »

<snip>When more businesses go bust, repossessions soar, unemployment rises whos going to get the blame,,,, Carpetbaggers. :rolleyes:. When some Building Societies make losses due to irresponsible lending ( same as the PLCS) whose fault will that be.

A great post. Agree completely.

B+B are going through problems, because of borrowing on the money markets, and due to that crazy phrase reporters love to churn out, "the credit crunch"

The one thing that will sure make it 50% worse is thousands of people taking their money out, and then shots on TV of people queuing, followed by the caption, "a run on B+B", you can guess the rest.

Jolanta_Nowak

To judge from the general tone of contributions to MSE forums, I would say that the to-hell-with-the-planet-and-everybody-else, 'greedy carpetbagger' mentality is actually considerably in the majority.