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  • FIRST POST
    • Enigmaman
    • By Enigmaman 12th Jan 18, 9:58 AM
    • 175Posts
    • 20Thanks
    Enigmaman
    is there any chance of Building Society windfalls ever again?
    • #1
    • 12th Jan 18, 9:58 AM
    is there any chance of Building Society windfalls ever again? 12th Jan 18 at 9:58 AM
    I expect this question has been asked before, but I have been keeping two BS accounts open in the sole hope of obtaining a windfall.

    I have done very well out of various institutions' demutualisations and takeovers in the past, but is there any chance of either the Leeds or the Nationwide ever going that way, and even if they did, as the rules stand is there any chance of getting something out of them?
Page 1
    • ColdIron
    • By ColdIron 12th Jan 18, 10:01 AM
    • 4,261 Posts
    • 5,394 Thanks
    ColdIron
    • #2
    • 12th Jan 18, 10:01 AM
    • #2
    • 12th Jan 18, 10:01 AM
    About zero I would say
    • 18cc
    • By 18cc 12th Jan 18, 10:07 AM
    • 534 Posts
    • 324 Thanks
    18cc
    • #3
    • 12th Jan 18, 10:07 AM
    • #3
    • 12th Jan 18, 10:07 AM
    Exactly zero I would say!
    • PeacefulWaters
    • By PeacefulWaters 12th Jan 18, 10:08 AM
    • 8,318 Posts
    • 10,656 Thanks
    PeacefulWaters
    • #4
    • 12th Jan 18, 10:08 AM
    • #4
    • 12th Jan 18, 10:08 AM
    How successful were the building societies that became banks?

    Northern Rock
    HBOS
    Alliance & Leicester
    Bradford and Bingley

    Ah, they all went bust. I wouldn't expect it to ever happen again.
    • Linton
    • By Linton 12th Jan 18, 11:25 AM
    • 9,395 Posts
    • 9,529 Thanks
    Linton
    • #5
    • 12th Jan 18, 11:25 AM
    • #5
    • 12th Jan 18, 11:25 AM
    Very sad - a brilliant well-proven concept largely destroyed by political dogma and greedy management.
    • Voyager2002
    • By Voyager2002 12th Jan 18, 11:48 AM
    • 12,148 Posts
    • 8,264 Thanks
    Voyager2002
    • #6
    • 12th Jan 18, 11:48 AM
    • #6
    • 12th Jan 18, 11:48 AM
    Very sad - a brilliant well-proven concept largely destroyed by political dogma and greedy management.
    Originally posted by Linton
    Not to mention greedy account-holders...
    • IanSt
    • By IanSt 12th Jan 18, 11:50 AM
    • 260 Posts
    • 194 Thanks
    IanSt
    • #7
    • 12th Jan 18, 11:50 AM
    • #7
    • 12th Jan 18, 11:50 AM
    Maybe there may be a chance in 30+ years when people start saying 'this time it's different'.

    But at the moment I'd say it's as close to zero as to make no difference.
    • Glen Clark
    • By Glen Clark 12th Jan 18, 12:00 PM
    • 4,167 Posts
    • 3,176 Thanks
    Glen Clark
    • #8
    • 12th Jan 18, 12:00 PM
    • #8
    • 12th Jan 18, 12:00 PM
    Short answer is No.
    I profited from most of the demutualisations but years ago closed the accounts I had only in case of demutualisation.
    I can't explain why without being accused of getting involved in politics.
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
    • gardner1
    • By gardner1 12th Jan 18, 12:06 PM
    • 2,485 Posts
    • 3,751 Thanks
    gardner1
    • #9
    • 12th Jan 18, 12:06 PM
    • #9
    • 12th Jan 18, 12:06 PM
    Not to mention greedy account-holders...
    Originally posted by Voyager2002
    But when we greedy account holders were offered £1500 plus.......what would you do
    In the plain light of day what was offered would take a very long time to make in interest so in my case it was a no brainer....take the cash or shares and move on to the next one.
    I just wish at the time i had more money to open more accounts as i missed a few which had high account balance limits but got most of the juicy windfalls

    In answer to the OPs question........not for a very long time,i only hold Nationwide,Leeds,Coventry,Yorkshire and West Bromwich with £100 in each and will end up just keeping 2 or 3
    Back in the carpetbagging days i had most except the hard ones to get.....Swansea and the Cumberland
    Last edited by gardner1; 12-01-2018 at 12:08 PM.
    • Enigmaman
    • By Enigmaman 12th Jan 18, 12:24 PM
    • 175 Posts
    • 20 Thanks
    Enigmaman
    There is just the nagging doubt...but part of me just wants to streamline my finances and having these accounts feels like excess baggage. I'll probably close the Leeds but keep the Nationwide. After all Leeds & Holbeck > Leeds brought me £0.00.

    I don't want to get into the politics either but as someone said above, who would not want to make such easy money? I had three foreign holidays out of the proceeds of the A&L. Without that I would never have traveled anywhere much in my life.
    • jimjames
    • By jimjames 12th Jan 18, 12:31 PM
    • 12,653 Posts
    • 11,319 Thanks
    jimjames
    Exactly zero I would say!
    Originally posted by 18cc
    Most recent was Kent Reliance. They pretended it would benefit account holders but essentially they gave the building society to venture capitalists (JC Flowers)
    Remember the saying: if it looks too good to be true it almost certainly is.
    • talexuser
    • By talexuser 12th Jan 18, 12:32 PM
    • 2,403 Posts
    • 1,903 Thanks
    talexuser
    Chances now are zero, but in a generation's time it might well get tried again since we never seem to learn from history. Like dumping the spilt between retail and investment banking. That worked well when the credit crunch hit.
    • IanManc
    • By IanManc 12th Jan 18, 1:23 PM
    • 544 Posts
    • 886 Thanks
    IanManc
    There is just the nagging doubt...but part of me just wants to streamline my finances and having these accounts feels like excess baggage. I'll probably close the Leeds but keep the Nationwide. After all Leeds & Holbeck > Leeds brought me £0.00.

    I don't want to get into the politics either but as someone said above, who would not want to make such easy money? I had three foreign holidays out of the proceeds of the A&L. Without that I would never have traveled anywhere much in my life.
    Originally posted by Enigmaman
    "Leeds & Holbeck > Leeds" brought you nothing because all that happened was that Leeds and Holbeck dropped "and Holbeck" from its name!
    • jamei305
    • By jamei305 12th Jan 18, 1:33 PM
    • 339 Posts
    • 394 Thanks
    jamei305
    Most building societies now have a clause in their T&Cs preventing members getting a payout upon demutualisation.

    It's therefore a big waste of £100 to keep an account for only that reason.
    • kidmugsy
    • By kidmugsy 12th Jan 18, 3:25 PM
    • 10,881 Posts
    • 7,436 Thanks
    kidmugsy
    ...but part of me just wants to streamline my finances
    Originally posted by Enigmaman
    That happened to me too, the "part" in question being my wife. She was probably right.
    Free the dunston one next time too.
    • gardner1
    • By gardner1 12th Jan 18, 3:34 PM
    • 2,485 Posts
    • 3,751 Thanks
    gardner1
    Most building societies now have a clause in their T&Cs preventing members getting a payout upon demutualisation.

    It's therefore a big waste of £100 to keep an account for only that reason.
    Originally posted by jamei305
    Depends when you opened.....most of the ones I had and the ones I have left haven't
    • SevenOfNine
    • By SevenOfNine 12th Jan 18, 4:38 PM
    • 1,312 Posts
    • 1,291 Thanks
    SevenOfNine
    Most building societies now have a clause in their T&Cs preventing members getting a payout upon demutualisation.

    It's therefore a big waste of £100 to keep an account for only that reason.
    Originally posted by jamei305
    Nope, I've a very old Nationwide one & that clause does not apply to it. I've only ever transferred the money within Nationwide, never w/d to put it into a 'new' a/c. Just sitting on it, a few hundred £, you never know.
    Seen it all, done it all, can't remember most of it.
    • Rich2808
    • By Rich2808 12th Jan 18, 7:08 PM
    • 615 Posts
    • 469 Thanks
    Rich2808
    "Leeds & Holbeck > Leeds" brought you nothing because all that happened was that Leeds and Holbeck dropped "and Holbeck" from its name!
    Originally posted by IanManc
    There was another Leeds (permanent) building society - commonly known as the Leeds - which was taken over by the Halifax in 1995. All their branches were rebranded as Halifax.

    https://en.wikipedia.org/wiki/Leeds_Permanent_Building_Society

    Leeds Building Society was known as Leeds and Holbeck pre 2005 - they borrowed the name.

    But Leeds and Holbeck and Leeds were the same - just as the Saffron Walden Herts and Essex became Saffron. Shorter names - more memorable.
    • Lorian
    • By Lorian 12th Jan 18, 7:32 PM
    • 4,358 Posts
    • 2,478 Thanks
    Lorian
    Makes me wonder what happened to Ord.

    Probably showing my age.
    • 18cc
    • By 18cc 12th Jan 18, 8:09 PM
    • 534 Posts
    • 324 Thanks
    18cc
    ... and Nationwide-Anglia became Nationwide (I think).
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