The Big Bumper Mutual Society List (edition: BSLIST07.DOC)
Latest News: Portman is taking over Lambeth; payout of £400
to Lambeth members and Nationwide is taking over Portman with a payout of £200
to Portman members (sadly the Lambeth takeover is too late to pick up £600).
The following is culled mainly from Investor’s Chronicle and the Financial Times with some extra information from the Sunday papers. Basically to get a payout you must become a ‘member’ of the appropriate society; how this is done varies according to the legislation that applies to the type of society in question and the various requirements are listed below. You can go for joint accounts if you wish but make sure that one is ‘Mr & Mrs’ and the other is ‘Mrs & Mr’ as only the first named on an account gets the cash. In case you’re wondering, no I don’t get any commission for this (though if you want to give me a large pile of cash any time, please feel free to do so).
A share account with £100 makes you a member. In some cases you may need to be a member for over two years to get a payout. Payouts are likely to be in the £500-£1000 range with the Chelsea around £1000 and National Counties weighing in at around £5000 or more. If your cash is limited (ie under £30,000 or so) start with the essential purchases before working your way down the shortlist; after that you could make a start on the additional societies listed under contacts.
The short-list (in descending order of likelihood
Chelsea, Skipton, West Bromwich, Britannia, Nationwide, National Counties, Norwich & Peterborough
A ‘with-profits endowment’ policy makes you a member (NB this requires a commitment to keep the policy going for at least TEN years). Payouts are likely to be in the £500-£1000 range.
Essential purchases: none at the moment with the disappearance of Standard Life
A with-profits endowment policy makes you a member (NB this requires a commitment to keep the policy going for at least TEN years). Monthly payments are from £9 to £25 (£100 to £270 annually). Likely payouts arent known yet. You can only have one of these policies at a time; Im with Tunbridge Wells.
The short-list (in descending order of size)
Liverpool Victoria, Royal Liver Assurance, Family Assurance, Police Mutual Insurance, Homeowners, Tunbridge Wells Equitable
Get a Dividend Card from your local Co-Op then buy £20 of Co-Op brand merchandise to become a member (tick the box to say you want to be a member). The likely payout is around £1000 and due to the recent court case there is probably a small window of opportunity still open. Those of you who are already members should call 0800-371456 to check that the Co-Op thinks youre a member too.
The Womens Institute
See your local library. This one is a very, very long-shot but is not a joke as they own Womens Institute Country Markets which could be worth something.
Those in bold are on the shortlists, those in italics are committed to mutuality (ie likely to be taken over rather than go of their own accord), and those underlined are essential purchases (ie likely to close the doors and pay out very shortly).
Minimum amounts tend to vary these days so those listed below are merely indicative. In some cases the amount listed is the minimum required to open the account and youd be able to drop the balance down to £100 (the minimum required for membership) shortly afterwards. To maximise your interest you should go for a postal account and/or one with a notice period. Expected payouts are in [brackets].
Britannia, £2000 [£1397]
Catholic, 0171 222 6736, £2000 [£639]
Chelsea, 0800 717515, £2500, Classic Account [£1632]
Coventry, 01203 555255, £100 in branch or £1000 postal [£754]
Hinckley & Rugby, 01455 251234, £1000 [£676]
Lambeth, 0171 928 1331, £400 from the Portman takeover (you're too late to get this)
Melton Mowbray, 01664 63937, £1000 [£702]
National Counties, 01372 742211, £3000 TESSA [£7187]
Nationwide, £500 [£1517] (you need to have an account already as no new carpet-bagging accounts can be opened)
Newcastle, 0191 244 2000, £1000 [£951]
Norwich & Peterborough, 01733 371371, £2500 [£910]
Progressive, £1000 [£625]
Scarborough, 01723 368155, £1000 [£316]
Skipton, 01756 700500, £2000 [£1293]
Standard, 0191 257 4123, £1000 [£634]
Teachers, £1000 [£1605]
West Bromwich, 0121 525 7070, £3000 TESSA [£581]
Yorkshire, 01274 740740, £1000 [£926]
For reasons of economy, rather than contacting them directly, you should use a discount broker to cover the various insurance companies and friendly societies; I use Unitas (01724-849481).
NPI, £?? a month
Scottish Life, £?? a month
Scottish Provident, £?? a month
Again, for reasons of economy, use a discount broker.
Royal Liver Assurance
Police Mutual Insurance
Tunbridge Wells Equitable
Co-Operative, local branch, membership queries 0800-371456
Womens Institute, local library
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