Opening an account with a builing society to get a windfall?

I want to open an account in a building society for the sole purpose of getting a windfall. How can I do this and which building society?
Opening an account with a builing society to get a windfall?
Ask building societies the direct question before opening, most have 5 year time limits. This means you are only eligible for the windfall if you have at an account open for 5 years at the date they demutualise or get sold. Before then, your share would typically go to charity.





You also need to have an active account and have typically at least 拢100 in the account at the demutualisation date. If you open one, I would recommend setting up a standing order to put in 拢10 every quarter and then in 5 years you'll have sufficient in an active account.
Reply:I'm not sure that there are any on the market for takeover at present. Depends how much spare cash you have. You may need to have at least 拢500 in a shareholder account and have been a member for a minimum period if and when the takeover or flotation happens. I believe too that a number of the smaller societies will only accept applications from people who live in their home areas in order to try to prevent "carpetbagging".
Reply:I think you have missed the bus on this one. Those that were going to demutualise have already done so. Those that might have restricted accounts and those that will not, will not.
Reply:Too late by several years, I think. Most of them have changed the rules now to make it impossible.
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