You are here: Home - Uncategorized -

Carpetbaggers welcome at Kent Reliance

Written by:

Kent Reliance, a building society based in Chatham, Kent, has abandoned rules insisting that customers opening accounts forego the right to any windfall that may be payable should the society convert to plc status.

Ii said it now welcomed applications for membership from so-called carpetbaggers, though it warned windfalls would not necessarily be forthcoming.

Savers will be able to open an account with just £1, though they will need to deposit at least £100 to be guaranteed a pay-out if the society demutualises in future, or is taken over.

Ivan Gould, the head of operations at Kent Reliance, said: “We don’t feel the charitable assignment scheme is appropriate any more – it was put in place to stop the disruptive effect of carpetbaggers but we now have systems in place to cope with large numbers of applications for membership.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
77 years to pay off debts

Those debt-laden UK borrowers currently seeking help could take 77 years to pay off all they owe, according to Citizens...