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Portman windfall cheques in the post

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by Kay Mitchell

Nationwide Building Society merged with Portman Building Society last month. Nationwide will continue in its capacity as a mutual building society and, as a result of the merger, has become the UK’s second largest retail mortgage lender and second largest retail savings provider.

Following the merger, over one million windfall cheques averaging nearly £500 were posted to former members of Portman Building Society and the small remainder of outstanding payments are to be sent in the next few days.

Qualifying borrowers are to receive £200 before tax and savers will receive between £200 and £1,000, depending on their balances. Basic-rate savings tax of 20% will be deducted automatically, except where members are registered with Portman as non-taxpayers.

Recipients of the windfall cheques are being urged to put them into a Nationwide Loyalty Fixed Rate one-year bond paying 6.7%.
As a result of the merger, the Portman name will vanish and many branches are to close.

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News posted: September 26, 2007

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