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Lambeth Building Society introduces charitable assignment

Lambeth has joined the ever growing list of building societies to slap a ban on new members benefiting from future windfall payments.

The move requires new members to assign their rights to windfall payments in the event of a demutualisation over to charity.

In such an event, all the windfalls would be paid to the Charities Aid Foundation which distributes money to other charities. Lambeth says in this scenario it has expressed a preference for the money to be distributed among housing associated charities.

Other societies to take this precautionary move against carpetbaggers include the Nationwide, Britannia, Yorkshire and Coventry Building Societies. There are now eleven in total.

But unlike others such as Nationwide, Lambeth&#39s new members will only sign away their rights for five years, after which they will become fully eligible for windfalls.

The ban allows the society to lower its minimum investment levels to £500 for branch based accounts and to £1,000 for its postal division.

In a bid to deter carpetbaggers Lambeth had previously hiked its minimum investment balance to £10,000 and offered just one account paying 2 per cent interest and 90 day notice.


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