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Portman Building Society lifts account restrictions

Portman Building Society has lifted restrictions on the opening of new accounts.


The postcode-based restrictions were imposed at the start of the year to prevent carpetbaggers opening up new accounts, in the hope of receiving windfall payments in the event of Portman demutualising.


The restrictions only allowed new account applications from those living in the South East of England within specified catchment areas close to its 160 branches.


The society is now confident that it has overcome the carpetbaggers threat.


To mark the end of the restrictions, Portman is launching a mini cash Isa paying 6.55 per cent.

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