Those more certain of receiving free shares are the 220,000 account holders with First National Building Society who will qualify for a windfall if it converts to a public company this autumn. But even if you are among this group you should be careful not to do anything that might put that entitlement at risk.

Everyone who qualifies for either free shares or a one-off cash payment if the conversion goes ahead should have received a statement from the society detailing how the conversion will affect them.

If you have, you should be aware that you must still continue to meet the criteria set down in the conversion documentation to qualify for free shares.

It is important to note that anyone who closes their account at this stage will lose their right to vote on the flotation and forfeit their free shares. Similarly, those with savings accounts should ensure that their balance does not fall below £100 before May 18th. Those with mortgages and home improvement loans should check that their balance will remain at more than £500 until the a.g.m. on May 18th.

First National is operating a 24hour helpline at 1850 818181 for customers with queries on the planned flotation.