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N&P and Yorkshire BS merger: what it means for you

N&P and Yorkshire BS merger: what it means for you

Category: Banking

Updated: 01/05/2014
First Published: 01/11/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
On 1 November 2011 Norwich & Peterborough Building Society and Yorkshire Building Society will formally complete their merger.

As a customer of N&P or Yorkshire BS, what will this mean for you?

What will happen to Norwich & Peterborough BS?

Norwich & Peterborough BS will be kept as a brand name in the same way as Chelsea BS and Barnsley BS did following their mergers with Yorkshire BS.

Norwich & Peterborough branches will all remain open and Yorkshire BS has said that it will make no branch closures for a minimum period of two years following the merger.

Savers with Norwich & Peterborough or Yorkshire BS

  • There will be no change to existing savings rates.
  • From 1 November, if you hold more than £85,000 across Yorkshire BS brands (Barnsley BS, Chelsea BS, Egg, Norwich & Peterborough BS and Yorkshire BS) you will exceed Financial Services Compensation Scheme limits. If you hold accounts jointly you have £85,000 of protection each – so £170,000 altogether.
Yorkshire and Norwich & Peterborough have said that:
"Consideration will be given to allow savers who, as a result of the proposed merger, exceed this amount to reduce their combined balance without notice or any loss of interest on the amount withdrawn."
Compare savings accounts

Mortgage borrowers with Norwich & Peterborough BS

  • If you are on an initial fixed or tracker rate, there will be no change.
  • Borrowers who are on Norwich & Peterborough's Standard Variable Rate (currently 5.35%) will see their mortgage rate change to Yorkshire BS's Standard Variable Rate (currently 4.99%).
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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