Yorkshire and Chelsea BS agree to merge - Money - News | moneyfacts.co.uk


Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Yorkshire and Chelsea BS agree to merge

Yorkshire and Chelsea BS agree to merge

Category: Money

Updated: 04/12/2009
First Published: 02/12/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Yorkshire Building Society and Chelsea Building Society have announced they have reached an agreement to merge.

The enlarged society will be known as Yorkshire Building Society, with the Chelsea Building Society name retained and operated as a separate and distinct brand within the Yorkshire.

With combined assets of £35 billion, a total of 2.7 million members and a national network of 178 branches, the societies said they would provide a competitive and secure alternative to the retail banks.

Its focus will be on the traditional building society business of residential mortgages and savings and will be principally retail funded.

Although a branch presence is to be retained in all communities in which there is currently a Yorkshire or Chelsea branch, it has been confirmed the merger will lead to a number of job losses.

In a temporary measure until 30 December 2010, it has also been confirmed that members who are savers of both the Yorkshire and Chelsea at the time of the merger will benefit from a separate maximum £50,000 depositor protection per individual under the Financial Services Compensation Scheme.

Although the merger is subject to the approval of eligible members from both societies and confirmation by the FSA, it is expected to be completed on 1 April 2010.

"The news that the combined society is to keep both brands will be welcomed by the hard hit mutual sector," said Michelle Slade, spokesperson at Moneyfacts.co.uk. "The financial strength of the larger society is likely to see them both continuing to offer competitive products, particularly in the savings market, with the added assurances that any money invested with both brands will be protected separately."

Find the best savings account for you - compare savings accounts

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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Brits overspent on Christmas by £3.8bn

The festive season has well and truly come to an end, and the January Blues have taken over. This has no doubt been partly brought on by excess spending over the Christmas period – and considering how much people overspent, it’s little wonder.

Have your financial habits changed?

2016 was certainly a turbulent year, and it's had a notable impact on household finances. Indeed, research shows that recent events have influenced the way over half of UK respondents manage their finances, with many becoming more cautious.

Kids got £180 in pocket money in 2016

New research has revealed that kids aged 4-14 received an average of £180.44 in pocket money over the last year, which was topped up by an additional £47 on average received in cash over the Christmas period.