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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: 18/04/2017
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 It is now over 6 months old so the content may be out of date.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merger, exceed this amount to reduce their combined balance without notice or any loss of interest on the amount withdrawn."
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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 Any products featured may be withdrawn by their provider or changed at any time.

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