Who bought Chelsea Building Society?
the Yorkshire Building Society
Our merger with the Yorkshire Building Society On 1st April 2010 Chelsea merged with Yorkshire Building Society, then the UK’s second largest building society.
Are all building societies mutual?
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially savings and mortgage lending. They are similar to credit unions in organisation, though few enforce a common bond.
What is Chelsea Building Society now?
Chelsea Building Society is a trading name of Yorkshire Building Society based in Bradford, West Yorkshire. Chelsea now forms part of the Yorkshire Building Society Group, alongside Yorkshire Building Society and the Norwich and Peterborough Building Society.
Which is better a bank or building society?
What kind of interest rates are offered by building societies? The different ownership of a building society compared to a bank means they tend to have lower overheads, so they may be able to offer lower rates on mortgages and higher interest rates on savings accounts.
Is Yorkshire Building Society Safe?
Your eligible deposits with Yorkshire Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.
Are building societies banks?
A building society is a type of financial institution that provides banking and other financial services to its members. Building societies resemble credit unions in the U.S. in that they are owned entirely by their members. These societies offer mortgages and demand-deposit accounts.
How does a building society work?
Is Yorkshire Building Society linked to Virgin Money?
Yorkshire Building Society said it will warmly welcome any Yorkshire Bank customers who decide to jump ship once the bank changes its name to Virgin Money. Yorkshire Bank is to change its name to Virgin Money in late 2019 following parent company CYBG’s £1.7bn takeover of Virgin Money last year.
Why is it good to have a bank or building society account?
1: Your Money is Safer in a Bank Account If you store your money in your home or with yourself, then you are at greater risk of having it stolen or losing it. With a bank account, you can store your money securely and access it when you need it, making it a safer option as well as a convenient one.
Are building societies safer than banks?
Building societies have much more stringent rules to invest by than banks, as the board of directors is beholden to its members and by the laws governing the way a mutual is run. All this means that building societies should be a safe bet, with transparent financial dealings.