Barnsley bs 1 year bond

rictus123

Matures in November 2010 however iv had post through saying might be merging with Chelsea? Are my savings at any risk at all? If i piled alot of my cash into there am i right in thinking it will automatically get put into my bank account when it matures and its safe upto £50k?

opinions4u

rictus123 wrote: »

Matures in November 2010 however iv had post through saying might be merging with Chelsea? Are my savings at any risk at all? If i piled alot of my cash into there am i right in thinking it will automatically get put into my bank account when it matures and its safe upto £50k?

Barnsley merged with Yorkshire Building Society who are also merging with Chelsea.

It shouldn't affect the terms and conditions of your account in any way and it shouldn't affect the £50k FSCS protection currently afforded to your savings.

alanq

Check the Terms & Conditions of the account for what happens on maturity. You should have received paperwork explaining what will be happening regarding the merger. Even if you have £50,000 in Chelsea and £50,000 in Barnsley you will have full FSCS protection for both until at least the end of 2010.

http://www.moneymadeclear.fsa.gov.uk/news/product/bs_merger_compensation.html

ManAtHome

Probably won't go automatically back to your bank account on maturity though. They should send you a letter a month or so before with options to cash in or re-invest - the automatic option is now more commonly re-investment (they'd prefer you to keep your cash with them). Not a problem getting the cash out, just that you have to respond to the letter rather than waiting for the cash to turn up.