MSE News: Yorkshire Building Society to buy Egg: How it affects you

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"The buy-out, expected to be complete towards the end of the year, will mean reduced protection for some savers ..."

Read the full story:
Yorkshire Building Society to buy Egg: How it affects you

Consumerist

So, another one bites the dust.

How long before there is no competition at all in the savings market?

lanstrom

Dont suppose there will be any sort of payout for existing egg savers would there ? ;-)

rockitup

A buy out had to be on the cards, Egg transferred credit card accounts to dear old Barclays a short while ago and dropped their savings account rates for new accounts to 0.60% per annum (including a bonus of 0.10%)

cing0

Consumerist wrote: »

So, another one bites the dust.

How long before there is no competition at all in the savings market?

Since when have Egg and Yorkshire BS been competitive with savings offerings ?
Its complacency that finances the savings market.

Consumerist

cing0 wrote: »

Since when have Egg and Yorkshire BS been competitive with savings offerings ?

I can't speak for YBS but, until this year, Egg have been quite competitive for a few years.

Milarky

A few points to clarify

Yorkshire has 'bought' Egg, but 'paid' how much?
How does the acquisition of any large asset reconcile with the 'mutual' ownership of Yorkshire? [were members asked? no]
[STRIKE]And Norwich & Peterborough was [STRIKE]is[/STRIKE] still mutually owned by its members who [STRIKE]have[/STRIKE] had not yet resolved to be merged with YBS - so YBS [STRIKE]does[/STRIKE] did not yet own (or control) N&P nor its customer base.[/STRIKE]

I assume YBS is attracted by the idea of having some cash in the bank (savers deposits) and much smaller mortgage book at the same time?

YBS does seem to be good in the online area and Egg's (circa 1999) website sorely needs putting in a museum. So I would expect EMM will be withdrawn and Egg customers will get a new login.

Anyone?

plumber2009

Not a bad move. Citigroup are a very bad business.

Just a shame barclays got the credit card business. Barclays need to be stopped as they have brought out a lot of credit card companies recently.

Citigroup are bad enough but Barclaycard is the worst company of all.

Joe_Bloggs

YBS are not going to have many Egg customers left if all Egg can offer is 0.6% for savings. My 2.5% rate expires at the end of the month so I'm going to leave a pound in so YBS can make the most of it. I will cost them more than a pound to send me the paperwork.
J_B.

DocProc

Re: Egg Card

Haven't yet heard a peep from Barclaycard yet. Has anyone else?

1. I would suppose communication to customers costs them money?
2. Perhaps they don't really have anything to say?
3. Perhaps 'No News' is 'Good News'?

dosh37

Personally I am not at all happy with the Barclaycard take over ...

Some time ago I used to have a Morgan Stanley Credit Card.
When they were taken over by Barclaycard, a number customers, including myself, were the victims of fraud.
A number of unauthorised transactions were carried out some time after notification was given by Barclaycard that the old MS cards were no longer valid.
It took many weeks of phone calls, letters and emails to sort it out.
Dealing with Barclaycard customer services was such a bad experience (I think they may have been outsourced to India) I switched to Egg and vowed never to return.