Any Potential Windfall

[Deleted User]

I am currently holding small amounts of money (about £200) in accounts with the Barnsley, Chelsea and Norwich and Peterborough Building Societies. This was in the hope of receiving a windfall from either a merger or a conversion many years ago.

I realise that all three of these societies are now part of the Yorkshire Building Society group.

I just wondered if anyone had any advice on whether I should keep any of the above accounts, or effectively just combine them into one Yorkshire account, paying the best amount of interest. I'm now of the opinion any windfalls are a thing of the past, but don't want to close them if there is any chance of a payout.

Does the Yorkshire have any plans to fully integrate the above societies, thus removing their trading names, and their presence on the high street? I know the Nationwide has plans to do this with the Cheshire and Derbyshire later this year. Just wondered what the benefits were of Yorkshire keeping the trading names of the Barnsley, Chelsea and Norwich and Peterborough. I'm curious.

bigadaj

No benefit really.

There's a tiny possibility of Yorkshire demutualising but the odds are significantly worse than England winning the World Cup.

The trading names are just that, so a single account with ybs would be enough to qualify for the exteremely unlikely windfall, though most societies brought in clauses to say that if it dp did happen then unless you've held an account with them since the early nineties then the windfall woudk go to charity anyway.

EarthBoy

cmondynamite wrote: »

I realise that all three of these societies are now part of the Yorkshire Building Society group..

Legally, these three "societies" no longer exist; the Yorkshire just keeps the names for marketing purposes. Your accounts are all now Yorkshire Building Society accounts, so if you are hoping for a windfall there's no benefit in keeping all your accounts and it will make no difference whatsoever whether the Yorkshire keeps the separate brand names or drops them.

Just keep the account you've held the longest and close the others.

Thrugelmir

Era of demutualisation is past. No benefit in converting to listed companies on the stock market.

All 3 BS's you listed merged due to their own financial issues and requirement to be supported.

patientperson

One benefit of retaining an account with a (merged) society is when that society offer a savings product not available to the whole BS. Here I am talking about Derbyshire, Cheshire, Barnsley, Chelsea, Norwich & Peterborough.
The Dunfermline is due to become fully Nationwide as from today.

planteria

as advised, no real point in retaining accounts in each of the brands....i just have 1 Instant Access, Yorkshire-branded account.

Thrugelmir wrote: »

Era of demutualisation is past. No benefit in converting to listed companies on the stock market.

that is the current impression. but i plan to retain my membership of YBS for the foreseeable. the 'benefit' depends upon the Directors...as they consistently get the support of the membership, regardless of what they do.. if it was to the benefit of the Directors to sell/merge/float the business, i suggest that they would do their best to do so;)

and as pp suggests, there can be other reasons to retain accounts. long-standing members are sometimes offered better rates, such as Nationwide's Loyalty Saver.

patientperson

As a follow up to the post of planteria regarding retaining membership.

I am sure many will recall the 5% Platinum saver from the merged Derbyshire, Cheshire and Dunfermline. Pleased to say that all 3 were opened by myself.

talexuser

Yorkshire are reducing their rates in July for cash isas and e and internet savers.