What will happen to my savings at chelsea building society, post merger?
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410manzanilla postedFixed rate? Absolutely nothing - they wil carry on as before.
Variable rate? keep an eye on the rates - they may not be as attractive going forwards.
Branch based? your branch may close :(
If you have more than 50k with the two BSs, you may want to consider reducing this down so that it is maxed at 50k, the limit where the government protects the savings.
Posted on 02 December 2009 |
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0buhimir posted
Thanks for getting back to me. The rate is variable, and it has already gone down considerably since I opened the account last November.
My local branch in West London will probably close, the staff were not that helpful anyway!
Their head offices are in Cheltenham, though.
cheers!
Posted on 02 December 2009 | Love 0 loves
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804MikeGG1 posted
Buhimir
There is unlikely to be much difference. They will obviously, rationalise their products, probably keeping any which haven't got an equivalent and combining those which do have an equivalent. Their rates will be re-vamped where they are not fixed. Whether that will be up or down it is difficult to say.
As for Branch closures, Chelsea are predominantly in the South and Yorkshire in the North, so this should create a national spread. Expect branches to remain open where there is only one in the area and for the smaller branch to close where both have a branch. There may be changes in personnel as staff in closed branches get relocated. My local town in S. London has both so I am expecting one to go. I have accounts at both!
The £50,000 protection will stay in place for both until the end of 2010.
Mike
Posted on 02 December 2009 | Love 1 love
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