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Terms and Conditions
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 protection scheme. This limit is applied to the total of any deposits you have with the following: Yorkshire Building Society, Barnsley Building Society, Chelsea Building Society, Norwich & Peterborough Building Society and Egg. Any total deposits you hold above the £85,000 limit between these brands are not covered. Further information is available here or visit www.fscs.org.uk.
N&P is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the building society, including their share of any joint account, and not to each separate account.
Yorkshire Building Society (YBS) also operates under the trading names of Barnsley Building Society (BBS), Chelsea Building Society (CBS), Norwich & Peterborough Building Society (N&P) and Egg. YBS is a participant of the FSCS. Therefore, depositors with any of YBS, BBS, CBS, N&P and Egg have an overall limit of £85,000 under the FSCS.
Accord Mortgages Limited is a wholly owned subsidiary of YBS. Accord has offset mortgage products where the customer's deposits are held on behalf of Accord by YBS. Accord offset depositors are therefore covered, along with BBS, CBS & N&P depositors, by YBS being a participant in the FSCS. There is no additional protection for depositors with Accord Mortgages Limited.
As of 31 December 2010 new FSCS rules were introduced meaning any compensation due will be paid to customers based on amounts held in their deposit accounts, regardless of the amounts owed to us (for example, a mortgage loan). Customers will therefore be paid out up to £85,000 of their savings and any mortgage balance would remain outstanding. For example, a customer who has a £200,000 mortgage and £200,000 savings balance will therefore be paid out £85,000 for their savings balance and the £200,000 mortgage balance would remain outstanding. This would mean that customers would still have to repay their mortgage loan. It would then be for the Liquidator to decide whether any surplus savings balances would se set-off against any remaining mortgage loan.
For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please call us on 0845 1282 822, ask at your local branch, refer to the FSCS website www.fscs.org.uk or call the FSCS on 0845 1282 822. Please note only compensation related queries should be directed to the FSCS.
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Yorkshire Building Society
Norwich & Peterborough Building Society and N&P are trading names of Yorkshire Building Society. Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in the Financial Services Register and its registration number is 106085. Principal office of Yorkshire Building Society: Yorkshire House, Yorkshire Drive, Bradford, BD5 8LJ
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