Protecting Members' Interests | Your Society | YBS
Protecting Members' Interests
How we ensure your long term benefits
Providing excellent products and services and keeping out opportunists
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Information for savings and mortgage customers
As the Yorkshire Building Society is a mutual organisation, we want to protect our members from any disruption to our business caused by opportunists or speculators. That's why we actively discourage financial speculation through the Society's Charitable Assignment scheme.
What this means for new customers
All new members when opening a savings account or applying for a mortgage must enter into an agreement to join the scheme. This means that for five years from the date when the account is opened or mortgage is completed, you agree to assign any windfall conversion benefits you may become entitled to over to the Yorkshire Building Society Charitable Foundation. After the five years you will be entitled to any windfall conversion benefits that you may become entitled to.
What this means for existing customers
If you were a member on April 8th 1998 and have continued to be a member since then, you are not affected by this scheme and you may open new accounts without signing the agreement.