Britannia

Your products

What has happened to your mortgage?

Mortgage accounts with Britannia have become mortgage accounts with The Co-operative Bank. From 1 August 2009, a single Standard Variable Rate (SVR) was adopted across the whole combined business. If you’re mortgage has been affected by this change, you’ll have received a letter from us in July 2009 explaining this and detailing any changes to your monthly payments.

What has happened to your savings account?

All Britannia savings accounts have become deposit accounts with The Co-operative Bank. The rates of interest will not change straight away. We’ll ensure, as best as we can, that there are no differences between equivalent accounts available from Britannia and The Co-operative Bank.

What has happened to your ISA?

The Co-operative Bank will assumed the role and responsibilities of ISA Manager for all Cash ISAs held by customers of Britannia.

The Co-operative Financial Services product and services

• Current accounts
• Credit cards
• Loans
• Car insurance
• Guarantor mortgages

Products or services provided through a partner organisation

In the short term, there will be no change to existing products or services provided through a partner organisation, such as investments from AXA or insurance policies from Legal & General, as a result of the merger. If any changes do occur, please rest assured that you will be notified of the changes before they take place.

The Financial Services Compensation Scheme

Britannia is a trading name of The Co-operative Bank plc which is a member of the Financial Services Compensation Scheme (FSCS), established under the Financial Services and Markets Act 2000, which would pay compensation to eligible customers in the unlikely event of the Bank becoming insolvent. Ordinarily payments under the scheme are limited to a maximum of £50,000 of an eligible depositor’s total deposits held with the Bank.

Although the vast majority of our customers will be covered by the FSCS, in line with the maximum amount per person, certain customers are not covered. The exclusions include large companies, large mutual associations and local authorities. Further details of the cover provided by the FSCS are available at www.fscs.org.uk or by phoning the FSCS on 020 7892 7300.

Depositors are generally restricted to one maximum amount of £50,000 across an organisation, irrespective of the number of accounts held with that organisation. However, if you held accounts, which were covered by the FSCS, with both The Co-operative Bank and with Britannia Building Society immediately prior to the date of merger of the two organisations on 1st August 2009, then until 30th December 2010 those accounts with each of the Bank and Britannia are covered for up to £50,000 each i.e. £50,000 for your Co-operative Bank account(s) and £50,000 for your Britannia account(s).

Terms & Conditions to Britannia accounts

As a result of the merger we legally have to make some changes to the Terms and Conditions of Britannia accounts. These changes are to reflect the change in status from a Building Society and the resulting adjustments to membership rights as a result of this change. As owners, members of The Co-operative Group will still have the opportunity to have a say in how the business is run, it’s just Britannia’s Annual General Meeting will be replaced with a different democratic process which will provide more regular opportunities for members to have their say.