This essentially means Chelsea is an online only brand and currently provides basic savings accounts and mortgage products.

[2] In 2005 Chelsea opened a purpose-built customer contact centre close to the Head Office at the former Charlton Kings railway station as a commitment to keep its call centres UK based, which won environmental awards for its use of geothermal heating, green building and "green" credentials.

[7] At a Special General Meeting in Bradford on 23 January 2010, Yorkshire Building Society members approved the merger proposal.

Shortly afterwards, Yorkshire announced the closure of Chelsea's operational presence at the original Cheltenham Head Office in Thirlestaine Road by 2011, relocating the remaining staff to the second, smaller site at the former Charlton Kings railway station.

Much of what Chelsea had constructed to accommodate its business needs was demolished and the Grade 2 listed Thirlestaine Hall[9] was converted into luxury flats, with the copper-domed observatory preserved.

[10] In January 2016, it was announced that seven of the Chelsea's branches would close by September, with the rest to be rebranded under the Yorkshire brand.

However some of these bonds were paying in excess of 6%, meaning due to the unforeseen cut in the Base Rate they were now costing Chelsea money.

In August 2009 it was revealed Chelsea had written off £41m in "potentially fraudulent loans", mainly from its Buy to Let mortgage book which had been underwritten between 2006 and 2008.

[15] Although Chelsea wasn't the only lender to be targeted by Buy to Let fraud, its lending criteria and poor due diligence on the properties it was loaning money on, had allowed it to take place.

The findings were announced to the press in the week beginning 30 November 2009, which ultimately recommended that a merger with Yorkshire would be in the best interests of the Society and its members.

Chelsea still had a strong reputation and was particularly attractive as it had an extensive branch network in the south of England, where in comparison, Yorkshire had only a minimal presence.

Combining forces with them will strengthen our ability to deliver value to members through good value products and excellent service, underpinned by our significant financial strength.