Britannia Membership Reward scheme enhanced

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Britannia Membership Reward scheme enhanced

Wed 15th Feb 2006

A 14 per cent increase in the rate of return from the Britannia Membership Reward (BMR) scheme is set to pay out a collective £48 million in the coming months, the company claims.

The rewards operate on a system by which customers receive one point for every £100 they deposit in their account and are then given a cash bonus based on how many points they own.

At the scheme's inception in 1996 borrowers were given 22p per point every year.

This has now been increased to a level of 23p for each point customers own, making the average payout for each member of the plan an estimated £52.

Chief executive at Britannia Neville Richardson said: "The unique Britannia membership reward provides real, cash in hand proof of the benefits of being a mutual. BMR directly rewards loyalty – the more you put into the society, the more you get back."

The Britannia Membership Reward scheme has made payments totalling £5,000 to individual members since 1996, with the average amount received being £416, according to the building society.

Britannia is Britain's second largest building society and owns assets in excess of £30 billion.

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