Britannia Building Society Membership Scheme benefits 900,000

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Britannia Building Society Membership Scheme benefits 900,000

Mon 12th Feb 2007

Around 900,000 Britannia Building Society members are set to get their hands on a combined pot of £51 million due to the society's profit-sharing initiative.

The Britannia Building Society Membership Scheme has been in operation for 11 years to date and will this year result in an average payment of £56 being made to each member.

Factors affecting the amount of the payment include the length of membership to the society as well as how many products an individual has.

Neville Richardson, Britannia's group chief executive, remarked: "The Britannia Membership Reward is unique and makes Britannia stand out from other financial services providers - when was the last time your bank sent you a cheque?"

By utilising a points system, Britannia Building Society works out exactly how much each member is to be paid with each point being worth 23p and a point.

Since the Britannia Building Society Membership Scheme was launched, a collective total of £471 million has been given back to customers of the society.

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