Britannia announces rewards boost for ISA investors

Britannia announces rewards boost for ISA investors February 14

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The UK’s second largest building society has announced plans to reward loyal members with around £51 million in cash handouts.

Britannia, which is based in Leek, Staffordshire, will be making payments averaging £56 to each of its 900,000 members as part of its annual Britannia Membership Reward (BMR) scheme.

To qualify for the BMR, recipients must have been members for at least two years at the end of 2005, and can be borrowers, savers or cash ISA customers.

“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?” asked Neville Richardson, Britannia’s group chief executive.

“As a mutual organisation our members are the owners of the business and we are committed to rewarding their loyalty by sharing our profits with them.”

The scheme was introduced by Britannia 11 years ago, and in that time rewards totalling £471 million have been paid out to members.

Last year, BMR dividends accounted for over a third of total profits.

This year’s outlay is the largest yet recorded.

Written Exclusively by AdFero for ISA Guides

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