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Britannia to pay out £39m in loyalty bonuses

Britannia Building Society is sharing out £39m to over a million members as part of its loyalty bonus scheme.

The payout is a £4m increase on last year&#39s first loyalty reward. It comes despite a 15 per cent drop in Britannia&#39s profits to £48.8m for the first six months of last year. Its full-year results are not published until next month.

Members will get an average bonus of £36 during the next month but less than 10 members will qualify for the top sum of £500.

Around 795,000 members will qualify for a payment of up to £50 compared with 780,000 members last year.

About 230,000 members will get between £50 and £100 compared with 217,000 members last year. Another 55,000 members will get between £100 and £500 against 43,000 last year.

Director of mutuality and marketing Gerald Gregory says: "The bonus scheme is the best means of giving value back to individuals. Our membership know that we are a society and that we are independent. There is still not a big understanding of what mutuality is about but we care about them knowing what we are all about."

To qualify as members, Britannia customers need either a mortgage, an investment account, excluding a deposit account, or to be holders of permanent interest-bearing shares.

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