Loyalty bonuses (reverse carpetbagging) 31 October 2009 at 10:27PM in Mortgages & endowments 1 reply 583 views

Porcupine

I've just been going through my old savings accounts, with a view to closing some of them. I noticed that the Cambridge Building Society have a 'loyalty bonus', where if you have £100 in a savings account with them for a year you save £500 in mortgage fees. While I'm not planning to buy a house at the moment, it's worth losing a pound a year in interest just in case.

I just wondered if any other banks or building societies have similar offers, or have had them in the past? Might be worth hanging on to some of those useless accounts for the moment...

(First post in this forum, feel free to tell me where to look if this is obvious)

Joe_Bloggs

Perhaps that Cambridge Building Society 'info' might make MSE Martin's regular email together with other pointers towards a beneficial consumer relationship.

The Nationwide claim that they reward their customers with benefits. They have reduced my collared interest tracker by 0.5% below what they say they would have done when the mortgage was taken out. This costs them money by lending funds too cheaply. I could pay back more, thus borrow less, but it would breach their overpayment limit.

Either it is the postal strike or it is ditching my ING saving account that has had a beneficial effect on the size of the pile of advertisement detritus that is forced through my letterbox. I was averaging three ING communications a week. What made it worse was, that as an existing customer, I did not qualify for their special rates that they were advertising.

J_B.