Britannia Loyalty Bonus

Essex123

Primrose wrote: »

Unless you're a regular Coop shopper, when the loyalty bonus switches to a Coop 'dividend', I don't see any great benefit in continuing to hold savings with them.

Agreed.

Plus there is a political angle on this which is Co-operative Group has many financial ties to the Labour Party (loans, financial support to "Labour Co-op" politicians etc).

On this basis alone I have removed all my business from this organisation (except one account with a nominal balance, which I will close once the members reward is paid).

If I wanted to support Labour (which I certainly dont) I would give directly to them. I don't appreciate the Co-op supporting them using my money!!

RayWolfe

So banks don't give the Tories financial support? Seems you better keep your money under the bed.

hstudent

Primrose wrote: »

Unless you're a regular Coop shopper, when the loyalty bonus switches to a Coop 'dividend', I don't see any great benefit in continuing to hold savings with them.

When I got the Merger document I worked out that people who had just opened an account would be better off with a co-op dividend opposed to a Britannia bonus. However, if you've been with Britannia for 10 years+ and currently get double the standard bonus then you'll lose out. Britannia say 'during th transcation period' they'll adjust the amount of the co-op dividend so you're not any worse off than you were before the merger. However, that ends in September.

Essex123

RayWolfe wrote: »

So banks don't give the Tories financial support? Seems you better keep your money under the bed.

I don't think the high street banks do, but if they did it's a matter for their shareholders to address with the board.

As a mutual, the co-op (and building societies) are owned by their members and thus when the co-op is helping out the Co-operative/Labour party, it is doing so from members funds.

I wonder if the average customer of Britannia who doesn't read the Co-op financial statements knows this goes on?

apt

Essex, if you are so allergic to this, what about the trade union links that Britannia had before the merger?

Essex123

apt wrote: »

Essex, if you are so allergic to this, what about the trade union links that Britannia had before the merger?

Well, I was never too chuffed about that either, although I don't think the level of financial support was as material as it is now.

The other thing I dislike is at least with Britannia, members directly had a say at AGMs. With the co-op, it is members elected representatives which hold the voting power.

Each to their own, but my remaining funds in Britannia will be leaving as soon as I get my members reward.

hansi

tracyk wrote: »

It went into accounts last weekend so it'll show in your passbook next time it's updated.

I only have a mortgage account with them now, so I guess they'll send me a cheque?

Milarky

See here.

It appears you had to jump through several hoops to get anything at all

..you had to be a member for at least two years prior to the 31 December 2007

..you get 1 'point' (value 7p) for each £100 'invested' (I assume that's an average annual balance) BUT

..get less than 25 'points' (average invested balance less than £2500) and nothing is paid anyway.

Schemes like this (you know the ones, where the staff all get 'the benefits' but somehow the managers get the lions share of 'the benefits' because the rules are skewed) don't exactly endear one to the concept of 'mutuality'.

Maybe the Co-op will be better in their scheme, but I doubt it. I believe my excellent 3 year 5% bond is ineligible (whereas a numpty bank account or 'savings' account paying 0.1% would be) So, it's probably best not to base a buying decision from the Co-op on the 'rewards' but on the product itself.