Loyalty Accounts - who offers them?

Sea_Shell

On the back of the recent launch of the 7% YBS Loyalty reg saver (which I don't yet quality for😞), it raises the question...

Which providers have "form" for being most likely to offer good loyalty accounts, and so are worth keeping a few £ with, just in case?

I don't think there is already a current list anywhere 🤔. (if so, can someone link)

kaMelo

A couple I know have done in the past are Principality and Monmouthshire, I think Saffron also but not sure.

WillPS

Depends on your definition of loyalty. Monmouthshire had a rather excellent Regular Saver at 8% for existing members recently, although nothing to prevent you becoming a member and then getting the account (provided you moved quickly enough).

Skipton and Nationwide have both had savers requiring one to be a member at some past arbitrary date.

SavingsBoo

I asked a similar question recently in the Regular Savings thread, I hope this works to link you to the very helpful reply from @Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/80251056/#Comment_80251056

I don't qualify for the new YBS one yet either!

Sea_Shell

Interesting thanks.  

Funny how they are all "local" Building Societies.   

I'm not sure how many I would go to the trouble of opening standard accounts with mind, but handy to know which ones are worth keeping an ongoing relationship with, if you already have log-ins etc set up.

mebu60

SavingsBoo said:

I asked a similar question recently in the Regular Savings thread, I hope this works to link you to the very helpful reply from @Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/80251056/#Comment_80251056

I don't qualify for the new YBS one yet either!

I have an old YBS internet saver that I 'loyally' maintain with £1 which has its uses in qualifying for these. 

TheWoodler

They’re *not* all local - Skipton & YBS have a very strong presence outside their heartlands, as does Coventry, who also offer loyalty products. If not wholly national, they all have widespread branch and agency networks.

Some of the rest, such as Cambridge and Saffron, though predominantly branch-based, have online access either open to all or via gateway products.

I’m spotting a trend in the industry with the second UK Savings Week this week and the recent Members’ Month back in June. Loyalty seems to be part of the strategy in retaining building society customers in a competitive online rate-chasing environment, as well as an attractive USP for retaining branch membership and increasing footfall when the banks are closing branches right, left and centre.