Over 1500 members of the Nottingham Building Society (The Nottingham) are to receive a share of a £70,000 ‘cash back’ as a reward for making sound financial decisions earlier this year.
The eligible members will be notified by their branch starting this week. The move follows the launch of The Nottingham’s Member Rewards scheme in May; a new initiative designed to reward loyal savings members for taking the right steps to plan for and protect their financial futures with The Nottingham.
The Nottingham is unique in offering building society, estate agency and whole of market mortgage advice under one roof, as well as independent financial advice. Under the member rewards scheme qualifying members who look to the society for help when buying or selling a home or to plan for the future will now have access to a range of exclusive benefits – including discounted estate agency fees, access to free mortgage and financial planning advice and money back on home insurance and funeral plans.
More than 100,000 of the society’s members are eligible to receive the rewards. Any member who has used one of the products or services included in the rewards scheme since it launched in May has already benefited from the savings. And as a thank you for their loyalty, The Nottingham is now ensuring that any member who has used the society’s services since the beginning of the year will also receive a backdated benefit.
Since the programme launched in May this year the society has already seen thousands of members take advantage of the rewards and has seen the number of members eligible to receive those rewards increase markedly.
The society launched the Member Rewards scheme to support its loyal savings members to achieve their financial goals.
Speaking about the scheme David Marlow, Chief Executive of The Nottingham, said: “As a mutual building society we have an important role in helping our members to save for and plan for the future. Our all-under-one-roof advice and service proposition means we are uniquely placed to help our members whatever stage of the financial journey they are on. Having listened to our members we know that they value our advice and service offering, and they want to be rewarded for their loyalty as well as doing the right thing to plan for and protect their financial futures.
“Through our Member Rewards programme we are rewarding loyal savings members with genuine benefits which will help them plan a better financial future for themselves and their families.
Our Member Rewards programme seeks to make the process of buying a home easier to understand and more affordable for our members. We are helping more of them find the right mortgage through access to free, independent whole of market mortgage advice and we are reducing the cost of essential purchases like home insurance.
We are also providing exclusive access to free financial planning, at a time when it is becoming increasingly difficult to access on the high street unless you have savings above a certain level. Our members can also benefit from discounts on funeral planning and wills to help them protect their family’s interests in the future.
As we are all living longer and are likely to need to take more responsibility for planning for our own financial futures access to independent, quality, face-to-face advice has never been more important. Through our Member Rewards programme we are able to reward our members who are taking responsibility for their future, and to say thank you for choosing to save with and be a member of The Nottingham.
We think providing this kind of valuable support to our members and helping them to navigate their way through the challenges of planning for the future is an important part of our role as a modern, mutual building society.