Britannia members' £42m windfall

More than 800,000 Britannia Building Society members are to receive a profit share worth on average £52 each.

Members of the UK's second largest building society will share £42m, with 100,000 receiving a windfall of more than £100. Depending on how much they borrow or invest, members earn "reward" points which entitle them to a share of the society's profits. The payouts are bigger than last year, because of stricter eligibility rules. Last year, Britannia members shared £42m, but the average payment was only £38.

To qualify for this year's payment, customers must have been members for at least two years on 31 December 2004. Britannia has also stopped making payments to members if they are worth less than £5.

To qualify for the profit share, members must have either a mortgage, or an investment account other than a deposit account. Customers can also qualify if they have Permanent Interest Bearing Shares (PIBS). The profit share scheme was introduced in 1997 and has paid out more than £370m. Britannia will unveil its results on Wednesday.
