meta_pixel
Tapesearch Logo
Log in
This is Money Podcast

Is loyalty starting to pay for savers and customers?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1650 Ratings

🗓️ 11 June 2021

⏱️ 51 minutes

🧾️ Download transcript

Summary

Does loyalty pay or is it just a bizarre concept we have allowed businesses to convince us might exist while they take advantage?

As banks and building societies hint at better rates for those who have stuck by them and insurers find themselves forced at regulatory gunpoint to at least not sting existing customers, this week’s podcast looks at the loyalty reward and penalty.

At what point does the corporate idea of loyalty rewards meet the reality of whether it’s worth sticking with the same provider?

Georgie Frost, Lee Boyce and Simon Lambert discuss loyalty, its rewards and its drawbacks on this week’s podcast.

Plus, Britcoin, a new idea for the Bank of Mum and Dad and beach huts… are they a cheap property goldmine?

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to This Is Money podcast. I'm Georgie Frost and alongside me and editor Simon Lambert today is Assistant Editor Lee Boyce.

0:06.9

And coming up is loyalty finally paying off, especially for savers. We look at the banks and building societies pledging the best returns for existing customers.

0:15.9

Also today we are a step closer to Britcoin. Who will pay the price as the UK pushes for net zero? Would you be a

0:22.9

home booster? And our lead turned from Beach Hut snob to full-on fanboy. Don't be getting

0:28.1

to up to date with all the latest breaking money news, just go to this ismoney.co.com.

0:31.6

UK or download the app. The first, after years of saying that loyalty quite simply doesn't

0:37.4

pay in finance,

0:39.3

it seems the tide could be a turning. First, the watchdog announced that insurance companies

0:44.9

will finally be banned from penalising loyal customers with higher renewal costs. Now it seems that

0:49.7

some banks or building societies are doing the right thing by their savers.

0:55.9

Lee, loyalty.

0:59.9

Loyalty and insurance is something that we talk about a lot.

1:02.3

But what's it like in the world of savings?

1:04.2

Well, you're right, Georgie.

1:08.5

We do talk about insurance quite a lot and people get quite frustrated when they get their renewal policy, come through the post,

1:11.6

and they think, oh, hold on a minute, this seems higher than last year, and then they go

1:15.6

and investigate, or they don't, and have to do that whole haggle dance where they go and look

1:21.3

for a better deal and then tell their current insurer that they've got this better deal,

1:25.5

can they match it? That's been going on for a very long time.

1:28.8

And there have been moves in the past to do things like show on the renewal letter, for

1:34.0

example, how much you were paying the year before and all that kind of stuff.

1:38.1

So in the terms of insurance, we talk about quite a lot.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from This is Money, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of This is Money and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.