The Teachers Building Society has announced the launch of its new benefits scheme.

As part of the package, a ‘Recommend a Friend’ scheme has been introduced to reward its existing members alongside new members who join. Members and recommended friends can earn a £100 gift card each – if the friend completes a mortgage with the Society. Members can earn up to a maximum total of £500 worth of gift vouchers a year – if five friends take out a mortgage. T&C’s apply.

Other benefits include:

• Savers that take out a mortgage will be rewarded with a £100 gift card. (T&Cs apply)
• Fee free mortgage deals for existing members when their current deal ends
• All members will be entered into a prize draw quarterly for the chance to win a £250 gift card. (T&Cs apply)
• A £500 gift card for members that share their story and take part as a company case study
• A free eco-friendly cotton ‘bag for life’

Simon Beresford, chief executive of Teachers Building Society, said: “At Teachers Building Society we offer a great service experience and competitive products to our members as standard – but we also want to show how being a member of the Society can add value.

“Often businesses want to attract new customers, so it’s these people that get the rewards – we’ve all been left frustrated when we spot a good deal but it’s available to new customers only.  The premise behind our new initiative is simple and the programme we’re unveiling today is our way of saying thank you to our existing members for remaining loyal to us.  We hope our members will continue to enjoy our new and existing benefits and will stay with us for many years to come.”