More than a million members of Britannia building society are to share up to �40m, as part of its loyalty bonus scheme.

The final amount members will receive next February has not yet been decided, although it could be worth about �35- �40 each, with maximum payments of up to �500.

Britannia has so far paid out �250m in bonuses over the six years since it has been running the loyalty scheme.

Earlier in the year, Britannia distributed �53.4m to around half of the group's 2.2 million members who qualify - and fought off a carpetbagger.

Six year scheme

Britannia said that the average pay out from the last six year's loyalty bonuses, had reached �240.

The amount members get from the scheme depends on the level of investment, whether they have a loan with the building society or for how long they have been a customer.

Only a handful get the full �500 bonus.

Who qualifies?

• Must be a member for three years

• Whether the product qualifies for a bonus

• Members with savings accounts must have a minimum �100 balance to qualify.

Graham Leftwich, head of corporate communications, told BBC News Online: "This shows that with Britannia you can get a windfall every year and keep ownership of the business. you don't have to sell the organisation, become a plc and to get great rates"

Building societies, such as Britannia, have been under constant attack from people known as carpetbaggers, over the last few years.

In April, Britannia defeated Richard Yendall, a "carpetbagger" who wanted to obtain a seat on the board.

A carpetbagger is someone who wants to force a mutually-owned society to convert to a bank and, in the process, unleash windfalls for savers and borrowers.