Co-op will no longer be running its current points scheme and the decision has upset many of its loyal customers.

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From January 24, members will no longer be rewarded with 2p for every £1 spent on the retailer’s own-brand goods.

An email was sent to customers that read: “By making changes to our membership benefits, we’re giving you more immediate value back.

“From 24 January, you’ll no longer earn rewards for purchasing Co-op products and services.

“Instead, as a valued member, you’ll always save more with exclusive Member Prices across Food, Insurance, Funeralcare and Legal Services, giving you savings on the things you need.”

Customers who already have money in the scheme will have until the end of 2024 to spend it.

The decision to axe the scheme has upset the supermarket’s members and many have taken to social media to share their outrage.

One said: “A bad move when you’re the most expensive supermarket you at least need to make the loyalty scheme worth having.”

Another added: Just more money grabbing. Think I will definitely look at going elsewhere.”

While a third commented: “I think I will be driving further afield from now on. This was one of the only good things they offered.”

Co-op membership costs £1 and customers get personalised offers weekly depending on what they buy.

At the moment if a member spends £20 on Co-op own brand products they will get 40p on their card.

It might not seem a lot but one shopper who lives near a store said: “It all adds up when you are popping in each week for things you run out of.”

Co-op said in a statement: “We know times are tough for our member-owners and communities right now, which is why we’ve listened and are making some changes to give more value back to them whilst still supporting local communities.

“From January 24, instead of earning rewards on the purchase of Co-op branded food purchases, members will now benefit from
a significantly increased number of member prices and deals in all our businesses.”

The retailer said its analysis showed that member prices were 90% better value than its previous rewards system.

How does Co-op’s scheme work?

Co-op membership currently enables shoppers to earn 2p for every £1 spent on own-brand products.

The rewards are stored in the member’s digital wallet a digital balance is tallied with your spending.

You can then spend the rewards you earn on most products in-store.

But this membership perk will end for good tomorrow and Co-op will solely focus on rewarding members with exclusive pricing.

Right now, customers also get access to personalised offers every week.

Shoppers also get access to the new discounted Member Prices.

Co-op introduced its new “Members Price” offer in April last year.

What other supermarket loyalty schemes are out there?

If you are disgruntled with the changes to the Co-op loyalty scheme there are other options out there.

Most major supermarkets offer some kind of reward scheme and they all have something different to offer.

Retailers such as Morrisons, Asda, Sainsbury’s and Tesco all have schemes, but there are some lesser-known ones too.

We have a full list of all the supermarket loyalty schemes and reveal which will save you more money – the winner might surprise you.

If you are looking to save on your supermarket shop remember you can cut costs in other ways too.

Yellow stickered items are a great way to pick up bargains.

Usually, items are discounted twice a day, but the times do vary depending on where you shop.

Check with your local supermarket to find out the best time to go to pick up the best bargains.

Meanwhile, we have six savvy ways to save on your supermarket shop.