Nationwide Fairer Share £100 payment

[AF62]

http://www.nationwide.co.uk/about-us/fa ... onditions/

Various T&Cs, but essentially if you have a current account with them you actually use and either a mortgage or savings, then they are giving you £100.

Interesting to see them doing this for existing customers and not just paying incentives to get new customers (who then just leave) as most banks do.

[Loup321]

I also received this email. It will be interesting to see whether a joint account gets two payments, or whether only one of us counts (all accounts, current, savings and recent mortgage, have been joint).

[Gerry557]

Both of you get paid if you qualify

[ADrunkenMarcus]

essentially if you have a current account with them you actually use and either a mortgage or savings, then they are giving you £100.

Indeed. My 24 years of continuously open savings accounts don't qualify!

Best wishes


Mark.

[XFool]

essentially if you have a current account with them you actually use and either a mortgage or savings, then they are giving you £100.

Indeed. My 24 years of continuously open savings accounts don't qualify!

Strange... Why would you have 24 years of continuously open savings accounts with Nationwide without a current account? I mean, for savings rates there are always going to be better rates available in smaller banks than a large, high street, mainstream Building Society.

(I can only think of one reason... but surely that bird has flown?)

[ADrunkenMarcus]

Why would you have 24 years of continuously open savings accounts with Nationwide without a current account?

I had a current account elsewhere and didn't need two.

Best wishes


Mark.

[XFool]

...But why did you have a savings account with NW for so long, without needing a current account with them?

[scottnsilky]

essentially if you have a current account with them you actually use and either a mortgage or savings, then they are giving you £100.

Indeed. My 24 years of continuously open savings accounts don't qualify!

Best wishes


Mark.

A similar position to me, but I have just a Flexaccount and a 40 year history.
It seems to me those who benefit are not the least well-off members, but those who can afford to buy a house, rather than rent, and those who can afford to put money by for the future.
Although I won't benefit from this largesse, I did get £18.88 from the cashback over the last few months, and a 5p/litre discount voucher today for spending £40 at my local store. Not quite £100, but better than nothing, which is what I'm used to from NW.
In a fit of pique, I've just moved the majority of my balance to a HL account, that'll show them my displeasure!

[XFool]

A similar position to me, but I have just a Flexaccount and a 40 year history.

Although I won't benefit from this largesse, I did get £18.88 from the cashback over the last few months, and a 5p/litre discount voucher today for spending £40 at my local store. Not quite £100, but better than nothing, which is what I'm used to from NW.

The mysteries deepen!

[scottnsilky]

Indeed. My 24 years of continuously open savings accounts don't qualify!

Best wishes


Mark.

A similar position to me, but I have just a Flexaccount and a 40 year history.
It seems to me those who benefit are not the least well-off members, but those who can afford to buy a house, rather than rent, and those who can afford to put money by for the future.
Although I won't benefit from this largesse, I did get £18.88 from the cashback over the last few months, and a 5p/litre discount voucher today for spending £40 at my local store. Not quite £100, but better than nothing, which is what I'm used to from NW.
In a fit of pique, I've just moved the majority of my balance to a HL account, that'll show them my displeasure!

Oh no, please excuse me, is this what they call a senior moment? How could I confuse Morrison's with Nationwide? Money-back/ discount offers getting the better of me.

[gpadsa]

The payment is taxable savings income. This means that it is treated in the same way as any interest you may earn on your savings account or current account. We are not required to deduct any tax from the payment, but we will report it to HM Revenue & Customs (HMRC).

What Nationwide giveth, HMRC taketh away (at your marginal rate)

Separately I can see how it would be possible to confound a Morrisons cashback scheme with the new & somewhat confusing (to me anyway) cashback scheme that Nationwide ran over the last few months

5% cashback on all Qualifying Spend made from your current account [...]Our cashback offer ended on 30 April 2023

gpadsa

[UncleEbenezer]

If Nationwide has this kind of money going spare, clearly it's ripe for carpetbagging!

More sensibly, how about instead allocating some money to:

- Better service for customers who have lost all those local agencies (we used to have one in a side-room off a local estate agents until 2009), and no longer even have an online contact form?
- More competitive interest rates for both savers and borrowers, and a reintroduction of interest on current accounts?

[XFool]

If Nationwide has this kind of money going spare, clearly it's ripe for carpetbagging!

Oh yes. Because that all went so very well last time!

All those brilliant 'stars' on our high street: Abbey National, Alliance & Leicester, Bradford & Bingley, TSB, The Woolwich (I didn't like to mention Northern Rock)

Use 'em every day?

A blast from the past: https://www.theguardian.com/business/2008/sep/29/bradfordbingley.creditcrunch

[dealtn]

If Nationwide has this kind of money going spare, clearly it's ripe for carpetbagging!

Oh yes. Because that all went so very well last time!

All those brilliant 'stars' on our high street: Abbey National, Alliance & Leicester, Bradford & Bingley, TSB, The Woolwich (I didn't like to mention Northern Rock)

Do you have access to that alternative parallel universe that can show us what the future of those institutions looks like maintaining that mutual member ownership?

[deadeyedjacks]

If Nationwide has this kind of money going spare, clearly it's ripe for carpetbagging!

- More competitive interest rates for both savers and borrowers, and a reintroduction of interest on current accounts?

They pay 5% on a current account and over 5% on a regular saver, seems competitive currently.
Their 2.5% on a easy access saver is a comparable to Virgin Money, and other established names.

[stacker512]

If Nationwide has this kind of money going spare, clearly it's ripe for carpetbagging!

- More competitive interest rates for both savers and borrowers, and a reintroduction of interest on current accounts?

They pay 5% on a current account and over 5% on a regular saver, seems competitive currently.

Not really.

The 5% is a one-off for 12 months, so ok that's worth it if you've never had that before.
But the 5.25% regular saver (https://www.nationwide.co.uk/savings/start-to-save/) is for max £50 per month! It's not worth it.

[deadeyedjacks]

They pay 5% on a current account and over 5% on a regular saver, seems competitive currently.

Not really.

The 5% is a one-off for 12 months, so ok that's worth it if you've never had that before.
But the 5.25% regular saver (https://www.nationwide.co.uk/savings/start-to-save/) is for max £50 per month! It's not worth it.

Ah yes, but you could win a draw prize as well...

The introductory offers and teasers are what brings new customers onboard, the fairer share payment is to encourage them to stay. I can see their strategy. Mrs Miggins who's had £500 sat in a savings account paying 0.1% since 1999 isn't their target.

[UncleEbenezer]

Ah yes, but you could win a draw prize as well...

The introductory offers and teasers are what brings new customers onboard, the fairer share payment is to encourage them to stay. I can see their strategy. Mrs Miggins who's had £500 sat in a savings account paying 0.1% since 1999 isn't their target.

They seem to exclude people with no regular income. Like me - until I reach state pension age!

In two of the three months of January 2023, February 2023 and March 2023, you must have received at least £500 into your current account. Transfers in from other Nationwide accounts do not count.

[stacker512]

Ah yes, but you could win a draw prize as well...

That's a bit like the premium bond debate, people say it's not worth it.

The introductory offers and teasers are what brings new customers onboard, the fairer share payment is to encourage them to stay. I can see their strategy. Mrs Miggins who's had £500 sat in a savings account paying 0.1% since 1999 isn't their target.

Not everyone will get the fairer share payment - I don't think I will since I dont have a savings or mortgage product with them (but I do have the current account with them).

[Nimrod103]

Not everyone will get the fairer share payment - I don't think I will since I dont have a savings or mortgage product with them (but I do have the current account with them).

Then it can hardly be called a fairer share payment, because it is blatantly unfair to those who only have a current account with Nationwide. No matter how much they have in their accounts.

Personally I have avoided Nationwide savings products for some time because their interest rates (ISTM) have been at the bottom end of banks/building societies.