Nationwide loyalty payments 2024

[Gerry557]

OK they call it The Nationwide Fairer Share Payment 2024. Anyway it's back on for another £100 if you qualify.

https://www.nationwide.co.uk/about-us/f ... onditions/

Last year I advised someone to be disloyal in the hope of getting the payment as they didn't qualify as they used Nationwide for their savings ironically.

[y0rkiebar]

Received an Email this morning telling me that I'm due to get the £100.

[Gerry557]

Just checked my email and I have been given the nod too.

We will be sending payments between 13 and 28 June 2024.

If you don’t want to receive the payment for any reason, please let us know by calling 0330 1239 734 by 11 June 2024.

Or just PM me so I can arrange for you to give it to me instead.

I wonder if there will be lots of unhappy customers this year again?

[mutantpoodle]

[quote="Gerry557"]J

If you don’t want to receive the payment for any reason, please let us know by calling 0330 1239 734 by 11 June 2024.


I wonder if you will be kept on hold hearing about the ''unusually high volume of calls, but your call is important to us''????????

[stevensfo]

J

If you don’t want to receive the payment for any reason, please let us know by calling 0330 1239 734 by 11 June 2024.


I wonder if you will be kept on hold hearing about the ''unusually high volume of calls, but your call is important to us''????????

Why on earth can't this be done via simple email or login to account?


Steve

[Gerry557]

J

If you don’t want to receive the payment for any reason, please let us know by calling 0330 1239 734 by 11 June 2024.


I wonder if you will be kept on hold hearing about the ''unusually high volume of calls, but your call is important to us''????????

Maybe they could match those complaining they didnt get it with those that dont want it

[Gerry557]

Well my advice worked. Although they didnt get the email saying so but in the app. So by moving their savings away from Nationwide they now qualify as a loyal customer Additionally the higher saving rate at the other provider covered the loss of not getting the £100. So this year it will be double bubble for them.

[bots33]

Isn't this prejudicial? Transferring one members interest to other members, based on historic qualifying criteria, without the permission of that member? I assume there are no differences in membership rights at Nationwide. And this surely adversely impacts those Nationwide members who cannot afford to deposit £500 a month into their current account and also hold £100 in savings.

Surely the equitable remedy is to distribute any bonus equally to all members, based on their membership of Nationwide across the bonus period, not on an arbitrary product mix and balances.

[Dicky99]

Why on earth can't this be done via simple email or login to account?


Steve

Because no-one will do it?

[Dicky99]

I've had a savings account with nationwide for decades. It has less than 10k in it now but there were many times when it had substantially more than that in it.
Until about 5 years ago I also had a mortgage with Nationwide.
I won't qualify and because I feel p*ssed off about that I'm gonna withdraw all but £10 and move my savings elsewhere. Had there not been any bonus I'd have maintained the status quo indefinitely.

Hopefully there will be an admin charge to Nationwide in retaining a £10 balance even if it's just sending me an occasional letter

[chas49]

I've had a savings account with nationwide for decades. It has less than 10k in it now but there were many times when it had substantially more than that in it.
Until about 5 years ago I also had a mortgage with Nationwide.
I won't qualify and because I feel p*ssed off about that I'm gonna withdraw all but £10 and move my savings elsewhere. Had there not been any bonus I'd have maintained the status quo indefinitely.

Hopefully there will be an admin charge to Nationwide in retaining a £10 balance even if it's just sending me an occasional letter

The T&Cs say

You will have had qualifying savings if you had at least £100 in total in one or more personal savings accounts or cash ISAs with Nationwide at the end of any day in March 2024.

So it rather sounds as if you do qualify?

[Gerry557]

I've had a savings account with nationwide for decades. It has less than 10k in it now but there were many times when it had substantially more than that in it.
Until about 5 years ago I also had a mortgage with Nationwide.
I won't qualify and because I feel p*ssed off about that I'm gonna withdraw all but £10 and move my savings elsewhere. Had there not been any bonus I'd have maintained the status quo indefinitely.

Hopefully there will be an admin charge to Nationwide in retaining a £10 balance even if it's just sending me an occasional letter

The T&Cs say

You will have had qualifying savings if you had at least £100 in total in one or more personal savings accounts or cash ISAs with Nationwide at the end of any day in March 2024.

So it rather sounds as if you do qualify?

You also need a current account or mortgage account which also have conditions so probably not.

In the case I advised who didn't qualify the income into the current account was from a nationwide account. They moved their savings to another provider, (got more interest) and now qualify as the current account now receives funds from outside of the nationwide. They have also kept some nationwide savings to qualify.

It's gaming the system but it's nationwide that created it that way. Maybe if they had better rates to begin with they wouldn't need this scheme. They upset lots of customers last year and some this time by the look of it.

[Dicky99]

The T&Cs say



So it rather sounds as if you do qualify?

You also need a current account or mortgage account which also have conditions so probably not.

In the case I advised who didn't qualify the income into the current account was from a nationwide account. They moved their savings to another provider, (got more interest) and now qualify as the current account now receives funds from outside of the nationwide. They have also kept some nationwide savings to qualify.

It's gaming the system but it's nationwide that created it that way. Maybe if they had better rates to begin with they wouldn't need this scheme. They upset lots of customers last year and some this time by the look of it.

Strikes me as a misnomer. The term loyalty suggests an extended time dimension whereas in this case loyalty is not a requirement to be rewarded and actual loyalty is not necessarily rewarded.

[pochisoldi]

The way I see it it's £100 for meeting some minimal requirements used to evidence an ongoing relationship.

In the first 3 months of this year (the qualifying period), I had a current account which has £750 rotated in and out (done on the basis that a credit of £750/month was the trigger for the now ceased free travel insurance, and access to other "existing customer only" products). (box ticked)
The money rotation thing is a small part of rotating money around for other providers that like to see money going in (even if it goes straight out again)

I opened a regular saver account (8% - not too shabby) last year.

The only other "extra" thing done was to leave £10 behind for a couple of months and use the card for a couple of small transactions. Box ticked.

On the back of a fag packet, I reckon that this has required no more than 6 minutes of my time, and the mental stress of remembering to use the debit card instead of the credit card for a couple of transactions (CC cashback lost: <15p)

So that's £99.85 for 6 minutes work...

[Dicky99]

Thing is I don't need £100 but it's irritated me enough to send Nationwide Customer Services the following email today :-

There is much in the financial press describing your Fair Share scheme as a loyalty bonus.

I’ve been a loyal savings customer with Nationwide for around 30 years, it could be more and, until recently paying it off, I had my mortgage with Nationwide. The home contents insurance on that mortgaged property was also with Nationwide for the last 26 years. That is loyalty, but I’m not eligible for a “fair” share this time just as I wasn’t eligible last time. That’s because the criteria have nothing to do with loyalty.

I can’t help but be irritated by the references to loyalty, sharing, fairness, bonus etc when someone who’s been a “member” for a couple of months and has made the correct number of token transactions can share in the financial good fortunes of Nationwide while customers of long standing get nowt.

Loyalty has a time dimension. Fairness is defined as without favouritism or discrimination. Your scheme represents neither. It’s surely nothing more than a thinly veiled carpet bagging scheme to entice speculative new customers.

[Gerry557]

I read that only 3.85m of the 16m members are eligible.

I could advise them on changes to gain a fair share payment but then I will only get £25

[Dicky99]

I read that only 3.85m of the 16m members are eligible.

Yeah it had occurred to me that the only way to get the full media fanfare whilst also being able to afford it was to make sure not many people get it.

[Gerry557]

I went back to the initial 2023 announcement......

Nationwide Building Society is continuing to reinvest its profit for the benefit of its members as the mutual launches Nationwide Fairer Share – a new reward for members with the deepest relationships.

So it not loyalty, probably a term used by the media, but how deep in you are.

Whilst I can see the merit of trying to involve active members rather than carpetbaggers I can understand why someone who has managed to pay off a 25 year mortgage feels hard done by when they don't get the payment after many decades with Nationwide.