£100 payment - Nationwide Fairer Share

Bridlington1

ShezaEU said:

I am otherwise eligible for this payment - but in April 2023 I switched my current account via the Switch Guarantee, so as of May 2023 I have no Nationwide current account.

So, I met all of the eligibility criteria (am still a member) - I had the account in March 2023, paid the money in, etc. They wrote to me to tell me I am eligible.

As far as I can see, there is nothing stopping me from opening a new current account with Nationwide solely to receive the £100, as long as I do this before the payment date in June. I cannot see anything in the T&Cs that suggests that I will not get the money - to qualify I needed an account as of March 2023, and nothing says the account it is paid into needs to be the same - it just says it will be paid into any of my Nationwide current accounts.

Am I wrong? Can you show me why?

I can't see any harm in opening a new Nationwide current account. At best you'll get £100, at worst you'll have a spare current account in case Naionwide offer something like their 5% cashback on supermarket shopping again.

Maiziex

I’ve had the email/message on my online banking but nothing for hubby. 

We have a joint nationwide current account as our main account and a couple of joint savings accounts. Wonder if we would have qualified for the £100 payment each if we had separate savings? 

Gemigem

[Deleted User] said:

Sarahspangles said:

I’m sure some people are going to miss out because anything broad brush will always miss a few bits.  But if the brief was ‘find people who aren’t gaming the switching incentives, who simply bank with us and save with us, and share some of our profits with them’ then they’ve met the brief.

This isn't a bank with customers; this is mutual organisation that is effectively giving some of it's owners a £100 ex-gratia payment and some of it's owners zero.

A truly bizarre operating model.

I agree, as I will miss out as don't have a current account with them, but have been a saver for 40 years, despite really poor interest rates in recent years.   Nationwide obviously not valuing my custom. 

inkydolphin

ShezaEU said:

I am otherwise eligible for this payment - but in April 2023 I switched my current account via the Switch Guarantee, so as of May 2023 I have no Nationwide current account.

So, I met all of the eligibility criteria (am still a member) - I had the account in March 2023, paid the money in, etc. They wrote to me to tell me I am eligible.

As far as I can see, there is nothing stopping me from opening a new current account with Nationwide solely to receive the £100, as long as I do this before the payment date in June. I cannot see anything in the T&Cs that suggests that I will not get the money - to qualify I needed an account as of March 2023, and nothing says the account it is paid into needs to be the same - it just says it will be paid into any of my Nationwide current accounts.

Am I wrong? Can you show me why?

I think you are right - it's specifically addressed in the T&Cs: "... you will not be eligible to receive the payment if any of the following apply: You do not have a current account with us on the day we are due to make the payment. For this purpose, the Nationwide current account does not need to be a qualifying current account."

35har1old

ShezaEU said:

I am otherwise eligible for this payment - but in April 2023 I switched my current account via the Switch Guarantee, so as of May 2023 I have no Nationwide current account.

So, I met all of the eligibility criteria (am still a member) - I had the account in March 2023, paid the money in, etc. They wrote to me to tell me I am eligible.

As far as I can see, there is nothing stopping me from opening a new current account with Nationwide solely to receive the £100, as long as I do this before the payment date in June. I cannot see anything in the T&Cs that suggests that I will not get the money - to qualify I needed an account as of March 2023, and nothing says the account it is paid into needs to be the same - it just says it will be paid into any of my Nationwide current accounts.

Am I wrong? Can you show me why?

You are correct

GalacticaActual

I received notification by email, via the app and also internet banking, which was very welcome news.

I have received a letter through the post this morning advising same, with a QR code to scan to find out more.

HonestJohn

GalacticaActual said:

I received notification by email, via the app and also internet banking, which was very welcome news.

I have received a letter through the post this morning advising same, with a QR code to scan to find out more.

It amazes me how much money NW waste sending confirmation letters.

DS_MSE

Both myself and my wife have been Savings Members of Nationwide for over 30 Years and had previously always thought that they were one of very few financial brands an organisations that you could trust to reward and treat all of its members fairly but they have now clearly and intentionally decided to break that trust in one stroke, alienating over ¾ of their loyal savings members, by excluding them from their ‘Fairer Shares’ Profit Distribution Scheme. 

As the UK’s largest Mutual Building Society - with reported assets greater than all the other 40+ UK Building Societies combined, perhaps they have now grown too big and think they are untouchable - exhibiting behaviour more akin to the large Clearing Banks ?

I wonder how much profit Nationwide would make or whether they would even survive the resulting reduction in Liquidity, if even a good proportion of those same 12.6M loyal Savings Members that have now been treated so badly and excluded from this so called ‘Profit Distribution Scheme’, voted with their feet or clicks the of a their ‘mice’ and withdrew all their savings ?

I suspect this ill thought out and unfair decision has more to do with the Nationwide’s desire to make a grand gesture, all be it with limited cost (at only around 15.5% of their Pre-Tax Profit which makes me wonder what’s happening to the rest ?) and little effort or additional cost to the Society, by only paying this out to active qualifying Current Account holders, since many of their Savings Products are still being issued and run on their outdated ‘Unisys’ Banking IT Platform (using Roll Nos rather than Sort Codes & Account Nos) that perhaps, currently makes it more difficult for them to make one off payments, direct to members outside, of their savings portfolio, where a Member doesn’t hold a Nationwide current account.

In fact this latest ‘Fairer Share’ scheme smacks of being yet another headline grabbing promotional exercise similar to Nationwide’s much advertised £100M Supermarket Cashback Scheme back in Feb which, although at first sight, may have appeared to be very laudable, perhaps in truth delivered far less tangible benefit to individuals (with a max pay out of only £20 for each qualifying  card holder)  but still provided Nationwide with the perceived kudos of being an ‘honourable’ financial organisation, helping those in need.

What is evident and borne out by fact is that Nationwide went from being a market leading savings product  providers in 2022 to dragging its feet, where in the 4½ Months from -18th Nov 22 - 1st Apr 23 it was one, if not the only, mainstream Building Society that failed to raise many of their savings products despite 3x intervening BoE Base Rate increases totalling 1.50% that left them paying at least 0.5% less than some of their competitors comparable products, that no doubt, also contributed to the vast profits that Nationwide are now reporting.

Whilst individual members can effectively now only challenge this decision and show their disgust by withdrawing their funds and investing elsewhere, I think all savings Members should be questioning Nationwide’s motives and policy change, since I suspect a significant number of all Nationwide’s 16M Savers lost a lot more in through lower interest rates than the £100 they are now dishing out to its chosen, select but limited, group of members ! …

… and finally having effectively now been classified by Nationwide as a second class - less valued Member of the society, perhaps all of us who have been excluded from the current ‘Fairer Share’ distribution should be questioning how this has come about and been approved by the Board when we are still all under the Societies own Rules classified as Members and as such Nationwide are 'graciously' allowing even those of us who are ‘excluded second class members’ to invest in their new 'Fairer Share Bond'  ! … me thinks not. 

veggieblob

ShezaEU said:

I am otherwise eligible for this payment - but in April 2023 I switched my current account via the Switch Guarantee, so as of May 2023 I have no Nationwide current account.

So, I met all of the eligibility criteria (am still a member) - I had the account in March 2023, paid the money in, etc. They wrote to me to tell me I am eligible.

As far as I can see, there is nothing stopping me from opening a new current account with Nationwide solely to receive the £100, as long as I do this before the payment date in June. I cannot see anything in the T&Cs that suggests that I will not get the money - to qualify I needed an account as of March 2023, and nothing says the account it is paid into needs to be the same - it just says it will be paid into any of my Nationwide current accounts.

Am I wrong? Can you show me why?

I'm in the same boat and opened a new CA last week (I had retained the RS) and it was instant.  I am still receiving the £100 message online and in the app, so hopeful.

Safepak1

Its incredible. 35 yrs a current account customer who has had 2 Nationwide mortgages paid in full..wife a customer, 2 kids who both have Nwide savings started by me as childrens bonds etc, Nwide Credit Card holder and yet im not loyal enough for the £100.00....its incredible. Divisive. I will be off to another bank who will.give me £200.00 just to join them