📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

£100 payment - Nationwide Fairer Share

1161719212240

Comments

  • DS_MSE
    DS_MSE Posts: 27 Forumite
    10 Posts First Anniversary

    Do Nationwide and perhaps more importantly do the Board and CEO genuinely believe that a brand new Current Account Member who they have recently attracted with a Switching Cash incentive who just happens to have £100 invested in a Flex Save Account opened at the same time as their Current Account is more valuable to the society than a Lifetime Member and their Lifetime savings ? If they do, I think they have a shock coming !


  • flaneurs_lobster
    flaneurs_lobster Posts: 6,795 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    DS_MSE said:

    Do Nationwide and perhaps more importantly do the Board and CEO genuinely believe that a brand new Current Account Member who they have recently attracted with a Switching Cash incentive who just happens to have £100 invested in a Flex Save Account opened at the same time as their Current Account is more valuable to the society than a Lifetime Member and their Lifetime savings ? If they do, I think they have a shock coming !


    I think that's exactly what they believe. What other reason can there be for their freebie distribution rationale?
  • km1500
    km1500 Posts: 2,790 Forumite
    1,000 Posts Second Anniversary Name Dropper
    I wonder how many people will just simply be annoyed and how many will make a formal complaints because obviously it is the latter that shows in their statistics
  • Sarahspangles
    Sarahspangles Posts: 3,239 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 22 May 2023 at 5:28PM
    I’ll no doubt get shot down on this but the first line of the announcement is that this is for people who bank AND borrow or save with Nationwide. Maybe I’m wrong but I suspect a majority of people just have one bank current account, and will at least consider that bank when they have money to save or need a mortgage. So if you ask them, that’s their bank. I have savings with two other institutions but they’re not my bank.
    Fashion on the Ration
    2024 - 43/66 coupons used, carry forward 23
    2025 - 62/89
  • metrobus
    metrobus Posts: 1,784 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 22 May 2023 at 5:51PM
    They have done it in a fair way, like it says it’s for ACTIVE CA holders AND savers.
    All this bleating by the people who do not meet the criteria is becoming a bit boring now. Remember no one has lost a penny.
  • Sarahspangles
    Sarahspangles Posts: 3,239 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 22 May 2023 at 6:10PM
    metrobus said:
    They have done it in a fair way, like it says it’s for ACTIVE CA holders AND savers.
    All this bleating by the people who do not meet the criteria is becoming a bit boring now. Remember no one has lost a penny.
    They aren’t the only bank or building society that’s moving back towards rewarding longer term loyalty - the YBS Loyalty Six eISA requires you to have had savings or a mortgage for at least twelve months.

    It can’t be cost effective for banks and building societies to have all these zombie accounts feeding each other money to artificially make it look like people are now customers, just to qualify for incentives. It’s like stoozing - it was legal and it was lucrative, but also it was a ‘loophole’ and in the long run it wasn't sustainable for providers.
    Fashion on the Ration
    2024 - 43/66 coupons used, carry forward 23
    2025 - 62/89
  • TheBanker
    TheBanker Posts: 2,253 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I don't think in the 'real world' there are many people switching accounts and shuffling money around each month to qualify for cashback. If you look at the switching stats as a percentage of the UK adult population, they are tiny. And of those, most will be genuine switchers who want to use the new bank's services. 

    If switching incentives weren't beneficial to the banks, they would have stopped running them. But in fact more banks have joined the party, and the incentives on offer have increased. 
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.4K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.4K Work, Benefits & Business
  • 599.7K Mortgages, Homes & Bills
  • 177.2K Life & Family
  • 258K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.