£100 payment - Nationwide Fairer Share

PloughmansLunch

Looks like I've fluffed this by a day as my Start to Save was at £100 on 1st April

King_Of_Fools

Whilst the £100 is a nice gesture, they have obviously made a lot of profit over the last year and I would rather they just increased their saving interest rates like Yorkshire have been doing.

Next year, there will be loads of people trying to guess what the eligibility rules might be and trying to milk the £100 with the minimum cost, so it will not actually be rewarding members fairly!

flaneurs_lobster

PloughmansLunch said:

Looks like I've fluffed this by a day as my Start to Save was at £100 on 1st April

  Ouch!! 

older_wiser

no message on logging in so i assume i won't qualify. 

i have two nationwide current accounts and a help to buy isa with nationwide 

the current accounts will qualify but i don't believe the help to buy isa is a cash isa is it its a hybrid 

i have a stocks and shares isa with HL so the nationwide HTB isa can't be classed the same hmmm

ForumUser7

older_wiser said:

no message on logging in so i assume i won't qualify. 

i have two nationwide current accounts and a help to buy isa with nationwide 

the current accounts will qualify but i don't believe the help to buy isa is a cash isa is it its a hybrid 

i have a stocks and shares isa with HL so the nationwide HTB isa can't be classed the same hmmm

Halifax says 'The Help to Buy: ISA is a cash ISA...' ~ https://www.halifax.co.uk/isas/cash-isas/help-to-buy-isa.html

Nationwide says they will contact eligible customers before 26th May, so if you don't hear, maybe get in contact with them.

flaneurs_lobster

King_Of_Fools said:

Whilst the £100 is a nice gesture, they have obviously made a lot of profit over the last year and I would rather they just increased their saving interest rates like Yorkshire have been doing.

Next year, there will be loads of people trying to guess what the eligibility rules might be and trying to milk the £100 with the minimum cost, so it will not actually be rewarding members fairly!

Bet it generates a large number of new current accounts being opened by people who may have missed out by only having savings or mortgage products this time, and CAs are seen as the "gateway" product that help to leverage all the more profitable stuff like loans, insurance, CCards etc.

Shrewd marketing I'd say. 

SonOfPearl

I received an email about this today. I've been a satisfied customer of Nationwide for over 20 years, and this was a very welcome surprise. My partner gets the payment too, so smiles all around at our household! 

Nebulous2

Looks like I've missed it. Very little paid in during January, over £10k in Feb, just under £400 in March! 

I used to include Nationwide in my roundrobin account funding at the beginning of the month, but stopped as I wasn't receiving any benefit from them. 

Clive_Woody

Section62 said:

ForumUser7 said:

Really impressive news from Nationwide:

Not so impressive for those members of a mutual building society who use Nationwide for the traditional role of having savings or a mortgage (only), and no current account.

Effectively this is just another reward for current account customers who have the luck to meet a complicated set of T&C's.

E.g. Everyone should note they won't get the money if they don't have a Nationwide current account on the day Nationwide decide to make the actual payment, even if they had one on the qualifying day.

Not what I'd consider a "mutual" approach.

Equally disgruntled, we have a joint Flexplus account for the various insurance products and breakdown cover, but our mortgage was paid off several years ago and I haven't bothered with their savings products as the rates were poor.

King_Of_Fools

flaneurs_lobster said:

King_Of_Fools said:

Whilst the £100 is a nice gesture, they have obviously made a lot of profit over the last year and I would rather they just increased their saving interest rates like Yorkshire have been doing.

Next year, there will be loads of people trying to guess what the eligibility rules might be and trying to milk the £100 with the minimum cost, so it will not actually be rewarding members fairly!

Bet it generates a large number of new current accounts being opened by people who may have missed out by only having savings or mortgage products this time, and CAs are seen as the "gateway" product that help to leverage all the more profitable stuff like loans, insurance, CCards etc.

Shrewd marketing I'd say. 

I agree, it will probably also generate loads of positive headlines in the press like "Nationwide to give everybody £100 free"