£100 payment - Nationwide Fairer Share

castle96

Roll on demutualisation. I am still a carpetbagger on NW

TheBanker

freesha said:

TheBanker said:

wiseonesomeofthetime said:

I wonder how many of the posters who have said that they will leave Nationwide,due to this scheme, actually will 🤔

After all, to still be with them in the first place suggests an affinity to the society imo 🤝

I am fortunate enough to be receiving this payout, however, by no stretch of the imagination can Nationwide be deemed my "main account". I have double digits of current accounts and savings accounts, each with their own definitive purpose 🤷‍♂️

Had it not been for the supermarket spend promotion, I would have missed out due not meeting spend criteria 🛒

Will be interesting to see what retrospective criteria will be used in any future "Fairer Share" payouts 💷

I cannot really leave until mid 2025, as I have a fixed rate mortgage. I assume there are savers with fixed rate products in a similar position. Until then I've shown my protest by withdrawing all but 1p from my current and savings accounts. 

That'll show 'em!

It won't. But it made me feel better!

Searcher2

wiseonesomeofthetime said:

I wonder how many of the posters who have said that they will leave Nationwide,due to this scheme, actually will 🤔

After all, to still be with them in the first place suggests an affinity to the society imo 🤝

I won't leave Nationwide.  Instead I will move all of my money out of my "Loyalty Saver" account and leave minimal money in my Flex account.  I should have done it anyway and would have probably made more than the £100 in extra interest elsewhere.... So this has given me the incentive I needed to go elsewhere. 

I opened a Chase account (current and savings) a while back and am finding that I use that a lot more than I thought I would.  The FlexPlus that Nationwide offer is geared to families and not single people like myself for whom there is no benefit and the standard Flex account offers nothing (apart from the recent supermarket cashback).

HonestJohn

I will move anything above the mininum savings needed to qualify next year. Current account will be empty. When the time comes I will move the necessary funds in and out. I will make one transaction on my credit card to keep it active.

Contador38

People should ensure they leave enough in their accounts to be eligible to vote at the next AGM.
Last year AGM was in July 22.
If a large proportion of the unhappy members vote against all the Board's proposals, it would be a 'first' in the Societuy's history.

SpanishBlue

HonestJohn said:

I will move anything above the mininum savings needed to qualify next year. Current account will be empty. When the time comes I will move the necessary funds in and out. I will make one transaction on my credit card to keep it active.

But they might have different criteria next year.

In fact after the bad publicity they have had over this, I'll be surprised if they don't.

GaleSF63

@kaMelo - that sounds good. Whatever I'm thinking of vaguely was something to do with opening/closing  accounts. They probably  won't change anything while  I'm still around though.
I will get the £100 but it's more to do with laziness than loyalty where savings are concerned as I've never put any effort into chasing round after interest rates.

HonestJohn

SpanishBlue said:

HonestJohn said:

I will move anything above the mininum savings needed to qualify next year. Current account will be empty. When the time comes I will move the necessary funds in and out. I will make one transaction on my credit card to keep it active.

But they might have different criteria next year.

In fact after the bad publicity they have had over this, I'll be surprised if they don't.

Yes, I agree. I will have to take that into account.

King_Of_Fools

SpanishBlue said:

HonestJohn said:

I will move anything above the mininum savings needed to qualify next year. Current account will be empty. When the time comes I will move the necessary funds in and out. I will make one transaction on my credit card to keep it active.

But they might have different criteria next year.

That is the biggest thing that makes this a lottery. You only find out the criteria after it is too late to do anything.
If they published the criteria beforehand then people can choose whether they want to earn the £100 or not. But as it is, there is an element of luck as to whether you will qualify next year.
In fact, if they actually marketed it as a "Loyalty Lottery" then it might not be taxable!

Personally, I would rather they just gave everybody 0.1% more interest on their savings but that would not get them all the free press headlines!  

Sarahspangles

There was a bit in the Guardian which suggests they are planning to do this annually.

https://www.theguardian.com/business/2023/may/19/nationwide-to-pay-340m-of-profits-directly-into-customers-accounts

To be eligible, members must use Nationwide as their main current account and have one other product – either a savings account or a mortgage – with a minimum £100 balance.

I understand not everyone thinks the criteria are fair but I haven’t seen any bad press so far and people who have their current account with another bank can get a similar dividend by becoming a shareholder.