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£100 payment - Nationwide Fairer Share
Comments
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Sarahspangles said: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-accountsTo 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.
I am most annoyed at the misleading information from nationwide and other news sources as when I seen the headline I thought it included me .
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Sarahspangles said: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.
https://www.lbc.co.uk/news/nationwide-payment-who-gets-them/
https://www.thisismoney.co.uk/money/saving/article-12105987/12m-Nationwide-customers-miss-100.html
https://www.gbnews.com/money/nationwide-free-bonus-loyal-members-strict-rules
https://www.thesun.co.uk/money/22430906/nationwide-banking-free-cash-customers/
I think the difference is that if you are a shareholder, you get a dividend, while most members(shareholders) of Nationwide miss out so I can understand why many are unhappy.4 -
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Sarahspangles said: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-accountsTo 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.
On the plus side at least you know where you stand when you're a shareholder in a conventional company.3 -
I must admit I was a bit perturbed to read I’m a member in a ‘deeper relationship’ with Nationwide. The others are just side chicks.
Joking aside, the fact Nationwide was still a mutual was one reason I chose them when NatWest peed me off for the last time. This was just after the round of demutualisation across societies. Since then, I haven’t always had the top rates but I think they’ve been fair and I’ve always been able to get into a branch when I need to.Fashion on the Ration
2024 - 43/66 coupons used, carry forward 23
2025 - 62/891 -
Same for me...35+ years as a current account customer.Had several mortgages in the past with them - all paid off.Also have two seperate savings accounts currently with them.All my direct debits come from this current account (utilities etc)I haven't paid anything into them for a while as I'm in early retirement living off my savings until pension age.Therefore;- I don't qualify due to that last pointSo 35+ years loyalty totally disregarded.I was going to send an online message to complain but they can shove their £100 - I'm now looking to switch elsewhere & hope they ask me why - I very much doubt it as I'm not a good enough customer I guess3
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35+ years as a current account holder with past mortgages & loans all paid off on time/in full, but because I chose early retirement (thus living off my Nationwide savings accounts) and have no ingoing payments (yet many DD) I will NOT recieve this "fairer" sharer payout.I think it's fair that I switch my loyalty elsewhere for cashback if that's how they think loyaly should be returned.4
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Meanwhile the BBC report:
https://www.bbc.co.uk/news/business-65713905Britain's biggest building society has said it will increase some of its mortgage rates from Friday due to the current economic outlook.
Nationwide said rates on new fixed deals will rise by up to 0.45 percentage points.
It comes amid expectations the Bank of England will have to raise interest rates higher than previously thought.
So the mortgage holders pay more, but the savers don't earn more. I guess this is to generate the next lot of profit to give to the current account holders!
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Surprise - Nationwide have apparently raised their underlying Mortgage Rates today by up to 0.45%, in response to the BoE Base Rate Inc on 11th May and yet 15 Days later still no announcement regarding their Savings Rates when all but one of all the other mainstream Building Societies have either increased their rates already or announced increases from 1st June.
So much for ‘Member Financial Benefits’ through Better Rates ! … I wonder how much profit Nationwide makes each day whilst they drag this out, or are we going to have to wait another 4½ Months and 2 further BoE Increases, as we did from Nov 22 - April 23, before Nationwide ‘rewards’ its Savers … mind you I guess the longer they wait, the less they will have to pay out, as their disenchanted Savers withdraw their funds and move them elsewhere !
Also seems odd to me how Nationwide’s business model clearly now gives so much more weight and importance to Current Account Holders with only £33 Bn on Deposit compared to its Savers with £154 Bn that surely must be more stable and cost them far less to manage.
In fact, perhaps I have answered my own question and their level of Savings Deposits @ £154 Bn is so great and perhaps comprises of so many longer standing more traditional Building Soc Savers that they believe they are ‘Bomb Proof’ and although they may lose some, this pool is so large, even if they hack off several thousands of savers, they are confident that this will have little to no effect on their Liquidity Ratio.
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These multiple threads, two with exactly the same subject, need merging. I think we get the message.4
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