£100 payment - Nationwide Fairer Share

TheBanker

Hybrid meetings are normally a disaster. Fully online meetings are more inclusive as members from different parts of the country are more easily able to attend. If the meeting was in London I doubt there would be much representation from Scotland or Northern Ireland. 

alibean121

I'm a bit late to the boat here - I hadn't noticed this scheme until last week. I've been trying to reflect on why I would take this so personally not to be eligible for this - like most people I'm sure, I on occasion miss eligibility for offers and don't think much of it. I think it's to do with the way they've branded this payment - normally a company isn't keen to tell you so plainly that they don't value your custom.

I personally have been a savings customer since I was a child and a member my whole adult life (currently 30s). I used Nationwide for a mortgage to buy my first home last year. At March I had savings and mortgage but I've not had a current account for about 10 years - maybe if they spent a bit more of their money on sorting their online banking out, I would consider it. I'm not in a position to leave given that I've got 4 years left on my mortgage fix but honestly otherwise I would consider it.

I sent them some feedback early last week expressing how disappointed I was to feel like my membership is worth less than that of others. As I say, I find that surprisingly hurtful - not totally sure why.

I did then get a phonecall to discuss my feedback. The guy did listen to what I had to say but it was a pretty pointless call. He was polite, it obviously isn't his fault what's happened. There wasn't really any outcome from the conversation, he said he would log my feedback - something I'd already assumed would happen when I wrote to them. He was mostly keen to explain what else they've done with the other profit and big up their lacklustre Fairer Share bond. Hopefully they do reflect on the feedback they've received - I fundamentally don't think this is an acceptable way to run a building society.

boingy

alibean121 said:

 I think it's to do with the way they've branded this payment 

I think that's what has riled me too. Nationwide are big on boasting about being a mutual and doing things differently to banks and treating members fairly etc. They made a proud announcement about their first ever profit redistribution, called it "Fairer Share" then distributed it in what, to me, looks like a very unfair manner. If you strip away the warm, cosy veneer of mutuality you find a financial institution that is not offering better products than its non-mutual rivals and that has a whole raft of "non-headline" accounts still paying a paltry amount of interest. They have also been amongst the quickest to raise their mortgage rates. So mutuality has become a marketing term rather than anything real. Somewhere on these boards someone simply said "they might as well demutualise".

I know that they are aware of some unhappiness amongst their members. Whether it makes any difference to future decisions remains to be seen.

In the meantime make sure they hear your voice. Make a complaint, email the CEO, vote against the AGM resolutions.

xylophone

Plus it's much harder for angry members to heckle or boo 

or chuck rotten tomatoes at the Board of Directors.....

DS_MSE

I think Nationwide have 'Lost the Plot'
Just received an email headed 'Higher interest rates on some variable savings accounts' dated 21/06/23
Drum Roll please .... but don't hold your breath you have got to wait until the 1st July when 

1 Year Triple Access Online ISA Issue 14 will be increased by 0.10% to 3.30% 
1 Year Triple Access Online Saver Issue 15 will be increased by 0.10 % to 3.30% and 'Hold on to your Hats'
Instant Access Saver Issue 11 will also be increased by 0.10% to 1.35%

I think the Treasury Committee need to drag Debbie Crosbie in for a little chat - that is if she is still CEO after the AGM !  

boingy

1.35%
They would have been better off leaving it be and not drawing attention to it.

Debbie will still be CEO next month and beyond. She'll make a statement about how they have successfully engaged with their membership and how mutuality is stronger than ever. Then they'll put mortgage rates up for the third or fourth time in a month.

ForumUser7

DS_MSE said:

I think Nationwide have 'Lost the Plot'
Just received an email headed 'Higher interest rates on some variable savings accounts' dated 21/06/23
Drum Roll please .... but don't hold your breath you have got to wait until the 1st July and 

1 Year Triple Access Online ISA Issue 14 will be increased by 0.10% to 3.30% 
1 Year Triple Access Online Saver Issue 15 will be increased by 0.10 % to 3.30% and 'Hold on to your Hats'
Instant Access Saver Issue 11 will also be increased by 0.10% to 1.35%

I think the Treasury Committee need to drag Debbie Crosbie in for a little chat - that is if she is still CEO after the AGM !  

boingy said:

1.35%
They would have been better off leaving it be and not drawing attention to it.

Debbie will still be CEO next month and beyond. She'll make a statement about how they have successfully engaged with their membership and how mutuality is stronger than ever. Then they'll put mortgage rates up for the third or fourth time in a month.

https://www.thisismoney.co.uk/money/saving/article-12218497/Nationwide-ups-savings-rates-just-0-1.html

DS_MSE

Whilst I believe a CEO doesn't necessarily need to hold an elected seat on the board in some companies / organisations (please correct me if am wrong), if Debbie Crosbie lost her elected seat I cannot see that she would have a Mandate from its Members to remain in position as CEO by effectively losing a Vote of Confidence ? 

From my perspective Nationwide are either being Arrogant or Stupid but probably both, to announce these paltry increases the Day before the BoE is expected to raise the Base Rate again, when some of their competitors, even prior to tomorrows announcement, were already paying circa 4.00% for similar Limited Access Products, so I can't see even Savers, with a 'Deep Relationship' despite receiving their handout, remaining loyal with Rates this low. ! 

TheBanker

Obviously, Nationwide need to keep their savings rates low so they can generate enough profit to give another bonus to current account holders.

I bet the mortgage rates will go up by more than 0.1%!

DS_MSE

Nationwide vows to keep high street branches open until 2026 amid string of big bank site closures

Another Nationwide Statement - which although I have no doubt will be welcomed by those affected - has probably been timed to deflect media attention from their Paltry Savings Rate increases and justify diverting some of their vast profits into maintaining their Branch Network ...when I would have thought this sort of 'Positive Spin' announcement would have normally been kept back for the AGM.

In fact in many of the more Rural Locations they probably hold the freehold on the property - so guaranteeing to keep some of these open for 3 more years isn't perhaps the grand gesture its being made out to be.

I wonder how many more of this type of announcement will be issued on the Nationwide Corporate Media Site before the AGM ?