£100 payment - Nationwide Fairer Share

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 ?

Sarahspangles

DS_MSE said:

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.

And didn’t the other banks that have closed branches also hold some of theirs freehold? Nationwide have a policy of retaining a branch service, they’re just reaffirming that. And possibly pointing out that looking at interest rates alone isn’t relevant for every member/customer.

DS_MSE

Sarahspangles said:

DS_MSE said:

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.

And didn’t the other banks that have closed branches also hold some of theirs freehold? Nationwide have a policy of retaining a branch service, they’re just reaffirming that. And possibly pointing out that looking at interest rates alone isn’t relevant for every member/customer.

I am sure they did and appreciate that the Nationwide as a Mutual (if that is truly what they still are) have perhaps a greater responsibility than 'the banks' to maintain that service for their Members ... its just the timing of this announcement that seems odd and calculated.

Promises like this are always short term and I would have thought this to be a more genuine commitment if they had announced further investment in the 'Banking Hub' network which despite perhaps having less kudos would support both their own members and the wider community in which they are located ... but perhaps they are keeping that announcement back for another day !  

Section62

DS_MSE said:

...when I would have thought this sort of 'Positive Spin' announcement would have normally been kept back for the AGM.

All this stuff is coming out in the weeks when members are voting in the AGM - only a very small percentage (if any) are likely to vote at the AGM, therefore the positive spin messages need to be put out weeks in advance if they are to have any influence on voting.

In Local and National elections there is a period of 'purdah' in the run up to election day when there are restrictions on announcements, publicity and decisions to prevent (the perception of) attempts to influence voters.

I don't know if similar 'purdah' rules apply to building societies, but it appears not.

oldagetraveller1

Well, their £100 give away has been very well timed and paid out just before the AGM. Just saying.

I think NW are great. Received £200, last year, for switching an account to them. 1 x £8 and 2 x £10 for supermarket spend. The icing on the cake has been £100 so-called fair share.

Taken the ill gotten gains, closed the account and gone elsewhere.

Yorkshire_Pud

oldagetraveller1 said:

Well, their £100 give away has been very well timed and paid out just before the AGM. Just saying.

I think NW are great. Received £200, last year, for switching an account to them. 1 x £8 and 2 x £10 for supermarket spend. The icing on the cake has been £100 so-called fair share.

Taken the ill gotten gains, closed the account and gone elsewhere.

You obviously fit all the criteria of what Nationwide consider a deeper relationship 😂 

I have voted in the online agm. Against every single option.

I suppose 20% of the membership getting a taxable £100 sounded better than 100% of the membership getting £20 or £16 after tax 😝 

Think Nationwide itself will pay the price in years to come but the board won’t care, they are just filling their pockets with gold as they pass through yet another company.

DS_MSE

Whilst I appreciate this Thread concerns Nationwide's so called 'Fairer Share' has anyone else noticed that some smaller established Building Societies such as the Newcastle now seem to be following 'Nationwide's lead' and not adjusting their Savings Rates after every Base Rate inc

Newcastle used to be pretty good and although products like their 'Triple Access Saver' were and at 3.50%, are again now still higher than Nationwide, having only just raised their Rates to coincide with the latest BoE announcement having not increased some of their higher paying / more restricted access Rates since 24/03/23.

Clearly their prerogative and perhaps as a smaller Mutual feel they don't need to react to attract / retain deposits as much as some of their larger & newer competitors but none the less an apparently interesting change to their Rate setting strategy ?

oldagetraveller1

"You obviously fit all the criteria of what Nationwide consider a deeper relationship 😂 "

Yes, obviously. A whole 7 months relationship.

My post was intended to be a bit tongue in cheek.

I have written elsewhere on MSE that I think the way they have distributed the £100 is not fair at all, in my opinion.

Before closing the account I did vote. Like many others, against everything.

HonestJohn

oldagetraveller1 said:

"You obviously fit all the criteria of what Nationwide consider a deeper relationship 😂 "

Yes, obviously. A whole 7 months relationship.

My post was intended to be a bit tongue in cheek.

I have written elsewhere on MSE that I think the way they have distributed the £100 is not fair at all, in my opinion.

Before closing the account I did vote. Like many others, against everything.

You are the banking equivalent of a one night stand. Fair play to you Sir.