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£100 payment - Nationwide Fairer Share

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  • ForumUser7
    ForumUser7 Posts: 2,523 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    edited 3 August 2023 at 4:24PM
    It most certainly didn't encourage me to keep a current account open year after year.
    It came as an unexpected bonus to the £200 switching in incentive already received.
    The £100 was very acceptable in spite of personally not really deserving it. Of course, it would have gone completely against the grain to opt out.
    I switched elsewhere soon after.
    When was this paid, I've received nothing in my Flex Plus account

    Zanderman said:
    It most certainly didn't encourage me to keep a current account open year after year.
    It came as an unexpected bonus to the £200 switching in incentive already received.
    The £100 was very acceptable in spite of personally not really deserving it. Of course, it would have gone completely against the grain to opt out.
    I switched elsewhere soon after.
    When was this paid, I've received nothing in my Flex Plus account

    Were you eligible?
    @hollie.weimeraner  https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • boingy
    boingy Posts: 1,952 Forumite
    1,000 Posts Second Anniversary Name Dropper
    jim1999 said:
    The total lack of understanding they display in those AGM minutes is pathetic, though totally unsurprising.
    I think they understand perfectly what they are doing.
  • It most certainly didn't encourage me to keep a current account open year after year.
    It came as an unexpected bonus to the £200 switching in incentive already received.
    The £100 was very acceptable in spite of personally not really deserving it. Of course, it would have gone completely against the grain to opt out.
    I switched elsewhere soon after.
    When was this paid, I've received nothing in my Flex Plus account


    To answer the specific question, very soon after the 13th June.
    As others have asked, were you eligible?
    I received an e-mail, and possibly a text message confirming eligibility, did you?
  • Grumpy_chap
    Grumpy_chap Posts: 18,673 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    So, I was not eligible for the "fairer share" as I don't have a mortgage or current account with Nationwide.  I have, though, held savings with them for many years.

    I think the way this "share dividend" was paid was totally wrong.  The basis of the Nationwide (and Building Societies in general) has always been that all Members are equal - One Member One Vote - irrespective of which Membership accounts are held or how much is on deposit / borrowed.  Essentially, each individual is the holder of one share.

    This whole "fairer share" thing creates two classes of shareholders (Members), but after the event.  Where companies have different classes of shares, at least the shareholders know whether they have preference shares or not.

    Anyway, I had to go into a branch today so I explained what I thought of the process to the Cashier who simply said "them are the rules, nothing I can do" but then continued to say that the process would be repeated next year and to guarantee being eligible I should either take out a mortgage with Nationwide or open a Current Account.  She also added if I switched a qualifying current account, they will credit £200 as well.  I don't have a qualifying current account that I can switch, so she said I can just open a current account, deposit £1 and then leave it idle and that will work.

    That seems entirely daft to me as that current account will have a cost to Nationwide and generate them nothing, but seemingly will generate me £100...  Can it be that simple?
  • Nebulous2
    Nebulous2 Posts: 5,728 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    So, I was not eligible for the "fairer share" as I don't have a mortgage or current account with Nationwide.  I have, though, held savings with them for many years.

    I think the way this "share dividend" was paid was totally wrong.  The basis of the Nationwide (and Building Societies in general) has always been that all Members are equal - One Member One Vote - irrespective of which Membership accounts are held or how much is on deposit / borrowed.  Essentially, each individual is the holder of one share.

    This whole "fairer share" thing creates two classes of shareholders (Members), but after the event.  Where companies have different classes of shares, at least the shareholders know whether they have preference shares or not.

    Anyway, I had to go into a branch today so I explained what I thought of the process to the Cashier who simply said "them are the rules, nothing I can do" but then continued to say that the process would be repeated next year and to guarantee being eligible I should either take out a mortgage with Nationwide or open a Current Account.  She also added if I switched a qualifying current account, they will credit £200 as well.  I don't have a qualifying current account that I can switch, so she said I can just open a current account, deposit £1 and then leave it idle and that will work.

    That seems entirely daft to me as that current account will have a cost to Nationwide and generate them nothing, but seemingly will generate me £100...  Can it be that simple?
    Last time you had to add £500 a month to your current account, for a specific 3 months. I added around £11k in those 3 months, but was short of £500 in one of them. I didn’t get the fairer share. 

    So a no from me, it’s unlikely to be that simple. 
  • . . . .

    Anyway, I had to go into a branch today so I explained what I thought of the process to the Cashier who simply said "them are the rules, nothing I can do" but then continued to say that the process would be repeated next year and to guarantee being eligible I should either take out a mortgage with Nationwide or open a Current Account.  She also added if I switched a qualifying current account, they will credit £200 as well.  I don't have a qualifying current account that I can switch, so she said I can just open a current account, deposit £1 and then leave it idle and that will work.

    That seems entirely daft to me as that current account will have a cost to Nationwide and generate them nothing, but seemingly will generate me £100...  Can it be that simple?
    I don't really think that a branch cashier is going to know what criteria are going to be applied in a future year, especially not a change in one of the requirements, which is what "leave it idle" would be.
  • Largs
    Largs Posts: 435 Forumite
    100 Posts Second Anniversary Name Dropper
    I am going to give it a go this year.  £500 in during January, February and March.  2 payments out each of these months and £100 in a saver.  I usually go on holiday around June so that would be a nice little bonus.
  • HonestJohn
    HonestJohn Posts: 1,217 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Largs said:
    I am going to give it a go this year.  £500 in during January, February and March.  2 payments out each of these months and £100 in a saver.  I usually go on holiday around June so that would be a nice little bonus.
    Me too, but I will start in December too make sure.
    Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning. Albert Einstein
  • friolento
    friolento Posts: 2,623 Forumite
    1,000 Posts Second Anniversary Name Dropper Photogenic
    I would bet on the criteria being pretty similar to last year mainly because "committed member" has a stated definition for Nationwide very similar to the qualifying criteria for this payment.

    Guess what, increasing numbers of committed members is a key KPI for setting director bonus...

    Interesting, I didn't know that this is a KPI for them



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