£100 payment - Nationwide Fairer Share

andyhicks88

My guess is if they are doing this they won't do any switching bonuses again.  But if this is going to be a yearly thing that might be a switching incentive in itself?

I switched away from them a couple of years ago then missed theor recentish switching incentive to switch back, but if this will be a yearly thing?  I might switch back as it also has the bonus of being one of the only banks with a branch in my area too which is a plus.

flaneurs_lobster

Section62 said:

We aren't allowed to talk about it, but I know more equitable methods were suggested to Nationwide before the final scheme was announced.

Who are "we" and why are you unable to discuss it and in what way were the dismissed options "more equitable"?

CSH1

I won't qualify because I haven't received the £500 from outside Nationwide, for the supermarket shopping 5%, I moved most of the money internally.

Section62

flaneurs_lobster said:

Section62 said:

We aren't allowed to talk about it, but I know more equitable methods were suggested to Nationwide before the final scheme was announced.

Who are "we" and why are you unable to discuss it and in what way were the dismissed options "more equitable"?

https://www.nationwide.co.uk/about-us/have-your-say/connect-community/

ForumUser7

King_Of_Fools said:

flaneurs_lobster said:

King_Of_Fools said:

Whilst the £100 is a nice gesture, they have obviously made a lot of profit over the last year and I would rather they just increased their saving interest rates like Yorkshire have been doing.

Next year, there will be loads of people trying to guess what the eligibility rules might be and trying to milk the £100 with the minimum cost, so it will not actually be rewarding members fairly!

Bet it generates a large number of new current accounts being opened by people who may have missed out by only having savings or mortgage products this time, and CAs are seen as the "gateway" product that help to leverage all the more profitable stuff like loans, insurance, CCards etc.

Shrewd marketing I'd say. 

I agree, it will probably also generate loads of positive headlines in the press like "Nationwide to give everybody £100 free" 

You called it first! 🏅

https://www.express.co.uk/finance/personalfinance/1772111/nationwide-fairer-share-payment-savings-account

GibbsRule_No3.

I am assuming I qualify, not had anything from them yet and nothing when I log in.  I have a savings account and pensions/pay get paid in every month to my FlexAccount.  Very glad I switched for the £200 plus the 2 x £10 already received, despite M&S not being on their list and now, fingers crossed, another £100, I got nothing from CoOp bank in over 15 years and their savings account paid nothing for most years. Shame if they don’t make the switch offer again, as my sister would like to switch, mainly because they actually have branches everywhere near us, unlike other banks and building societies who keep closing.

email arrived confirming I will get the £100 unless I don’t want it!!!

Stuart2009

I've received notification that I qualify. Hurrah. But I'm switching away and that's due to complete next week. My Regular Saver (Start to Save Issue 2) should remain and I intend to open a new current account. On that basis I should not fall within:

"...you will not be eligible to receive the payment if any of the following apply: • You do not have a current account with us on the day we are due to make the payment. For this purpose, the Nationwide current account does not need to be a qualifying current account..."

I won't have the same current account which was the Qualifying Current Account, but I will have a current account when they are due to make the payment. 

Do you agree? 

Thanks in advance. 

WillPS

flaneurs_lobster said:

WillPS said:

Seems like a very inequitable way of sharing profits tbh. I don't mind not receiving anything because I haven't used the accounts in any real sense since they withdrew the free travel insurance, but it puts me off using them for anything because I might not meet a mystery set of conditions which will only be revealed after the fact.

Please suggest a more equitable profit share method. Maybe they'll take it up next year.

• Interest bonus on average daily balance for the past year
  
• Per 'active product per month' bonus (limited at 1 of each type)
• % of card spend (with a cap)

etc etc, perhaps a mixture of the above with an overall cap.

EssexHebridean

SonOfPearl said:

I received an email about this today. I've been a satisfied customer of Nationwide for over 20 years, and this was a very welcome surprise. My partner gets the payment too, so smiles all around at our household! 

Same here except switch 35 years for your 20. I’ve swapped and changed with our joint account and savings accounts in that time, but have always maintained my personal main current account with them, and some savings, and been generally happy with their service. Theoretically if they ever went PLC I’d be entitled to the windfall from that too, although I’d sooner they stayed as a mutual!  I’ll define how your welcome surprise on it though - Mr EH thought it must be a scam at first! 😁

ceetee03

Does anyone know if I have £20k in a fixed saver if that qualifies? Thanks