£100 payment - Nationwide Fairer Share

Grumpy_chap

Thanks for the information about the rules for this year's "Fairer Share" payment.

That latest post defines a "committed member" as "main personal current account, or a mortgage of at least £5k, or at least £1k in savings accounts plus at least one other product".

On that basis, given I have the savings qualification, could I meet the criteria by taking out a credit card?  Would that satisfy the "one other product"?

OR, I can open a current account and cycle the same £500 around by creating a Standing Order from Barclays every month and then a couple of Standing Orders to return it back?
How is "main personal current account" defined?
I do recall the branch cashier referencing at least two DD's.  Not sure whether that was a set criteria, and I think that was in the context of qualification for the switch bonus.

PRAISETHESUN

I missed out on this because I didn't have enough activity on my Nationwide current account. It's a bit of crystal ball gazing as to what the criteria for next year will be, but I've done something similar and have set up a few SOs to bounce money back and forth a few times a month between NW and another current account (£1k in, and then 2x £500 out). It's also possible they might move to requiring a few direct debits, similar to their switch incentive, so I'm considering setting up a few just in case since I have some spare anyway.

kaMelo

Grumpy_chap said:

Thanks for the information about the rules for this year's "Fairer Share" payment.

That latest post defines a "committed member" as "main personal current account, or a mortgage of at least £5k, or at least £1k in savings accounts plus at least one other product".

On that basis, given I have the savings qualification, could I meet the criteria by taking out a credit card?  Would that satisfy the "one other product"?

OR, I can open a current account and cycle the same £500 around by creating a Standing Order from Barclays every month and then a couple of Standing Orders to return it back?
How is "main personal current account" defined?
I do recall the branch cashier referencing at least two DD's.  Not sure whether that was a set criteria, and I think that was in the context of qualification for the switch bonus.

"Main" current account is impossible to define so I wouldn't put any weight on that.  Reading the transcript of their AGM the board were unapologetic in stating that to qualify for a fairer share payment a member needed to have a current account alongside either a qualifying savings account or mortgage. Given that I would doubt a credit card alongside a savings account would suffice for any future "fairer share" payments.

As to why the took that approach, savers and mortgage holders had benefitted to the tune of £1.1 billion whereas current account holders, who average a total £35 billion deposited with Nationwide, had not benefitted much if at all. Therefore the fairer share payment was Nationwide's method of rewarding current account holders.

On the question about current accounts, the Fairer Share payment was to acknowledge and reward our existing current account members, and it’s something that, as the Chairman has said, we hope to continue and we hope that we will be able to do that based on our financial performance. We’re also considering carefully how we attract and balance the new current account membership that we must attract and is very important to the sustainable nature of the Society. But we will consider carefully any feedback on the range of benefits that we’re currently offering our current account holders.

https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/about/have-your-say/nationwide-agm-2023-verbatim-transcript.pdf?rev=8f44439c2bfe4d2d9f9dd3d4845a6e13

The terms for the previous offer had no requirement for direct debits but did require two outbound payments if you held the FlexDirect, FlexPlus or FlexBasic current accounts.
https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/about/fairer-share/nationwide-fairer-share-payment-terms-and-conditions.pdf?rev=5d2be221f9ce4b0c854adb2d5914b216

WillPS

kaMelo said:

The terms for the previous offer had no requirement for direct debits but did require two outbound payments if you held the FlexDirect, FlexPlus or FlexBasic current accounts.
https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/about/fairer-share/nationwide-fairer-share-payment-terms-and-conditions.pdf?rev=5d2be221f9ce4b0c854adb2d5914b216

FlexAccount, not FlexPlus (which required nothing except the fee being paid).