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£100 payment - Nationwide Fairer Share
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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.0
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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.Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning. Albert Einstein0
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alibean121 said: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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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.0 -
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.0
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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.
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
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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=5d2be221f9ce4b0c854adb2d5914b2160
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