£100 payment - Nationwide Fairer Share

Sarahspangles

I’m sure some people are going to miss out because anything broad brush will always miss a few bits.  But if the brief was ‘find people who aren’t gaming the switching incentives, who simply bank with us and save with us, and share some of our profits with them’ then they’ve met the brief.

fourmarks

Are there any other exclusions?

Yes, 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.
• We are notified of your death.

I'm pretty sure that a number of posters on here would be more annoyed at missing out on the £100 than they would be by having suddenly becoming deceased.

The celestial ombudsman would be hit with a veritable tsunami of complaints.

MalMonroe

Stuart2009 said:

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. 

"It's also worth noting that if you close your account before the £100 is paid, you won't be eligible to receive it, as Nationwide says it won't make the payment any other way."

From this link - https://www.moneysavingexpert.com/news/2023/05/nationwide-fairer-share-100-to-customers/

*Edited to add :  "Your account must have been open on 31 March 2023".

[Deleted User]

Sarahspangles said:

I’m sure some people are going to miss out because anything broad brush will always miss a few bits.  But if the brief was ‘find people who aren’t gaming the switching incentives, who simply bank with us and save with us, and share some of our profits with them’ then they’ve met the brief.

This isn't a bank with customers; this is mutual organisation that is effectively giving some of it's owners a £100 ex-gratia payment and some of it's owners zero.

A truly bizarre operating model.

Section62

fourmarks said:

Are there any other exclusions?

Yes, 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.
• We are notified of your death.

I'm pretty sure that a number of posters on here would be more annoyed at missing out on the £100 than they would be by having suddenly becoming deceased.

The celestial ombudsman would be hit with a veritable tsunami of complaints.

But think of the optics of denying the estate of a deceased person their £100 because they died the day before the payment was scheduled to be paid.

I wonder if Nationwide will go as far as attempting to claw back payments made in error to dead people?

blagoslovljena

Does anybody know whether this would count as ‘other income’ for child tax credit purposes?

Savings interest does, but this payment is a random one-off thing, so I’m not sure…

fourmarks

Section62 said:

But think of the optics of denying the estate of a deceased person their £100 because they died the day before the payment was scheduled to be paid.

I wonder if Nationwide will go as far as attempting to claw back payments made in error to dead people?

Easy to find out. All we need is a volunteer.

MSE_Petar

MalMonroe said:

Stuart2009 said:

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. 

"It's also worth noting that if you close your account before the £100 is paid, you won't be eligible to receive it, as Nationwide says it won't make the payment any other way."

From this link - https://www.moneysavingexpert.com/news/2023/05/nationwide-fairer-share-100-to-customers/

*Edited to add :  "Your account must have been open on 31 March 2023".

I've just updated that section of the story to clarify that the exclusion only applies where you close your account and you don't have another Nationwide current account (as set out in the terms flagged by Stuart2009).

*Edited to add: I can't comment on whether Stuart2009 will definitely get the reward given their circumstances - it's best to check that with Nationwide directly.

Section62

Sarahspangles said:

I’m sure some people are going to miss out because anything broad brush will always miss a few bits.  But if the brief was ‘find people who aren’t gaming the switching incentives, who simply bank with us and save with us, and share some of our profits with them’ then they’ve met the brief.

If you switched into a FlexAccount, FlexDirect or FlexBasic account between 1 January 2023 and 31 March 2023 you get a free pass on the deposit and spending criteria.

So they haven't managed to avoid giving people who are gaming the switching incentives a bit of a helping hand to an additional £100.

grumbler

What's going on?

The first link in the OP doesn't work anymore: