£100 payment - Nationwide Fairer Share

ForumUser7

grumbler said:

What's going on?

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

Thanks for flagging @grumbler - not entirely sure, it worked this morning. I’ve updated my OP with a new working link.

Robin9

Sandydog said:

I've been a loyal member for 36 years.  I don't qualify.  I gave up work to be a carer. I have more than £500 going in for 2 of the qualifying months BUT because some of that is from a person with a Nationwide account it doesn't count.  I get shopping for the person I care for and am paid back by them. If they happened to bank elsewhere I would get the £100. I don't see why I am being penalised for someone else also being a loyal Nationwide customer. I'd understand if I had just moved the money around my own accounts. It's been my only current account for 36 years and all my income went into it for that whole time. 

I think you are reading this wrong. The transfer is relating to your account - eg feeding a Start to Save by transferring from your our own Flex account.

grumbler

grumbler said:

In two of the three months of January 2023, February 2023 and March 2023, you must have received at least £500 into your current account.

Hopefully, this means £500 in total. If so, good that they had 5% cashback on supermarkets recently. Only this helped me to qualify.

This probably was mentioned already, but in fact this means £500 monthly credit in two months out of three.

Between 1 January and 31 March 2023, did you pay in a minimum of £500 for at least 2 of the months?

And with my two months below £500 I don't qualify.

ForumUser7

grumbler said:

grumbler said:

In two of the three months of January 2023, February 2023 and March 2023, you must have received at least £500 into your current account.

Hopefully, this means £500 in total. If so, good that they had 5% cashback on supermarkets recently. Only this helped me to qualify.

This probably was mentioned already, but in fact this means £500 monthly credit in two months out of three.

Between 1 January and 31 March 2023, did you pay in a minimum of £500 for at least 2 of the months?

And with my two months below £500 I don't qualify.

@grumbler - do you mean it meant you need to pay in £500 in total each month for 2 out of the 3 months, or do you have to have at least one credit of greater than or equal to £500 each month for 2 out of the 3 months please? I think it is the former, but just wanted to check

grumbler

ForumUser7 said:

grumbler said:

grumbler said:

In two of the three months of January 2023, February 2023 and March 2023, you must have received at least £500 into your current account.

Hopefully, this means £500 in total. If so, good that they had 5% cashback on supermarkets recently. Only this helped me to qualify.

This probably was mentioned already, but in fact this means £500 monthly credit in two months out of three.

Between 1 January and 31 March 2023, did you pay in a minimum of £500 for at least 2 of the months?

And with my two months below £500 I don't qualify.

@grumbler - do you mean it meant you need to pay in £500 in total each month for 2 out of the 3 months, or do you have to have at least one credit of greater than or equal to £500 each month for 2 out of the 3 months please? I think it is the former, but just wanted to check

I think it's the latter: "minimum of £500 for at least 2 of the months". But it's not one credit. £500+ in total in one month and £500+ in total in another month.

In my case I have £500+ credited in March and less than £500 in Jan and Feb. And, when logging in, I don't see the precious message.

[Deleted User]

Personally I am very pleased to receive this unexpected £100 bonus. As I expected the usual crowd on here moaning and complaining! Get over it!

Ed-1

I miss out by only having 1 payment out in February and March.

I'd meet it if they included December or April...

Seems very random criteria.

TheBanker

I have to say I think this is slightly unfair.

Nationwide is not a bank, it is a mutual organisation owned by its members. It's generated profit but rather than returning that to members in an equitable way, it has created some strange criteria. I appreciate Nationwide are acting in a way that is legally sound, but it doesn't feel morally right to generate profit from one person and hand that over to another.

I have a mortgage of over £200k with Nationwide which has been there for five years. Twice I've shown loyalty by staying with them when the fixed rate ended. I also have a small savings balance and a current account. I missed out because I didn't meet the £500 deposit criteria - simply because my balance was high so I didn't need to pay in much during the qualifying months. I would imagine my mortgage makes me a profitable customer. 

Nationwide are entirely entitled to do what they have done, but I have just written a letter to let them know that I find their approach disappointing. As they clearly do not value me as a member, I have closed my savings account, reduced by current account balance to £10 (and will switch it to Lloyds I think), and told them that when my mortgage fix ends I will be moving that too. 

I expect I will not be the only member doing this. 

tyrex

[Deleted User] said:

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.

Yes, this.

Somehow I don't qualify either, despite being a FlexPlus, FlexDirect, Select card and many other savings products over many years. Only ineligible because my regular savings product expired in February and I didn't renew it until recently.

They must've gamed the criteria to match a very particular subset of customers, i.e. the ones who ignore their money and leaving it languishing in high fee or low interest accounts, rather than trying to make it work for them. Cruddy tactic.

Will certainly be mindful of this when considering Nationwide products in the future.

Maybe I don't need FlexPlus...

Section62

[Deleted User] said:

Personally I am very pleased to receive this unexpected £100 bonus. As I expected the usual crowd on here moaning and complaining! Get over it!

Easy to say when you are one of the winners.

I wonder if you'd be so unsympathetic if you had just missed out like various other forum members have done?