£100 payment - Nationwide Fairer Share

TheBanker

Section62 said:

[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?

I agree with you. The key difference is that I am a member and part owner of Nationwide, not a customer. If my bank decided to give away money to certain customers, that would not bother me at all because it would be a commercial decision of the bank. And the money being given away is not mine, it is the bank's shareholders money.

Nationwide make a big thing about how they don't have shareholders. In effect their members own the society and any profit it makes. So logically the profits should be distributed in an equitable way (or, ideally, invested back into better products/rates for all customers). 

I am not disappointed because I want £100. I am disappointed that those trusted with running the society appear to have given away some of its assets in a manner which is not in the best interests of the membership as a whole. 

PegasusPJ

I'm rather annoyed with this.. It's been my main account for 25 years, I've had many savings account over the years, but did not recently because rates were poor... Had opened one in March (start to save, which you can only put £50 a month), meaning I had only £50 by end of March.. So I'm going to miss out on that! 

I was strongly leaning to switch to first direct, but I think this is going to seal it! 

Section62

TheBanker said:

I am not disappointed because I want £100. I am disappointed that those trusted with running the society appear to have given away some of its assets in a manner which is not in the best interests of the membership as a whole. 

I agree with this.  The way I see it, this money is effectively another lottery prize for those who were lucky enough to do certain things on certain dates, with a heavy skew towards members with current accounts.

Whereas I believe Nationwide members as a whole would prefer straightforward financial products that offered good value for money over the long-term.

And I say that as someone who did get the £100.  But could easily have missed out like so many others.

Rob5342

Loyalty counts for nothing these days, switch regularly to whatever is best at tha the time. I got £125 for switching my Nationwide account to Halifax which is more than I would have got if I'd stayed with Nationwide.

TheBanker

Rob5342 said:

Loyalty counts for nothing these days, switch regularly to whatever is best at tha the time. I got £125 for switching my Nationwide account to Halifax which is more than I would have got if I'd stayed with Nationwide.

Loyalty counts for nothing with banks - I am not loyal to them and I don't expect them to be loyal to me.

Nationwide, as a mutual organisation, is supposed to be different. 

ChocolateWombat

I just missed out.  Although laid in £500+ each month, and made 2 payments in one month, I only made 1 payment in the other 2 months.

Yes, terms are arbitrary. I’ve missed out and others gained.  It’s just one of those things and not worth worrying about or being cross about.  Happy for those who qualified.  It’s an added bonus.  I’m no worse off, just no better off.  Hey ho!

TheBanker

ChocolateWombat said:

I just missed out.  Although laid in £500+ each month, and made 2 payments in one month, I only made 1 payment in the other 2 months.

Yes, terms are arbitrary. I’ve missed out and others gained.  It’s just one of those things and not worth worrying about or being cross about.  Happy for those who qualified.  It’s an added bonus.  I’m no worse off, just no better off.  Hey ho!

You are actually slightly worse off, because you own part of Nationwide, which has just given away its assets to random people rather than using them for the benefit of all members. 

Ed-1

ForumUser7 said:

Eldi_Dos said:

Becles said:

Becles said:

Does anyone know what happens if you have two current accounts? 

I'm freelance so I don't get a fixed salary and get random payments throughout the month. 

In current account one, income from working has been trickling in throughout May. On the last day of May, I'll transfer it into current account two which is where my June bill payments and spending comes out of. 

Nothing gets paid from current account one and current account two is only funded by the internal transfer. 

I do have savings with them too. 

I've not had any notifications or emails.

I've been a customer for over 30 years now so it would be frustrating to lose out because of the way I budget. 

My salary current account meets the income requirement but it doesn't have any outgoing bills payments, just transfers to the other accounts.

Why would they make that a cause to be ineligible for the payment, does not seem very fair.

AFAICT, payments into nationwide current accounts from nationwide accounts are not included: 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. Transfers in from other Nationwide accounts do not count.

But, in terms of the payments out requirement, I cannot see anywhere stated in the ts and cs that transfers out of nationwide current accounts to other nationwide accounts would not count.

Payments in/out do not include "transfers in/out" (from/to other Nationwide accounts). Confirmed.

Ed-1

Robin9 said:

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.

It's not. If the payment in or out shows as a "transfer" rather than a "payment" it doesn't count.

Any payment in or out from another Nationwide account shows as a transfer.

smk77

Nothing for me. I have had a flex account and mortgage for 18 years. Over that time I have paid on average about £600 a month in mortgage repayments. 

The reason I don't qualify is that I don't use the flex account as my main current account so failed on that criteria.