£100 payment - Nationwide Fairer Share

wiseonesomeofthetime

As my savings interest will exceed £1k this tax year, and this "fairer share payment" is taxable, it will only be worth £80 to me, but still £80 i was not expecting.

Salinger

So I've been a Nationwide member, ie: I have held a savings account with them, for over 30 years, yet someone who has opened a current account or taken out a mortgage this year is getting a £100 reward. It is my money that has helped generate their profits over the years. Obviously all members are equal, just some a bit more equal. Surely I can't be the only saver who feels like they being are discriminated against? It is an absolute disgrace & leaves me no option but to withdraw my funds. 

huw01

Get in. Had the email off Nationwide today. I've had a flexdirect account for years, opened originally for the 5% interest on balances up to £2500 which lasted a year. Then last year I transferred a halifax reward account into it in July to get the £125 payment. 

Opened a start to save transferreing the £50 per month into it from that to see if I could bag a win (no luck on that one yet). Was thinking of switching it as it has 2 active DD's on it - did consider the co-op refer a friend £125 but I think I'll keep this little earner going in case it becomes a yearly thing. Also got around £15 in the 5% cashback on supermarket spend earlier this year.

I will keep this one going I think as it looks like Nationwide are changing their tacticts, if they drop the switching incentives then people will stay with them I suppose.

williewonder

I get £540 paid into my nationwide account every 4 weeks from my deputyship do my food shopping with my debit card. I'm happy I'm entailed to it. I also have two £10's from NW from the 5% cash back for supermarket shopping so I'm happy with nationwide and have been for 12 years now.

pridehappy

Extremely impressive from Nationwide, one of the many reasons I use them. I originally it was £100 per current account, although I was ecstatic when I discovered it was per member. That's £200 for me and my partner, for not much, and an already great service and product offer from Nationwide. Will definitely be sticking with them, and very pleased this will be coming each year (hopefully, although I'd expect so). I wish banks and some other building societies took some notice!

cheezeburger

How is this fair exactly? I have been a Nationwide Member for 20+ years but dont use the current account I have as my primary. I get NOTHING as a result.

So well done Nationwide, I wont be saving my money with you any longer. See if those you have described as "loyal" will still be saving with you next year?! Muppet outfit

Shame on MoneySavingExpert for portraying it as a fair payout. Utter joke! Are you really impartial?

fourmarks

cheezeburger said:

How is this fair exactly? I have been a Nationwide Member for 20+ years but dont use the current account I have as my primary. I get NOTHING as a result.

So well done Nationwide, I wont be saving my money with you any longer. See if those you have described as "loyal" will still be saving with you next year?! Muppet outfit

Shame on MoneySavingExpert for portraying it as a fair payout. Utter joke! Are you really impartial?

Where has MSE portrayed it as a fair pay out? If you mean the title of the thread, that's not MSE's portrayal.

HonestJohn

Nationwide hardly rewarding loyalty here. Most long term customers will lose out. Just another marketing gimmick. I'll have to settle for the £30 cashback I got. Not much for being a customer of NW (and the societies it took over) for 40 years. 

Band7

HonestJohn said:

Nationwide hardly rewarding loyalty here. Most long term customers will lose out. Just another marketing gimmick. I'll have to settle for the £30 cashback I got. Not much for being a customer of NW (and the societies it took over) for 40 years. 

How do you know that most long term customers  will lose out?

Band7

tyrex said:

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.

I doubt your theory will hold. For example, I don’t ignore my money and I don’t leave it languishing in high fee or low interest accounts.  My balance in Nationwide is a tad over £600, with £600 sat in a 5.25% AER account. I have a lot more money in non-Nationwide accounts that pay more but I am quite happy that there are sound reasons why I have the £600 in Nationwide.  I also pay £13 a month for a FlexPlus, to get insurance cover which is value for money for me. Yet I qualify.