Nationwide's 'Fairer Share' £100 payment for eligible members

Costabit

Rudyson said:

Section62 said:

Rudyson said:

Dear Nationwide, Thank you very much for my totally unexpected bonus, but it appears 'No good deed goes unpunished'

Of course many people who got the payment will be happy.

Those who didn't, and some of those who did, will feel the way the money is distributed falls short of a "good deed".

As this appears to be going to be an annual thing, will those who didn't qualify this time refuse to go for it in future, or consider it a good incentive?

I wonder if Nationwide just had a few pound left in the kitty after the slightly convoluted cashback offer through Feb -Apr and have put even less thought into a one off payment ?

Section62

Rudyson said:

Section62 said:

Rudyson said:

Dear Nationwide, Thank you very much for my totally unexpected bonus, but it appears 'No good deed goes unpunished'

Of course many people who got the payment will be happy.

Those who didn't, and some of those who did, will feel the way the money is distributed falls short of a "good deed".

As this appears to be going to be an annual thing, will those who didn't qualify this time refuse to go for it in future, or consider it a good incentive?

As we probably won't know the qualifying conditions and dates until after the event again next year, what do you suggest members do to ensure they qualify for it?

And if Nationwide don't change the qualifying conditions and dates, will it be fair that new members are able to use that information to game their accounts to just qualify, whereas other members with a 'deeper relationship' still miss out?

lindabea

Although it's always nice to receive 'free' money, I'm somewhat annoyed that it is tax deductible. So the payment would be worth £80 to a basic rate tax payer.  Perhaps it should have been regarded in a similar way to the incentive payments made to current account switchers - which as I understand it is not treated as interest whereas the £100 payment is treated as interest and reported to HMRC as such..    

Albermarle

lindabea said:

Although it's always nice to receive 'free' money, I'm somewhat annoyed that it is tax deductible. So the payment would be worth £80 to a basic rate tax payer.  Perhaps it should have been regarded in a similar way to the incentive payments made to current account switchers - which as I understand it is not treated as interest whereas the £100 payment is treated as interest and reported to HMRC as such..    

So you are annoyed that you now have £80, that you were not expecting to have ?

Band7

lindabea said:

Although it's always nice to receive 'free' money, I'm somewhat annoyed that it is tax deductible. So the payment would be worth £80 to a basic rate tax payer.  Perhaps it should have been regarded in a similar way to the incentive payments made to current account switchers - which as I understand it is not treated as interest whereas the £100 payment is treated as interest and reported to HMRC as such..    

Spare a thought for the HR tax payers who will be left with £20 less than you are lucky enough to get. Not to mention the many longstanding Nationwide members who get £0 because they don't meet the eligibility criteria.

Band7

pearl123 said:

It's quite ironic they're calling it a Fairer Share. Not fair at all, that some Nationwide members are missing out. 

If all members got the same amount, there would no doubt be complaints from those who consider their membership worth more than that of some others. For example, should a member of 25 years get the same loyalty payment as the member who join 2.5 years ago?

kuratowski

I really don't mind paying tax on it, but I am a bit perplexed how it comes to be classed as interest, and not other income.

MalMonroe

SJMALBA said:

I'm surprised that they didn't specify that you had to be born under a certain star sign, on a Tuesday, between the hours of 12:00  and 18:00...! 

  

Hey! I was actually born on a Tuesday at 12.05 pm!! I'm getting a hundred squids anyway. That must be why.

Band7

kuratowski said:

I really don't mind paying tax on it, but I am a bit perplexed how it comes to be classed as interest, and not other income.

It can work in favour of those who can make use of their PSA and/or the starter savings rate. For those who can't, it doesn't matter what it's classified as, since their tax liability is the same regardless. If you belong to the latter group, enjoy that those who have less than you get a little helping hand.

MalMonroe

Well, I qualify. And I'm pleased because I'm never usually eligible for anything, anywhere. Ever. My email came today and I was - and remain - very excited about it. 

Nationwide's my only current account and I'm a pensioner who's grateful to be having more than £500 going into my current account every month. 

I'm sorry for those who don't qualify but I just think life's all swings and roundabouts. I've never been given any kind of incentive for anything and now - hey bingo. It's my turn.

Try not to be so sour-grapey. . . I'm sure good things will happen to everyone, soon!