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

Albermarle

John464 said:

What would have been fair would have been giving better interest rates to everyone like they used to do
How much are we paying the CEO to dream this one up?

Compared to other big players/banks in the market, some of their current savings rates are pretty good, although not as high of course of some much smaller players, who do not have to pay for branches etc 

They used to say their interest rates would not be top of the market but would be consistently 'good' .This has not happened in recent years, but more recently they seem to be getting back on track with good if not the best rates, for some products anyway.

Also the only bank/BS left in our town with a branch, after 5 others closed.

ljayljay

Albermarle said:

John464 said:

What would have been fair would have been giving better interest rates to everyone like they used to do
How much are we paying the CEO to dream this one up?

Compared to other big players/banks in the market, some of their current savings rates are pretty good, although not as high of course of some much smaller players, who do not have to pay for branches etc 

They used to say their interest rates would not be top of the market but would be consistently 'good' .This has not happened in recent years, but more recently they seem to be getting back on track with good if not the best rates, for some products anyway.

Also the only bank/BS left in our town with a branch, after 5 others closed.

Whilst I agree with what you say they could add the hundreds of millions spent on paying for gimmicks on even higher interest & better mortgage deals. For random bonuses, supermarket cashback, premium style winnings there is already plenty of alternatives...ie cashback cards, numerous lotteries, premium bonds etc. I have had a Nationwide account for over 40 years since leaving school & expect it to concentrate more on its core business to help throughout your life i e. Savings & Mortgages.

A few years back I moved all my ISA's because the rates were appalling although I accept savings rates have become more competitive over the last year or so.

artyboy

Well I've been a member for 35 years but because no current account (as it's in the wife's name only), my savings accounts don't qualify. I can imagine quite a lot of long-standing members getting pretty hacked off, especially with a name like "fairer share"

TheBanker

BikingBud said:

Is it unfair that I have not received a bonus from FD for transferring my account? But I do not meet the stipulated conditions. And apparently I cannot unless they change them.

Is it unfair that my wife has not received a bonus from FD she also doesn't meet the stipulated conditions?

Is it unfair that the circling vultures spoil and kick the !!!!!! out of many of these schemes so that the organisations put in place very stringent and ever more complex conditions? And only advise the required actions and period of effectiveness after the event. 

The financial organisations make a decision, commercial or otherwise, and feel that distributing some cash to some people who meet their designation of loyal and committed customers is fair.  

Some customers may feel it fair, some may feel lucky, others may consider it unfair, so what, life can be sometimes. Don't worry, you have not lost anything, stop bleating. Move on.

Big difference. You are a customer of First Direct. You're a member (owner) of Nationwide.

What this promotion has done is take assets owned by the members as a whole, and given them to just some of the members based on arbitrary criteria.

I expect First Direct to act in the best interests of HSBC UK plc. I expect Nationwide to act in the best interests of their members as a whole.

The other difference is Girst Direct publish the terms and conditions in advance, not three monts after it's too late to qualify.

Albermarle

ljayljay said:

Albermarle said:

John464 said:

What would have been fair would have been giving better interest rates to everyone like they used to do
How much are we paying the CEO to dream this one up?

Compared to other big players/banks in the market, some of their current savings rates are pretty good, although not as high of course of some much smaller players, who do not have to pay for branches etc 

They used to say their interest rates would not be top of the market but would be consistently 'good' .This has not happened in recent years, but more recently they seem to be getting back on track with good if not the best rates, for some products anyway.

Also the only bank/BS left in our town with a branch, after 5 others closed.

Whilst I agree with what you say they could add the hundreds of millions spent on paying for gimmicks on even higher interest & better mortgage deals. For random bonuses, supermarket cashback, premium style winnings there is already plenty of alternatives...ie cashback cards, numerous lotteries, premium bonds etc. I have had a Nationwide account for over 40 years since leaving school & expect it to concentrate more on its core business to help throughout your life i e. Savings & Mortgages.

A few years back I moved all my ISA's because the rates were appalling although I accept savings rates have become more competitive over the last year or so.

I also moved nearly all savings out of Nationwide ( used to have nearly the £85K limit) and you are right the gimmicks, prizes etc do jar a bit. However kept the current account and have recently put some savings back with them.
It is still handy having a local branch, even if the only thing I have done recently is hand in some old Pound coins ! A family member also with them, had an unusual  problem that was easier to sort out face to face as well. 

moneysaver

Nationwide terms "Plus, you must have made at least two payments out of your account each month, in two of those three months."

What is the definition of payments?  I have been using a debit card for spending, would this qualify as payments?

Moneysaver

Section62

BikingBud said:

Is it unfair that I have not received a bonus from FD for transferring my account? But I do not meet the stipulated conditions. And apparently I cannot unless they change them.

You knew what the conditions were before you switched your account.  You didn't meet them. Thus it is your fault for either not understanding the offer, or failing to do the things expected of you.

Nationwide's scheme didn't have the T&C's published until after the event.  People have missed out not through their own error or misunderstanding, but simply by chance.

If you don't get the difference you shouldn't really be accusing other people of "bleating".

Freebird53

It's a disgrace.

ljayljay

BikingBud said:

Is it unfair that I have not received a bonus from FD for transferring my account? But I do not meet the stipulated conditions. And apparently I cannot unless they change them.

Is it unfair that my wife has not received a bonus from FD she also doesn't meet the stipulated conditions?

Is it unfair that the circling vultures spoil and kick the !!!!!! out of many of these schemes so that the organisations put in place very stringent and ever more complex conditions? And only advise the required actions and period of effectiveness after the event. 

The financial organisations make a decision, commercial or otherwise, and feel that distributing some cash to some people who meet their designation of loyal and committed customers is fair.  

Some customers may feel it fair, some may feel lucky, others may consider it unfair, so what, life can be sometimes. Don't worry, you have not lost anything, stop bleating. Move on.

Not bleating just suggesting a better & fairer way to distribute members profits that will reward loyalty over the long term. I just think that this is an unprofessional & incompetent way to run a large organisation.

metrobus

I am going by them saying they will pay £340m and the earlier post saying only 15% will receive the gift. Going by your amount of members it’s around 21%.
Ive had a CA for about 30 years and regularly transfer 4 fig sums in it, I was lucky I started a start to save account 4 months ago so I got the email saying I qualify yesterday.👍
Of course it’s fair for the real customers to get the pay out and not the parasite vultures.