Nationwide Fairer Share Payment 2024

WillPS

Boony2310 said:

I qualify for the fairer share payment, but I totally forgot this was coming around this time of year.
I've literally only yesterday just started an account switch over to Santander to bag the £175 and perks of the Edge account.
Obviously once the switch is complete the Nationwide account will be closed.
I've seen that Nationwide won't make the payment to closed accounts, but would the same apply in my case?
I'm hoping that the £100 payment would be forwarded to the new Santander account, or is that not the case?
Maybe I'm safer to delay the switch date of the account switch over?

Any advice welcome

TIA

Cancel the switch, and if that's not possible, then open another account with Nationwide ASAP would be my advice.

Bridlington1

Boony2310 said:

I qualify for the fairer share payment, but I totally forgot this was coming around this time of year.
I've literally only yesterday just started an account switch over to Santander to bag the £175 and perks of the Edge account.
Obviously once the switch is complete the Nationwide account will be closed.
I've seen that Nationwide won't make the payment to closed accounts, but would the same apply in my case?
I'm hoping that the £100 payment would be forwarded to the new Santander account, or is that not the case?
Maybe I'm safer to delay the switch date of the account switch over?

Any advice welcome

TIA

My reading of the terms is that you can just open another Nationwide current account and they will make the payment into that.

WillPS

Nebulous2 said:

blue.peter said:

Once again, I've qualified for the Fairer Share Payment. That's very nice, and I'm hardly going to turn it down. But I do feel that I don't really deserve it. The criteria set for it seem to me to be too easily met:

• current account only has to have existed for a short time;
• fairly low minimum input (£500/month) to current account;
• low minimum number of outgoing transactions (2/month);
• low minimum savings (£100).

If I'd set the rules, I'd have put the bar higher. But I didn't. Whoever did was, in my view, pretty generous. Some folk could be getting an effective 100% interest rate on savings.

I'd still rather see them narrow the margin between saving and borrowing interest rates than pay lump sums on the basis of pretty arbitrary rules. IMO, that'd be fairer to everyone.

It's a high enough bar to have excluded many people. 16 million members and 3.8million payments. 

They've relaxed the rules this time. Last time I was under the £500 in one of the necessary months. In one of the other months I paid in £10k. (Not that I'm bitter or anything) This time you only need to meet the rules in two out of three months. 

Agreed - the barriers seem a little arbitrary but if the aim is to encourage Current Account take up/use then they're very fair. And demonstrably it's worked too - it was certainly a contributing factor in my decision to move our packaged bank account from Halifax's Ultimate Reward to Nationwide's FlexPlus.

Boony2310

Bridlington1 said:

Boony2310 said:

I qualify for the fairer share payment, but I totally forgot this was coming around this time of year.
I've literally only yesterday just started an account switch over to Santander to bag the £175 and perks of the Edge account.
Obviously once the switch is complete the Nationwide account will be closed.
I've seen that Nationwide won't make the payment to closed accounts, but would the same apply in my case?
I'm hoping that the £100 payment would be forwarded to the new Santander account, or is that not the case?
Maybe I'm safer to delay the switch date of the account switch over?

Any advice welcome

TIA

My reading of the terms is that you can just open another Nationwide current account and they will make the payment into that.

Ah I didn't spot that in the T&Cs, opening another Nationwide account might be easier than trying to cancel the switch.
I'll give that a go.
Thanks for the advice

steven141

Boony2310 said:

I qualify for the fairer share payment, but I totally forgot this was coming around this time of year.
I've literally only yesterday just started an account switch over to Santander to bag the £175 and perks of the Edge account.
Obviously once the switch is complete the Nationwide account will be closed.
I've seen that Nationwide won't make the payment to closed accounts, but would the same apply in my case?
I'm hoping that the £100 payment would be forwarded to the new Santander account, or is that not the case?
Maybe I'm safer to delay the switch date of the account switch over?

Any advice welcome

TIA

If you open another Nationwide account and remain a member you will still receive the payment as they will only pay into an existing Nationwide account. 

steven141

Poquito said:

steven141 said:

Poquito said:

WillPS said:

My notification is showing up now. £100 payment, thankee Nationwide!

It does seem like they're positioning this as less of a one off and more of an ongoing benefit to members now, not that there's anything which would force them to make future payments.

Yes, I had assumed last year when I received the fairer share payment that it was a one off. To see the notification today that I was eligible again has made my day! Off to do the switch now to hopefully secure £200… it’s perfectly timed to switch out the recently paid out Santander Everyday account which has 2 dd’s. Happy days.

If you are eligible for the £100 you aren’t eligible for the £200 payment apparently. 

I haven’t seen this information anywhere, could you post it please. It specified a date in which you couldn’t have received a previous incentive. The switch incentive is only available to eligible members not new customers so I would have thought you could benefit from both. 

Sorry I misread it this morning. I think that you will still be eligible as long as you haven’t had a switch incentive since before 2021. 

Londonlisa12

That was nice to wake up to

CSH1

I got it this year but not last, this year I made a couple of payments of £500 from my Lloyds account so I will do similar next year

PloughmansLunch

I have the qualifying savings and the fairer share message in the app. I converted my flex plus to a joint account a few weeks ago for combined AA cover etc, but the other person I now share the account with didn't have a Natwionwide relationship back in March, nor has any savings with nationwide so isn't even on the radar for the payment. 

Because this payment is now being paid into a joint account, does this mean the tax liability is now split, or am I being mean-spirited over attempting to hold on to a measly tenner at basic rate tax?

GreenScepter

I wish I knew about this farier share payment thing before. I've had a Nationwide current account for a long time but didn't have any qualifying savings so never got any payments. At least thanks to this thread I know for next time