Nationwide Fairer Share Payment 2024

Bigwheels1111

Got an email today.

Dear X

We are delighted to let you know that we are giving you a £100 Nationwide Fairer Share payment this year. These are shared with members like you, who bank and save or have a mortgage with us.

We will be sending payments between 13 and 28 June 2024 and you will need an open current account with us to receive yours. If you only have a joint bank account with us, we will send your payment there.   You will get a confirmation text once the payment has been made. We also need to let you know that the payment will count as interest for tax purposes.   We are giving you this payment because, when we checked on 31 March 2024, you met all the conditions. If you don’t want to receive the payment for any reason, please let us know by calling 0330 1239 734 by 11 June 2024.   You can find all the rest of the terms and conditions here.   Your Nationwide Team

Nebulous2

2013yearofthehouse said:

Nebulous2 said:

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. 

@Nebulous2

Last year, you did only have to meet the rules in two out of three months, so that actually hasn’t changed this time. 

Although, what they have changed this year is to add a completely different way of qualifying as an additional alternative to exactly the same way they had last year. This year, you can now qualify by making 10 or more payments out of your account in two out of the three months (with no requirement to pay in any money at all in any month). 

(Both screenshots I’ve posted are from the T&Cs on the Nationwide website) 

Thanks - apologies a faulty memory on my part.  Here's my post from last year. Second one down. I failed to make the £500 in two months, despite paying over £10k in one of them.  

Nationwide's 'Fairer Share' £100 payment for eligible members - Page 17 — MoneySavingExpert Forum

Tom_Hendo

Argh, I meet most of the criteria by a way, but in Jan and Feb I only made 1 payment out each!! Gutted. Will have to remember for next year. 

I've been with Nationwide years, but I guess this is really trying to target prime customers only (wage going in and all payments out)

Rawrzy

Got the email a bit ago saying I was eligible. Figured they'd probably just keep the same criteria really so that was some good news for the day.

elkiedee

I was relieved to qualify - didn't last year but had opened a Nationwide current account in addition to my main one elsewhere and juggled money around. I don't want to switch everything as it's part of an effort to reorganise my finances in a way that suits me.

I think the change in rules does make it easier. I could have stopped worrying about whether payments in (not including transfers between my own accounts) totalled at least £500 and organised my money around the payments out.

There's also a new offer of a current account switch bonus - available for people who already have a Nationwide current account that's not their main one - it doesn't suit my needs but I think it could be a good deal for some people.

Stargunner

Tom_Hendo said:

Argh, I meet most of the criteria by a way, but in Jan and Feb I only made 1 payment out each!! Gutted. Will have to remember for next year. 

I've been with Nationwide years, but I guess this is really trying to target prime customers only (wage going in and all payments out)

I qualified by not being a prime customer (no wage in or payments out). I just hold a Flexplus account and a Regulsr Saver

Albermarle

eskbanker said:

Fingerbobs said:

eskbanker said:

Fingerbobs said:

I didn't qualify this year. I was just short of the £500 pay-in in Jan and Feb by a few quid. As a pretty-much life-long account holder, this seems very unfair. 

How much leeway do you think they should offer (£499? £450? £400? £300?), and why would it be fairer to do that?

I'm saying the qualifying criteria are unfair, not the thresholds they've set. It shouldn't be based on a pay-in threshold at all. 

They have to have some eligibility rules in place, when choosing to reward some but not others (or do you think anyone with any Nationwide account should get the payment, which would then be much smaller of course?), but it's a stick-on certainty that some of those who miss out will complain that they're unfair, perhaps unsurprising given the name of the incentive!

No doubt this thread will go the way of last year's, where there'll be page after page of biased opinions about alternative ways of calibrating it....

No doubt you are right in this prediction, plus plenty of emotive stuff about Nationwide acting more like a bank than a mutual etc. Although to be fair banks normally do not just give you £100 just for being a 'good' customer ( who meets the arbitrary criteria) .

ericlered7

You would think holding a mortgage with them for near on ten years would qualify, but no of course not. 

gravel_2

They will pick an amount of total payout and amount per person then select criteria that gets them to the correct number of members for that outcome. It's all arbitrary.

aceandy79

Looks like I'm going to miss out again. Despite having approx 15k invested in Future Saver accounts, ie: using it as a building society. It seems in contrast to their original remit, Nationwide are now only interested in current account customers conducting regular transactions.