Nationwide Fairer Share Payment 2024

Zanderman

HHUK said:

wiseonesomeofthetime said:

I'm excluded from the CASS through having had one since that date in 2021.

I opened my FlexDirect account in early August 2021 and received the £125 switch bonus the following month. It looks like I probably applied for the switch after the cut off date, but I'm tempted to switch a burner Chase account (complete with two active DDs) and see what happens.

The cut-off date in August 2021 doesn't say it's when you applied for the switch, but when you got the benefit. If you got the bonus in September that was getting the benefit after the cut-off.

GlasgowExpat2

I haven’t received an email but when I log into my account it says I’m eligible. Interestingly transfers between Nationwide accounts seem to count as payments. 

boingy

eskbanker said:

do you think anyone with any Nationwide account should get the payment, 

I know you didn't aim this at me but, yes, I do think that. I thought it last year when I didn't qualify and I think it this year when I do qualify. Treat all members equally.

eskbanker

boingy said:

eskbanker said:
do you think anyone with any Nationwide account should get the payment, 

I know you didn't aim this at me but, yes, I do think that. I thought it last year when I didn't qualify and I think it this year when I do qualify. Treat all members equally.

At the risk of getting dragged into pointless speculation about how they could have set this scheme up, it's debatable at best that everyone (including transient 'carpetbaggers') getting £25 would be a more desirable outcome than the most committed quarter of members receiving £100....

HHUK

Zanderman said:

The cut-off date in August 2021 doesn't say it's when you applied for the switch, but when you got the benefit. If you got the bonus in September that was getting the benefit after the cut-off.

The terms actually state You will not qualify for this offer if ... you have used the Current Account Switch Service since 18 August 2021 and previously benefited from our current account online switch offer. They don't refer specifically to when you got the bonus.

That having been said, I wouldn't be confident of being successful. I don't know how stringent Nationwide are about applying such conditions as compared to the likes of RBS, NatWest and Ulster, who we have all seen allow multiple cases to fall though their nets. If I do go ahead, it will be more in hope than expectation.

intalex

They should label it current account loyalty scheme, I got savings up to FSCS limit with them and didn't qualify both years just because I wasn't opportunist enough to cycle a few transfers in and out...

But I do question if my membership stake in and/or contribution to the building society is any less with my high savings deposits...

Stargunner

intalex said:

They should label it current account loyalty scheme, I got savings up to FSCS limit with them and didn't qualify both years just because I wasn't opportunist enough to cycle a few transfers in and out...

But I do question if my membership stake in and/or contribution to the building society is any less with my high savings deposits...

For large savings Nationwide don’t offer the most competitive savings accounts. If you were to put your savings in more competitive accounts, you should easily be able to make more than the £100 that you are missing out on in additional interest.

intalex

Stargunner said:

For large savings Nationwide don’t offer the most competitive savings accounts. If you were to put your savings in more competitive accounts, you should easily be able to make more than the £100 that you are missing out on in additional interest.

It was an exclusive maturity ISA re-fix option which at the time was one of the best, so it was definitely the right choice at the time, but the key point still remains that despite being a significant deposit balance holder (plus active regular saver and credit card use), I am less worthy of their members' loyalty payout just because my primary current account is elsewhere, so it would be most appropriate for them to label the reward in line with the significant requirements, i.e. active current account use, as opposed to implying they are looking after all active and long-term members.

Kat78MFW

I just checked and got the "you're eligible" pop up from the app. I wasn't expecting to get it as I only cycle £250 per month into my current account to transfer on to my two NW regular savers. But I was very lucky because in two of the qualifying months I'd paid £250 into the account on 1st of the month and at the end of the month. One time it was a mistake and I transferred it straight back out! But it means I'm eligible! Much needed at the moment too due to massive drop in DH salary to protect his mental health. Hope some others get a surprise "you're eligible" too. 

Stargunner

intalex said:

Stargunner said:

For large savings Nationwide don’t offer the most competitive savings accounts. If you were to put your savings in more competitive accounts, you should easily be able to make more than the £100 that you are missing out on in additional interest.

It was an exclusive maturity ISA re-fix option which at the time was one of the best, so it was definitely the right choice at the time, but the key point still remains that despite being a significant deposit balance holder (plus active regular saver and credit card use), I am less worthy of their members' loyalty payout just because my primary current account is elsewhere, so it would be most appropriate for them to label the reward in line with the significant requirements, i.e. active current account use, as opposed to implying they are looking after all active and long-term members.

I don’t have an active current account with them, I have a Flexplus current account that I only hold for the worldwide travel insurance, car breakdown insurance and mobile phone insurance (all for £13 a month) which also covers my wife. I also have their 8% RS which qualifies me for the incentive  I will be applying for their 18 month bond, as being fixed at 5.5% is too good an opportunity to pass by