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Nationwide Fairer Share Payment 2024
Comments
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There is a debate going on over on the Savings and Investments Board too.
For those that don't follow both boards:
https://forums.moneysavingexpert.com/discussion/6447423/nationwides-fairer-share-100-payment-for-eligible-members
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WillPS said:Company shareholders don't get dividends during financial years they were not eligible shareholders, why should this be different?
The way the "Fairer Share" worked last year was creating (retrospectively) the equivalent of Alphabet Shares.
At least, when there are different classes of Shareholders, the categories and respective entitlements are set at the outset and holders of "A" Shares can sell to buy "B" Shares if the return is more favourable to the investor.
That option is not available to Members.1 -
Grumpy_chap said:WillPS said:Company shareholders don't get dividends during financial years they were not eligible shareholders, why should this be different?
The way the "Fairer Share" worked last year was creating (retrospectively) the equivalent of Alphabet Shares.
At least, when there are different classes of Shareholders, the categories and respective entitlements are set at the outset and holders of "A" Shares can sell to buy "B" Shares if the return is more favourable to the investor.
That option is not available to Members.
I'm not arguing about the arbitrary nature of the payout, I'm pointing out that historic custom had nothing to do with this year's/last year's bonus.0 -
WillPS said:Neither scheme A nor scheme B would be payable to former shareholders tho, correct? Further, if somebody once held either shares but now owns less, their eligibility (no matter A or B ) would be calculated on the present period, not the peak holding (as the person I responded to seemed to believe should have entitled them), right?
BUT, holders of "A" shares or "B" shares, or whatever other class would know at the outset what the dividend rules are for those shares.
The comment about "peak holding" is irrelevant in the case of Nationwide as one Member can only have one Vote - a maximum of one share if you like. It makes no difference whether an individual holds £millions on deposit, has a large mortgage, or is on the breadline, that individual is counted as only one Member.
Very different to Shareholders, where the individual with £millions can buy many shares (so a greater vote and greater dividend) than the individual on the breadline.1 -
Grumpy_chap said:WillPS said:Neither scheme A nor scheme B would be payable to former shareholders tho, correct? Further, if somebody once held either shares but now owns less, their eligibility (no matter A or B ) would be calculated on the present period, not the peak holding (as the person I responded to seemed to believe should have entitled them), right?
BUT, holders of "A" shares or "B" shares, or whatever other class would know at the outset what the dividend rules are for those shares.
The comment about "peak holding" is irrelevant in the case of Nationwide as one Member can only have one Vote - a maximum of one share if you like. It makes no difference whether an individual holds £millions on deposit, has a large mortgage, or is on the breadline, that individual is counted as only one Member.
Very different to Shareholders, where the individual with £millions can buy many shares (so a greater vote and greater dividend) than the individual on the breadline.
(I don't agree with your equivalences either FWIW, for starters when share value has been calculated as part of past demutualisation it hasn't been the case that every member received the same amount of shares. That's by the by.)0 -
Grumpy_chap said:It is different because Nationwide does not have shareholders as such. They have Members and it is one-Member-one-Vote so no Members with a greater say than others because of balances or products held.Funny, when I joined Nationwide, many, many years ago, great emphasis was placed on the fact that I became a shareholder entitled to vote at General Meetings of the Society.Also if I remember correctly, some members get two votes, one in respect of their mortgage, and one in respect of their savings.Have things changed since then?
Eco Miser
Saving money for well over half a century0 -
Another loyalty bonus this year and it could be more than £100 a member.
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Do we find out this week if a bonus is going to be paid again and what the criteria for receiving one is? I was lucky last year, I had switched my current account (gained £200 free) and had opened a fixed savings account by sheer luck. I have even more things taken out with them this year, so am hoping for the same.Paddle No 21:wave:0
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GibbsRule_No3. said:Do we find out this week if a bonus is going to be paid again and what the criteria for receiving one is? I was lucky last year, I had switched my current account (gained £200 free) and had opened a fixed savings account by sheer luck. I have even more things taken out with them this year, so am hoping for the same.0
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This Is Money is reporting that the fund this year is £350m. If they have the same 3.3m members getting the Fairer Share payout, it would be £106 each.
https://www.thisismoney.co.uk/money/saving/article-13432947/Nationwide-members-pocket-350m-loyalty-bonus.htmlNationwide is set to hand a loyalty bonus worth at least £350 million to millions of members.
The building society last year gave some 3.3 million customers £100 each. But the latest payout could be even higher because the mutual's profits have been buoyed by higher interest rates.
Nationwide has said it wants to capitalise on this to continue paying a 'Fairer Share' bonus to eligible members. This is Money revealed Nationwide was hoping to make payouts again, earlier this week
The details, which will be announced on Thursday, will come a day after Virgin Money shareholders decide on whether to accept a controversial £2.9 billion takeover offer from Nationwide.
[Article then goes on to discuss the Virgin takeover]
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