Nationwide Fairer Share Payment 2024

jameseonline

Sleekit said:

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.html

Nationwide 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]

Yay an extra £6😁

HonestJohn

jameseonline  said
Yay an extra £6😁

Inflation proofed then

WillPS

Or perhaps just more eligible members this time - I imagine there are a fair few existing members like myself who made sure the boxes were ticked this time having missed out last, as well as new customers who've joined (perhaps partially motivated by the 2023 bonus).

HonestJohn

WillPS said:

Or perhaps just more eligible members this time - I imagine there are a fair few existing members like myself who made sure the boxes were ticked this time having missed out last, as well as new customers who've joined (perhaps partially motivated by the 2023 bonus).

I made sure all my boxes were ticked plus a few more in case they moved the goalposts.

dealyboy

... I didn't bother ... like last year ... I bet I'm unlucky again  .

figgyc

If it's £100 again then it could be across 3.5 million members, so 200k more than last time. That could all be switchers in/people making themselves eligible?
It's possible (key word being possible, not likely!) that they widened the eligibility criteria following complaints last year. It's also possible the criteria were made stricter to compensate for people trying to get it!

Personally I got last year's FSP, used to use Nationwide as my primary account, but I switched my main banking to Santander - I was using an Edge current account with the 7% Edge saver and 5.2% saver. But the 5.2% saver finishes tomorrow and I have less than £300 in bills, and I recently implemented the "open a new Edge account and never use it to avoid the fee" trick, so I'm not tied to any bank in particular anymore. The FSP is a factor in me thinking I'll go back to maining Nationwide - along with I already have a NW credit card and several regular savings accounts, and the new app needing the card reader less often, plus I like theyre a BS. I still have a Nationwide current account too as it's my oldest so keep it open for the credit file. (And the fact I switched out of Starling and Monzo before the days of infinite Chase burner accounts, and can't get them again...)

And the fairer share payment is probably the only current account benefit which is easier to try and get "legit" rather than game it owing to the nebulous eligibility. So I don't think I'll be getting it this year, maybe next year

pecunianonolet

Didn't have a NW account last year but should I be eligible this year a large amount is used up to pay tax as they seem to treat it as interest, which I find rather annoying. Would be better suited to be treated as dividend. 

flaneurs_lobster

pecunianonolet said:

Didn't have a NW account last year but should I be eligible this year a large amount is used up to pay tax as they seem to treat it as interest, which I find rather annoying. Would be better suited to be treated as dividend. 

Who is "they"? NW? HMRC?

pecunianonolet

flaneurs_lobster said:

pecunianonolet said:

Didn't have a NW account last year but should I be eligible this year a large amount is used up to pay tax as they seem to treat it as interest, which I find rather annoying. Would be better suited to be treated as dividend. 

Who is "they"? NW? HMRC?

NW = Nationwide
they = Nationwide reporting as interest to HMRC

wmb194

pecunianonolet said:

Didn't have a NW account last year but should I be eligible this year a large amount is used up to pay tax as they seem to treat it as interest, which I find rather annoying. Would be better suited to be treated as dividend. 

Dividends need to be paid equally to all shares in a class so it wouldn't work for NW if it wants to structure this as an incentive to people to have their main accounts with it.