Nationwide Fairer Share Payment 2024

blue.peter

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.

wiseonesomeofthetime

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

gravel_2

I'm a 20+ year member. Have a CA from 2017 which benefited from a switch offer. From reading the terms it looks like I can just switch another CA with 2 direct debits over to my existing Nationwide FlexDirect and get the £200. Am I missing something?

GalacticaActual

Just received an email confirmation too:
  

wiseonesomeofthetime

gravel_2 said:

I'm a 20+ year member. Have a CA from 2017 which benefited from a switch offer. From reading the terms it looks like I can just switch another CA with 2 direct debits over to my existing Nationwide FlexDirect and get the £200. Am I missing something?

Don't think so 🤔

steven141

PRAISETHESUN 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. 

Can you point to where about in the switch terms it says that? The only exclusion I see is from having had a previous switch incentive, not the FS payment

I must’ve misread it this morning. I didn’t realise you could get both. I have had an incentive in 2022 so I won’t be eligible for the £200 according to the terms. 

Nebulous2

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. 

Boony2310

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

Poquito

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. 

where_are_we

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.

In a utopian financial world you are correct. 

However the real financial world is not like that!

This MSE forum helps the ordinary person navigate the best options in the face of some quite high bars (including complicated T&C`s) set by financial institutions.

Most of my family will benefit once again from what you consider to be Nationwide`s largesse whilst at the same time not being impressed with most of their interest rates.