Nationwide fairer share £100 payout

Robin9

Received both mine  - alongside a Premium Bond !

friolento

Remember Nationwide report the Fairer Share payments as interest to the HMRC.

elkiedee

trickydicky14 said:

OK, can someone tell exactly what you have to do to get this bonus just so I know for next year if it happens, thank you. I do have a current account and a regular saver with Nationwide.

You need a current account and a qualifying savings account or a mortgage account. Savings need to have £100 in on 31 March. Under 18s current accounts needed to have some activity each month but that could just be very small and as my kids get allowances paid into theirs and have a debit/ATM card that's straightforward. Adults in 2023 needed to have paid in at least £500 pounds in 2 of 3 months between January and March - this year it was easier - it was pay in at least £500 again or at least 10 transactions in 2 of the 3 months. Transactions could include payments in and out but could also include direct debits or paying for things on a debit card, so effectively I'm sure I did both. 

SonOfPearl

Mine and my partner's £100 arrived in our account today.

MX5huggy

trickydicky14 said:

OK, can someone tell exactly what you have to do to get this bonus just so I know for next year if it happens, thank you. I do have a current account and a regular saver with Nationwide.

The easiest way is pay £13 a month for the flexplus account which you can get via a £200 switch bonus. That gives you travel breakdown and mobile insurance. No further funding requirements as long as you have savings or mortgage. My £100 landed today. 

Mr.Generous

Got mine today, much appreciated.

WillPS

MX5huggy said:

trickydicky14 said:

OK, can someone tell exactly what you have to do to get this bonus just so I know for next year if it happens, thank you. I do have a current account and a regular saver with Nationwide.

The easiest way is pay £13 a month for the flexplus account which you can get via a £200 switch bonus. That gives you travel breakdown and mobile insurance. No further funding requirements as long as you have savings or mortgage. My £100 landed today. 

First off, there's no guarantee that'll be the case in future years, or if there will even be future payments (although the Society has stated they want them to continue - they haven't committed to it, nor static requirements).

Secondly, that's only an option worth considering if you want and need those insurances, otherwise paying £156 makes very little sense in the case of a joint (presuming £200 in payouts) and 0 sense in the case of a sole (presuming £100 payout).

Thirdly, the requirements are more specific than just 'have savings or a mortgage', and I'd encourage anyone interested to familiarise themselves with this year's terms & conditions if they're looking to align themselves with a potential future payment. (And also make peace with the fact that by its very nature, it's not a guaranteed thing.)

eskbanker

Ayr_Rage said:

Received mine along with an email reminding me to vote in today's AGM.

Please do so as NW are giving £1 to charity if you do up to a maximum of £500,000.

The emails are confusingly worded and actually mean 'vote today ahead of the AGM' despite the implication that the AGM is today - within the body of the email it's clearly stated that "The AGM itself will be held on 17 July 2024".

elkiedee

I should add that the exact terms for getting a payout last year and this year were announced in each year and related to account activity between January and March. So no one knew at all about it in 2023, and this year Nationwide account holders hoping to benefit could only assume that the criteria would be similar and work on that basis. It was a fairly good bet. Plus this year members were offered deals for a current account switch and a savings bond - neither meet my circumstances/needs at this time but they seem like good offers for some Nationwide members.

jadex

WillPS said:

Zanderman said:

WillPS said:

Zanderman said:

torchie said:

I am surprised (and pleased) that my £100 payments have arrived. What is puzzling is that my wife and I each have a couple of dormant current accounts that we keep as burner accounts if needed and all the accounts have received the £100!

You mean that the £100 went (once) into your individual dormant accounts? A total of £100 each? Or that you got multiple payments?!

Mrs Z-man and I qualified via our joint FlexPlus account. I have, in addition to that, a dormant FlexAccount. Mrs Z-man doesn't have another Nwide account.

This morning my £100 has appeared in my FlexAccount. A second £100, presumably hers, went into our joint account. The implication being that, for some reason that makes sense only to Nwide, they're not paying the £100 into the qualifying account if there's an alternative. Odd. But only one £100 each, so not that odd!

They made pretty clear that they'll only pay your Fairer Share in to your joint current account if you don't have a sole current account.

https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/#8-when-and-how-will-the-payment-be-made

8. When and how will the payment be made?

...

We will pay the money into your Nationwide current account. If you hold more than one current account with us, we may pay the money into any of those accounts. We will pay the money into an account in your sole name if you have one and will pay it into a joint account if you do not.

Fair enough, though doesn't really alter my statement that it's for some reason that only makes sense to Nationwide! Why not pay the money into the qualifying account? There's no obvious logic to not doing that.

Because it's a payment for the member, not the account. It makes perfect sense (to me, anyway) to try and pay in to a sole account to make that distinction clear, where possible.

But Zanderman's case (which is exactly the same as mine) brings into a question tax implication.
This is not a bonus or incentive or whatever but it is reported as interest to HMRC.
Therefore person with both sole account (£100 paid in) and joint account (£100 by default divided 50/50) gets £150 interest whilst another person with only joint account gets £50 interest... whereas it should  have been £100 for both. Let's assume that one partner is 45% tax payer and gets £150 whilst the other has PSA big enough to accommodate £100 free of tax (but only gets £50 credited)... that'd be £22.50 additional tax liability only because of the way NW decided to distribute 2x £100