Nationwide fair share scheme

yorkshireOAP

Hi,

I am looking for info on the fair scheme for 2025. I have read 1 or 2 bits, but nothing concrete.

I missed out this year. I have keep monies in a CA & savings, but would like to know definite criteria. Thanks in advance.

PRAISETHESUN

yorkshireOAP said:

Hi,

I am looking for info on the fair scheme for 2025. I have read 1 or 2 bits, but nothing concrete.

I missed out this year. I have keep monies in a CA & savings, but would like to know definite criteria. Thanks in advance.

There currently are no criteria, or even any guarantee that they will repeat it again in 2025. They also don't seem to announce the criteria until after the qualification period, meaning you need to take a punt and hope that you've done enough to qualify.

My guess is that the criteria will be similar to the past 2 years, requiring a certain value of transactions for a few months at the start of next year, or that you switch an account to them, alongside holding some savings/mortgage with them.

I've got some token DDs set up as well as some scheduled SOs to bounce £2k around each month in multiple transactions, which worked this year. Might also do a switch of a dummy Chase account for good measure. That alongside my regular saver should be sufficient in my view if the offer returns.

eskbanker

I was under the impression that the criteria weren't published in advance?  The first mentions of the scheme in both years were well after the start of the qualification period:

https://forums.moneysavingexpert.com/discussion/6447386/100-payment-nationwide-fairer-share

https://forums.moneysavingexpert.com/discussion/6508044/nationwide-fairer-share-payment-2024

Nationwide’s Board will decide on whether we can make a payment for 2024. That will depend on how well we have performed financially. The Board will make that assessment – and confirm this year’s eligibility criteria - after the financial year ends in April.

Look out for an announcement on 23 May 2024.

(Posted on 22 February 2024)

p00hsticks

I think the intention is to reward those who are regularly making use of their accounts as a matter of course and not those who are going to just meet any minimal pre-announced criteria and then stop using the account again. 

boingy

This is what you had to do this year and, I think, the year before:
Fairer Share Payment 2024 Terms and Conditions | Nationwide

There are no guarantees that there will be any payment at all next year and, if there is, then the criteria might have changed. But myself, and I'm sure many others on here, will be making sure our accounts get more than £500 in and two payments out each month for at least the first three months of 2025. I'm doing it every month as part of my monthly "money-go-round".

WillPS

eskbanker said:

I was under the impression that the criteria weren't published in advance?  The first mentions of the scheme in both years were well after the start of the qualification period:

https://forums.moneysavingexpert.com/discussion/6447386/100-payment-nationwide-fairer-share

https://forums.moneysavingexpert.com/discussion/6508044/nationwide-fairer-share-payment-2024

Nationwide’s Board will decide on whether we can make a payment for 2024. That will depend on how well we have performed financially. The Board will make that assessment – and confirm this year’s eligibility criteria - after the financial year ends in April.

Look out for an announcement on 23 May 2024.

(Posted on 22 February 2024)

They aren't published but there was plenty of discussion before the second one. Nationwide essentially dropped a huge hint that you could review last years qualification criteria, which many saw as an invitation to follow those as a guide.

In the event the second year's were marginally more inclusive than the first.

eskbanker

WillPS said:

eskbanker said:

I was under the impression that the criteria weren't published in advance?  The first mentions of the scheme in both years were well after the start of the qualification period:

https://forums.moneysavingexpert.com/discussion/6447386/100-payment-nationwide-fairer-share

https://forums.moneysavingexpert.com/discussion/6508044/nationwide-fairer-share-payment-2024

Nationwide’s Board will decide on whether we can make a payment for 2024. That will depend on how well we have performed financially. The Board will make that assessment – and confirm this year’s eligibility criteria - after the financial year ends in April.

Look out for an announcement on 23 May 2024.

(Posted on 22 February 2024)

They aren't published but there was plenty of discussion before the second one. Nationwide essentially dropped a huge hint that you could review last years qualification criteria, which many saw as an invitation to follow those as a guide.

In the event the second year's were marginally more inclusive than the first.

Yes, there'll undoubtedly be speculation again but OP "would like to know definite criteria", which are obviously unlikely to be known in advance.  There's presumably even a potential question mark about whether the scheme will run at all, given the significant outlay on buying Virgin Money....

WillPS

eskbanker said:

WillPS said:

eskbanker said:

I was under the impression that the criteria weren't published in advance?  The first mentions of the scheme in both years were well after the start of the qualification period:

https://forums.moneysavingexpert.com/discussion/6447386/100-payment-nationwide-fairer-share

https://forums.moneysavingexpert.com/discussion/6508044/nationwide-fairer-share-payment-2024

Nationwide’s Board will decide on whether we can make a payment for 2024. That will depend on how well we have performed financially. The Board will make that assessment – and confirm this year’s eligibility criteria - after the financial year ends in April.

Look out for an announcement on 23 May 2024.

(Posted on 22 February 2024)

They aren't published but there was plenty of discussion before the second one. Nationwide essentially dropped a huge hint that you could review last years qualification criteria, which many saw as an invitation to follow those as a guide.

In the event the second year's were marginally more inclusive than the first.

Yes, there'll undoubtedly be speculation again but OP "would like to know definite criteria", which are obviously unlikely to be known in advance.  There's presumably even a potential question mark about whether the scheme will run at all, given the significant outlay on buying Virgin Money....

I would suggest that they wouldn't be running a TV campaign referencing the fairer share scheme now if they didn't intend to re-run the fun to some extent next year. Although the campaign doesn't specifically promise it will happen, you'd think they'd find something else to market. 

Whether it'll be the same reward/criteria or not is anyone's guess - but if they put out another communication early next year referencing the previous year's scheme I think that's as strong an indication as we'll get that the criteria are not shifting.

Sarahspangles

They aren’t currently competitive for ISAs or EA savers so presumably there will be something to distribute through Fairer Shares.

35har1old

eskbanker said:

WillPS said:

eskbanker said:

I was under the impression that the criteria weren't published in advance?  The first mentions of the scheme in both years were well after the start of the qualification period:

https://forums.moneysavingexpert.com/discussion/6447386/100-payment-nationwide-fairer-share

https://forums.moneysavingexpert.com/discussion/6508044/nationwide-fairer-share-payment-2024

Nationwide’s Board will decide on whether we can make a payment for 2024. That will depend on how well we have performed financially. The Board will make that assessment – and confirm this year’s eligibility criteria - after the financial year ends in April.

Look out for an announcement on 23 May 2024.

(Posted on 22 February 2024)

They aren't published but there was plenty of discussion before the second one. Nationwide essentially dropped a huge hint that you could review last years qualification criteria, which many saw as an invitation to follow those as a guide.

In the event the second year's were marginally more inclusive than the first.

Yes, there'll undoubtedly be speculation again but OP "would like to know definite criteria", which are obviously unlikely to be known in advance.  There's presumably even a potential question mark about whether the scheme will run at all, given the significant outlay on buying Virgin Money....

Given they cleared 2.3 billion on the deal??

eskbanker

35har1old said:

eskbanker said:

WillPS said:

eskbanker said:

I was under the impression that the criteria weren't published in advance?  The first mentions of the scheme in both years were well after the start of the qualification period:

https://forums.moneysavingexpert.com/discussion/6447386/100-payment-nationwide-fairer-share

https://forums.moneysavingexpert.com/discussion/6508044/nationwide-fairer-share-payment-2024

Nationwide’s Board will decide on whether we can make a payment for 2024. That will depend on how well we have performed financially. The Board will make that assessment – and confirm this year’s eligibility criteria - after the financial year ends in April.

Look out for an announcement on 23 May 2024.

(Posted on 22 February 2024)

They aren't published but there was plenty of discussion before the second one. Nationwide essentially dropped a huge hint that you could review last years qualification criteria, which many saw as an invitation to follow those as a guide.

In the event the second year's were marginally more inclusive than the first.

Yes, there'll undoubtedly be speculation again but OP "would like to know definite criteria", which are obviously unlikely to be known in advance.  There's presumably even a potential question mark about whether the scheme will run at all, given the significant outlay on buying Virgin Money....

Given they cleared 2.3 billion on the deal??

That's an unusual take - what exactly do you mean by 'cleared' there?

Edit: half-year results (see next page) do show that Nationwide now values the VM assets at £2.3bn above the price paid, but the fact remains that they've spent a lot of the society's cash reserves.