Nationwide fair share scheme

Section62

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....

That might come as news to the members who read this and understood it to imply Nationwide's takeover of VM would mean future benefits would be more likely as a result....

Last year, we provided a record level of member financial benefits, including from better savings and mortgage rates compared to the market average, and member exclusive products. Becoming a financially stronger Nationwide Group will improve our ability to maintain and improve these benefits. This year, we launched a Member Exclusive Bond, another Fairer Share Payment for eligible members, and an exclusive current account switching incentive for members.

...but of course the wording of the paragraph is sufficiently ambiguous to allow the Board to claim they never promised that, but if it does come to pass then the small minority of members who were/are eligible for the unfairer share would just have to forgive a little sophistry.

miller

Denise Crosby (Nationwide CEO) made a quote recently; from what I recall it was along the lines of we got a good deal on Virgin Money and will be looking to repeat the Fairer Share payment in 2025. Perhaps more than £100 as well was the implication.

WillPS

Section62 said:

...but of course the wording of the paragraph is sufficiently ambiguous to allow the Board to claim they never promised that, but if it does come to pass then the small minority of members who were/are eligible for the unfairer share would just have to forgive a little sophistry.

Perhaps they'd just be happy they had a few hundred quid they were never told to expect and hope that one day there will be more again.

eskbanker

miller said:

Denise Crosby (Nationwide CEO) made a quote recently; from what I recall it was along the lines of we got a good deal on Virgin Money and will be looking to repeat the Fairer Share payment in 2025. Perhaps more than £100 as well was the implication.

Her name is Debbie Crosbie, but yes, this recent piece includes that sentiment:

Crosbie said of the prospect of another ‘fairer share’ payment: ‘While it’s always subject to board approval, we’re well positioned to make that.’

https://www.thisismoney.co.uk/money/markets/article-14136451/Nationwide-members-set-payout-bonanza-amid-Virgin-Money-takeover-windfall.html

The half-year results do indeed show that they value the VM assets at £2.3bn above the price paid:

“Following our acquisition of Virgin Money on 1 October, we’ve recorded a gain of £2.3bn, as the value of net assets acquired is well above the price we paid. This gain provides significant headroom to cover our investment in integration, as well as in service and value.

https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/about/how-we-are-run/results-and-accounts/2024-2025/interim-results-september-2024.pdf

eskbanker

Section62 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....

That might come as news to the members who read this and understood it to imply Nationwide's takeover of VM would mean future benefits would be more likely as a result....

Last year, we provided a record level of member financial benefits, including from better savings and mortgage rates compared to the market average, and member exclusive products. Becoming a financially stronger Nationwide Group will improve our ability to maintain and improve these benefits. This year, we launched a Member Exclusive Bond, another Fairer Share Payment for eligible members, and an exclusive current account switching incentive for members.

...but of course the wording of the paragraph is sufficiently ambiguous to allow the Board to claim they never promised that, but if it does come to pass then the small minority of members who were/are eligible for the unfairer share would just have to forgive a little sophistry.

That wording supported my understanding of the acquisition, i.e. that they're asserting that it would be in the society's long term interests but not necessarily without some short term pain, but as above, it does seem like they're optimistic of continuing with the fair share thing next year anyway....

miller

eskbanker said:

miller said:

Denise Crosby (Nationwide CEO) made a quote recently; from what I recall it was along the lines of we got a good deal on Virgin Money and will be looking to repeat the Fairer Share payment in 2025. Perhaps more than £100 as well was the implication.

Her name is Debbie Crosbie, but yes, this recent piece includes that sentiment:

I can only imagine your avatar of Jean-Luc Picard made me subliminally write the actress's name of Tasha Yar in error!

Rudyson

miller said:

eskbanker said:

miller said:

Denise Crosby (Nationwide CEO) made a quote recently; from what I recall it was along the lines of we got a good deal on Virgin Money and will be looking to repeat the Fairer Share payment in 2025. Perhaps more than £100 as well was the implication.

Her name is Debbie Crosbie, but yes, this recent piece includes that sentiment:

I can only imagine your avatar of Jean-Luc Picard made me subliminally write the actress's name of Tasha Yar in error!

That's a great save

yorkshireOAP

Well that's stirred more comments than I expected. Thank you all. I will make necessary steps to hopefully qualify me.

FLAMPARD

Would a £1000 payment in and 2 x £500 bank transfers out with a separate savings account qualify for previous years ?

PRAISETHESUN

FLAMPARD said:

Would a £1000 payment in and 2 x £500 bank transfers out with a separate savings account qualify for previous years ?

That's pretty much what I have done and it worked for me last year. I have set up a monthly SO to pay £2k into my Nationwide account from an external current account, followed by 4x £500 SOs to send the money from Nationwide back to the same external current account. I chose to use a larger amount when I set things up just in case they decided to change the requirements last year.