Make sure you get possible Nationwide Fairer Share bonus 2025

Zanderman

Slinky said:

My OH and I have a joint Flex account which has a qualifying direct debit going out from it for an insurance product in his name. His login is showing the message about the £50 bonus, mine is not. I wonder if this is a 'per account' scenario rather than a per member, or if he's getting it because the DD relates to him?

The terms say both should get it if they qualify. Nationwide won't know (not their business) whose name the DD is for.

I have qualified, and had the message on the app. Mrs Z-man has a joint account with me and should also qualify, no message yet for her, but I assume it will appear in due course.

PS there is a dedicated thread to the £50 "Thank You" here: https://forums.moneysavingexpert.com/discussion/6593661/nationwide-big-thank-you

boingy

surreysaver said:

boingy said:

Happy to have the money but I can't help but think that a business that keeps handing free money to its customers should have something better they could do with that money to grow the business further.

It's no different to a company handing money to its shareholders.  That's effectively what members of a building society are.  Would you rather they pay the money to its directors instead?

That's true and with many businesses it's seen as a negative. The board are basically saying "we've run out of ideas and/or ambition to grow and develop the business any further. "

NW could spend the money making sure they are consistently up there with the best savings and mortgage rates. 

But, like I said, I'll take the money.

Slinky

Zanderman said:

Slinky said:

My OH and I have a joint Flex account which has a qualifying direct debit going out from it for an insurance product in his name. His login is showing the message about the £50 bonus, mine is not. I wonder if this is a 'per account' scenario rather than a per member, or if he's getting it because the DD relates to him?

The terms say both should get it if they qualify. Nationwide won't know (not their business) whose name the DD is for.

I have qualified, and had the message on the app. Mrs Z-man has a joint account with me and should also qualify, no message yet for her, but I assume it will appear in due course.

PS there is a dedicated thread to the £50 "Thank You" here: https://forums.moneysavingexpert.com/discussion/6593661/nationwide-big-thank-you

Well it all seems a bit random! I've had an email from them about it, but OH hasn't! Still no message when I log into my accounts. Hey ho, nice Brucie bonus.

pfpf

regarding fairer share. did a CASS to an existing account qualify last year? iv'e totally missed the chance to fulfill criteria in the Jan-March window. thought it was later in the year.

p.s thank you PTS.

PRAISETHESUN

https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/

You do not need to have met the above requirements if you completed a switch to your account using the Current Account Switch Service between 1 January 2024 and 31 March 2024.

TheBanker

boingy said:

surreysaver said:

boingy said:

Happy to have the money but I can't help but think that a business that keeps handing free money to its customers should have something better they could do with that money to grow the business further.

It's no different to a company handing money to its shareholders.  That's effectively what members of a building society are.  Would you rather they pay the money to its directors instead?

That's true and with many businesses it's seen as a negative. The board are basically saying "we've run out of ideas and/or ambition to grow and develop the business any further. "

NW could spend the money making sure they are consistently up there with the best savings and mortgage rates. 

But, like I said, I'll take the money.

They could, but they probably need to manage their capital/liquidity positions which means they can't accept unlimited deposits or lend unlimited amounts. They'll also have to manage operational capacity, especially for mortgage lending, and the way banks do this is through pricing. 

I wish they'd charge me less for my mortgage rather than giving me random £50s and £100s for jumping through hoops that I didn't know existed until after the final whistle - but there are practical reasons why they might not be able to. So I'll take the money, put some aside to cover the tax-man's share, and spend the rest on something nice. From Nationwide's perspective the publicity these payments generate is probably worth quite a bit. Slightly increasing savings or reducing mortgage rates wouldn't have the same impact.

Section62

TheBanker said:

boingy said:

surreysaver said:

boingy said:

Happy to have the money but I can't help but think that a business that keeps handing free money to its customers should have something better they could do with that money to grow the business further.

It's no different to a company handing money to its shareholders.  That's effectively what members of a building society are.  Would you rather they pay the money to its directors instead?

That's true and with many businesses it's seen as a negative. The board are basically saying "we've run out of ideas and/or ambition to grow and develop the business any further. "

NW could spend the money making sure they are consistently up there with the best savings and mortgage rates. 

But, like I said, I'll take the money.

They could, but they probably need to manage their capital/liquidity positions which means they can't accept unlimited deposits or lend unlimited amounts. They'll also have to manage operational capacity, especially for mortgage lending, and the way banks do this is through pricing. 

I wish they'd charge me less for my mortgage rather than giving me random £50s and £100s for jumping through hoops that I didn't know existed until after the final whistle - but there are practical reasons why they might not be able to. So I'll take the money, put some aside to cover the tax-man's share, and spend the rest on something nice. From Nationwide's perspective the publicity these payments generate is probably worth quite a bit. Slightly increasing savings or reducing mortgage rates wouldn't have the same impact.

An occasional (at least) appearance in the 'best buy' tables could do the same, and be more building society like.

Other banks and building societies appear to be able to offer good rates whilst managing their capital/liquidity positions, and most (perhaps Monmouthsire excepted) do Ok managing operational capacity.

Are we really to believe that the world's largest building society isn't capable of managing this, causing them to go down a 'quasi-special dividend' route instead?

FLAMPARD

Thankyou Nationwide for sharing 

WillPS

Section62 said:

TheBanker said:

boingy said:

surreysaver said:

boingy said:

Happy to have the money but I can't help but think that a business that keeps handing free money to its customers should have something better they could do with that money to grow the business further.

It's no different to a company handing money to its shareholders.  That's effectively what members of a building society are.  Would you rather they pay the money to its directors instead?

That's true and with many businesses it's seen as a negative. The board are basically saying "we've run out of ideas and/or ambition to grow and develop the business any further. "

NW could spend the money making sure they are consistently up there with the best savings and mortgage rates. 

But, like I said, I'll take the money.

They could, but they probably need to manage their capital/liquidity positions which means they can't accept unlimited deposits or lend unlimited amounts. They'll also have to manage operational capacity, especially for mortgage lending, and the way banks do this is through pricing. 

I wish they'd charge me less for my mortgage rather than giving me random £50s and £100s for jumping through hoops that I didn't know existed until after the final whistle - but there are practical reasons why they might not be able to. So I'll take the money, put some aside to cover the tax-man's share, and spend the rest on something nice. From Nationwide's perspective the publicity these payments generate is probably worth quite a bit. Slightly increasing savings or reducing mortgage rates wouldn't have the same impact.

An occasional (at least) appearance in the 'best buy' tables could do the same, and be more building society like.

https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

They've been in the top 5 of this one since September 2023.

becksxxx

So....a bit late to the party.....am I going to get this? 
I just applied for a current account this morning and the switch will complete on the 26th of March (not sure what happened to the 7 day switch).
I will open a savings account also and deposit £200.....does this need to be in for any particular length of time?