Make sure you get possible Nationwide Fairer Share bonus 2025

WillPS

[Deleted User] said:

Would a monthly direct debit count as one of the  two payments out in two of the three months? And would the 18 month 5.5% interest account count as a savings account, please?

Yes, in the past any form of payments (possibly excluding internal transfers) and savings have been OK. Nothing is certain about this year though.

Section62

PRAISETHESUN said:

EarthBoy said:

SickGroove said:

Can you buy Amazon £5 top ups as part of the required debit card transactions?

There hasn't been any requirement to use the debit card in previous years; just a requirement to make payments out of the account. Last year I just made some faster payments, and transfers to Nationwide savings accounts, and I got the fairer share payment. 

I think the debit card comments are related to an earlier question asking if debit card transactions count as "payments" out of the account. I can't comment if this is the case given I also use SO payments, but I can't see why debit card transactions and DDs also wouldn't count towards the criteria.

I think the question goes deeper - none of us know how much money Nationwide will have to give away this year, nor whether the number of members and the amount each gets will stay the same.  Someone relying on what they did last year can't be "sure" (from the thread title) they will get a payment this year.

Given Nationwide's focus on relationship 'depth' rather than on loyalty, if we speculate that the number of members getting a payment might be reduced (either because of a reduction in total funds, or a desire to reward the lucky few with a higher payment) then it becomes an issue of how the criteria might be adjusted to reduce the number of eligible members.

One way could be increasing the amount of money in savings, or flowing through a current account - but perhaps not a good look when cost of living is still an issue.

We know from various switching offers that direct debits and debit card payments are tools the banks use to restrict eligibility, and these are 'soft' in the sense most people have to do them anyway.  If you don't use your debit card to make payments, or have at least one or two DD's being taken from your current account, then can you really say this is your 'main' current account, or that you have a 'deep' relationship with that bank?

So if Nationwide have to tighten the criteria the PR would probably be better for them if the new restriction included having to make (say) two debit card/DD transactions per month for the three qualifying months, rather than increasing the incoming payment to (say) £1000. (the implication being that you aren't a 'proper' current account customer if you don't have DD's or debit card payments on the account)

All the above is speculation, but it is where a discussion about what might be a valid debit card payment might have some value.  I'm going to play safe and make a couple of small shops using the debit card, and have transferred two DD's to my FlexAccount.  That may have been a complete waste of time, but I'd rather waste a bit of time than miss out through complacency.

pafpcg

Section62 said:

PRAISETHESUN said:

EarthBoy said:

SickGroove said:

Can you buy Amazon £5 top ups as part of the required debit card transactions?

There hasn't been any requirement to use the debit card in previous years; just a requirement to make payments out of the account. Last year I just made some faster payments, and transfers to Nationwide savings accounts, and I got the fairer share payment. 

I think the debit card comments are related to an earlier question asking if debit card transactions count as "payments" out of the account. I can't comment if this is the case given I also use SO payments, but I can't see why debit card transactions and DDs also wouldn't count towards the criteria.

......

So if Nationwide have to tighten the criteria the PR would probably be better for them if the new restriction included having to make (say) two debit card/DD transactions per month for the three qualifying months, rather than increasing the incoming payment to (say) £1000. (the implication being that you aren't a 'proper' current account customer if you don't have DD's or debit card payments on the account).

.......

I'd take issue with that proposition!  

My partner & I have extensive banking operations with several banks, but I recall that we've made only ONE debit card transaction from our primary accounts in the last year - that was a cash withdrawal from a Santander ATM to top-up our cash reserve.  Why would we use a bank debit card?  Retail purchases? - that's what our credit cards are for!  

And, yes, we do have a Nationwide credit card but Nationwide make no allowance for credit card transactions in the "Fairer-share" calculation - perhaps they should...

Section62

pafpcg said:

I'd take issue with that proposition!  

In case it wasn't clear, so do I.

I can imagine a press release explaining the conditions had to be changed because they noticed a surge in customers doing the bare minimum to qualify for the payment and the change meant they could protect member's money by excluding those who were gaming the system. Or something like that.  Giving a very substantial share of the profits to a small minority of members needs to be justified, and othering the members who miss out seems to be a popular way of justifying a deliberate decision.  And not just within the walls of this forum.

Olinda99

boingy said:

PRAISETHESUN said:

EarthBoy said:

PRAISETHESUN said:

The FlexAccount does not offer and as far as I'm aware has never offered interest. 

It did 35 years ago when I first opened mine; but it was stopped a long time ago. 

Fair enough. Obviously my experience with Nationwide isn't as extensive as yours!

It was revolutionary at the time. A cash card, a cheque book and interest on your balance! 

and paper statements not available - online statements only !

Nasqueron

pafpcg said:

Section62 said:

PRAISETHESUN said:

EarthBoy said:

SickGroove said:

Can you buy Amazon £5 top ups as part of the required debit card transactions?

There hasn't been any requirement to use the debit card in previous years; just a requirement to make payments out of the account. Last year I just made some faster payments, and transfers to Nationwide savings accounts, and I got the fairer share payment. 

I think the debit card comments are related to an earlier question asking if debit card transactions count as "payments" out of the account. I can't comment if this is the case given I also use SO payments, but I can't see why debit card transactions and DDs also wouldn't count towards the criteria.

......

So if Nationwide have to tighten the criteria the PR would probably be better for them if the new restriction included having to make (say) two debit card/DD transactions per month for the three qualifying months, rather than increasing the incoming payment to (say) £1000. (the implication being that you aren't a 'proper' current account customer if you don't have DD's or debit card payments on the account).

.......

I'd take issue with that proposition!  

My partner & I have extensive banking operations with several banks, but I recall that we've made only ONE debit card transaction from our primary accounts in the last year - that was a cash withdrawal from a Santander ATM to top-up our cash reserve.  Why would we use a bank debit card?  Retail purchases? - that's what our credit cards are for!  

And, yes, we do have a Nationwide credit card but Nationwide make no allowance for credit card transactions in the "Fairer-share" calculation - perhaps they should...

I normally use my cashback credit card for all purchases too, for the sake of a bonus, buying 2 bananas for 10-15p each once a month isn't a major issue

pafpcg

Olinda99 said:

boingy said:

PRAISETHESUN said:

EarthBoy said:

PRAISETHESUN said:

The FlexAccount does not offer and as far as I'm aware has never offered interest. 

It did 35 years ago when I first opened mine; but it was stopped a long time ago. 

Fair enough. Obviously my experience with Nationwide isn't as extensive as yours!

It was revolutionary at the time. A cash card, a cheque book and interest on your balance! 

and paper statements not available - online statements only !

Not if you're referring to when the Flexaccount was originally launched in the 1980s when it was Nationwide Anglia BS.  I've just checked - my first printed statement was in 1987 and the interest rates were: 2% for balances £1-£99; 3% for £100-£500 and 4% for £500+.

Westy77

Many thanks for bringing this to my attention guys ! Really appreciate the wealth of knowledge on this forum.

I just did my first Bank Account Switch to First Direct and was paid the bonus last week. :-) I was just about to use this Nationwide Current Account for my next adventure in switching when I discoved this thread! EEEK ! I nearly made a big error !!

Unfortunately, I missed out on this last year (as I didn't know anything about it, and had transferred the savings account qualifying amount to pay a bill a few weeks before the qualifying month !!). Given that I'd had the Easy Access Savings Account for 13 years, and a Flex Account for 3 years, I was certainly annoyed by my lack of knowledge. This is going to change for this year.

I have read the 2024 NW link that someone kindly posted, but, I have a couple of questions just to ensure I have understood the requirements correctly... (and yes, I am aware nobody knows for sure what the future qualifying requirements might be, but let's use 2024 as a framework).

Do my two above accounts meet the requirements? If yes, do my actions below sound right?

I have just transferred £500 into the current account to cover January income, and will do same for Feb and March.

I have set up two standing orders (per month) from the current account. (As it's money that was destined to overpay a credit card, they are all payments to the same credit card, so I hope that's ok?)

Should I also do a couple of debit card spends, just in case?

Anything else I should do to cover my back?

Many thanks

wiseonesomeofthetime

Have at least £100 in a qualifying savings account was also criteria last year I believe 

Westy77

wiseonesomeofthetime said:

Have at least £100 in a qualifying savings account was also criteria last year I believe 

Yes, I have that covered . Thanks