Nationwide Fairer Share

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81927629#Comment_81927629

As long as you keep the £200 in for the end of the day, you should be fine (last year's T&Cs say you need to have £200 in a savings account "at the end of any day in March) and you can take it back out again.

Not sure about the answer to your second question.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81927629#Comment_81927629

That's a deposit. You also need payments going out e.g., DDs, faster payments to other accounts, debit card payments.

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/comment/81927706#Comment_81927706

In previous years they also accepted a CASS switch from another bank in lieu of the monthly transaction requirements for Jan-Mar. Might be worth switching in a dummy account just in case anyway in case the goal posts change at all.

Curly_one_2

https://forums.moneysavingexpert.com/discussion/comment/81927706#Comment_81927706

I always have several DD's and debit card payments going on, but it's the faster payments part I don't understand.

What are they.please?

lr1277

Faster payments are bank to bank transfers where you send money from your Nationwide account to the bank/building society account of somebody else entering their full name (or at least name on the account as the recipient's bank knows it, the sort code, account number and whether it is a business or personal account).

You use this feature to transfer money in the following situations:

To yourself say to a savings account held at another building society

To a friend or relative

To a business. For example I have sent faster payments to my accountant, taxi driver, a company that installed window blinds etc.

There are daily limits to the amount you can send though I don't know what those limits are for Nationwide as I don't bank with them.

Edited to add: Faster payments (FP's) normally go through in a matter of seconds/minutes but the official guidance is the money might not be in the recipient's account until 1 working day after the money was sent on a working day.

Curly_one_2

https://forums.moneysavingexpert.com/discussion/comment/81928068#Comment_81928068

Thank you so much for explaining to me.

Can I just check that if I send £10 to a family member's personal account, that small amount would count?

lr1277

https://forums.moneysavingexpert.com/discussion/comment/81928092#Comment_81928092

Yes.

I suppose I should mention you might want to take some care to whom you send money. If you send or receive money from an account which has any kind of fraud going on, your account will also be marked and maybe investigated. Not usually a problem if you know the person well, but don't send money or receive money from anyone who might be a money mule. It is possible I have heard stories of people who sold stuff on internet auction sites (e.g. fleabay) then the buyer disputed the transaction and claimed the seller was a fraud for not sending goods as described. I think in that case the seller's account got frozen. Btw the buyer paid by bank transfer/FP.

Investigations can be a problem as evidenced on this board, as current accounts are frozen for weeks/months.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81927993#Comment_81927993

That's okay then. Based on previous years' terms you shouldn't need to worry about sending faster payments to anyone.

Curly_one_2

https://forums.moneysavingexpert.com/discussion/comment/81928202#Comment_81928202

Thanks. I'd just send a tenner to my daughter and she'd return it.

I think then I'll have covered all the bases just in case 😊

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/comment/81928309#Comment_81928309

Just the usual caution that if you send money to someone else, there's no guarantee they will return it. Safer still is to send it to an account you control at another bank, and then send it back to yourself :)