Nationwide Fairer Share

epm-84

Confused_Dog said:

Remember the Virgin Money current account, savings account and mortgage account holders are now on the books.

If Nationwide want to remain true to their ethos as a building society, at some point the Virgin Money customers have to become members.  Otherwise, you end up with a situation with a two tier customer base. The likes of Halifax and Alliance & Leicester who converted had this to a point, customers who opened an account after a particular date were classed as depositors rather members and thus were not entitled to shares when conversion took place.  However they were converting and at the time the likelihood of members turning down the offer of shares was small, even though as we now know conversion was not in the long-term interest of the former society members.

The Fairer Share payment may bring this to a head if it went ahead next year, especially if the press make it a big issue.

Remember there's nothing stopping holders of Virgin Money accounts changing them to the Nationwide product if they prefer the possibility of getting the Nationwide Exclusives at the expense of any Virgin Money Exclusives (like the cashback promotions and use of their coworking spaces). It's two tier both ways at the moment - Nationwide members don't get certain things that Virgin Money customers get.

Nationwide acquiring Virgin Money was a 1st, it's not comparable to the others. The other like for like is Coventry acquiring Coop Bank. I don't think there's any plan for Nationwide to become a bank (like your Alliance & Leicester and Halifax comparisons).

mta999

In case they do it this year can you remind me is it January February and March you have to make the payments in and out if they keep the terms the same

PRAISETHESUN

mta999 said:

In case they do it this year can you remind me is it January February and March you have to make the payments in and out if they keep the terms the same

T&Cs of the 2025 offer are (for the time being) here: https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/

Assuming no changes, it's 2 out of 3 of Jan/Feb/Mar. For good measure in case they change their criteria, I've also switched a dummy Chase account to Nationwide, completing tomorrow, as this was also another way to qualify last year (and I know a few people who left it too late last year were saved by this option).

danny13579

I think this could probably do with a fresh thread. There is no confirmation from Nationwide yet that there will be a Fairer Share Payment this year, but if there is, the above image summarises the requirements from 2025's scheme.

Full terms here. 

EDIT: There was also a savings or mortgage condition which had to be met for last year's offer. 
Either £100+ in one or more personal savings accounts or Cash ISAs at the end of any day in March or £100+ owing on a qualifying mortgage on 31st March.

jackjones01

It’s probably worth bearing in mind of there recent 44 million pound fine: 

https://www.fca.org.uk/news/press-releases/fca-fines-nationwide-44m-failings-financial-crime-controls

WillPS

jackjones01 said:

It’s probably worth bearing in mind of there recent 44 million pound fine: 

https://www.fca.org.uk/news/press-releases/fca-fines-nationwide-44m-failings-financial-crime-controls

I wouldn't worry too much. If there was half a chance this bonus was going to be scrapped to pay the fine, they wouldn't be casually dropping mentions of the scheme here: https://uk.virginmoney.com/nationwide-membership/

"Take a look at what you could have won" would be a rather peculiar message for a business to send out, if it wasn't intending to hint at a future iteration.

Worth remembering this whole payment is essentially a massive, powerful, and now proven marketing campaign. Chopping marketing budgets to pay a one-off fine in a profitable cash rich business isn't often the done thing.

None of this is to say it'll last forever but I suspect they'll do a better job managing expectations when the scheme has outlived its usefulness for them.

Perksy5

When they say payments out of your account, do they mean debit card purchases or just transferring money back out to external bank accounts?

danny13579

Perksy5 said:

When they say payments out of your account, do they mean debit card purchases or just transferring money back out to external bank accounts?

Either of those would be a payment. A faster payment to a non-Nationwide account or a debit card purchase or a direct debit or standing order to a non-Nationwide account.

tiger70

I've started the process already, 2 payments into my Nationwide current account totalling more than £500 from my Halifax current account and then 2 payments back to my Halifax account by the same amount . This process worked this time last year, so fingers crossed .

Lorian

Thanks for the reminder, that's this month's requirements done (hopefully)