Nationwide Fair Share

epm-84

https://forums.moneysavingexpert.com/discussion/comment/82021162#Comment_82021162

The first time they paid a bonus, some people complained because they were long standing members and had savings or a mortgage of significant value but no current account. I think they made an exception for some members on that occasion, but the idea that was a goodwill gesture and to qualify the following year they'd need to use Nationwide as their main 'bank' to qualify, even if they have 50 years membership and £100k in savings.

epm-84

https://forums.moneysavingexpert.com/discussion/comment/82021386#Comment_82021386

Technically Britannia members got £1, because they had the £1 Co-op membership fee waived as part of the takeover by Co-op bank.

Britannia's rates weren't all that competitive, but they did have the loyalty bonus on top of the interest rate, which was calculated on membership length and value of savings. So the rates ended up being competitive if you'd been with them for 5 years plus. Although, with the Co-op takeover the bonus was replaced by some points on your membership card. So I think they lost the long term members because lower interest rates weren't attractive if the bonus was equivalent to a loaf of bread and some fruit in store.

aroominyork

Remember that the £100 Fairer Share payment is taxable. It counts towards your £1000/£500/(£0) personal savings allowance.

Hammer_Time

If you have a joint current account and each have over £100 in savings do you both get the £100?

Sea_Shell

https://forums.moneysavingexpert.com/discussion/comment/82029699#Comment_82029699

£200 arrived today!! So, yes 😁

epm-84

https://forums.moneysavingexpert.com/discussion/comment/82029687#Comment_82029687

As are switch bonuses and reward payments e.g. current accounts that pay you for meeting certain criteria each month.

It's worth remembering some savings accounts give you the option of monthly or annual interest when you open them. If your savings are likely to change over the course of the year e.g. you're moving house or buying a new car, then you could consider whether you want to postpone the interest payment to the next financial year (through annual interest) or not.

Ocelot

https://forums.moneysavingexpert.com/discussion/comment/82029637#Comment_82029637

LOL, 'thanks for Marina'.

Received mine too.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82029687#Comment_82029687

Whereas if Nationwide were smart and genuinely cared about members they would have an option of earning the £100 as bonus interest within a cash ISA so it was tax-free.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82029732#Comment_82029732

They’re not, they’re usually considered cashback and not subject to tax.

The only ones you have to watch out for are referral fees and regular payments where you only have to have an account and there aren’t any requirements for e.g., two DDs per month or a monthly deposit. There are very few if any of these now.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82029872#Comment_82029872

The problem is making it a dividend, instead of paying a better saving rate to start with. Paid as interest (genuinely) earned on savings in an ISA it shouldn't be treated differently to any other interest paid on cash ISA accounts.

Likewise, Nationwide have opted not to provide an ISA equivalent of the Member Exclusive Bond - despite the start date and 15-month term meaning all the interest on the account will be paid in the same tax year.

"A good way to bank" shouldn't mean members paying more tax than they need to.