Nationwide Building Society

[poland71]

Who knows what the rules will be for next year's Fairer Share Scheme (assuming of course that taking over Virgin Money won't use up any spare cash)
Comparing the criteria for the first payout in 2023 to those just announced for the 2024 payout, they have tweaked it slightly and these criteria aren't published until "after" the event.
It just needs them to raise the £500 a month 'payment-in' to something like £1500 and a lot of members will fall foul, I'm sure. If we knew in advance what the coming year's payment might depend upon, then we could adjust our banking habits accordingly. Or would that be seen as playing the system in the hope of a pay-out?

[planteria]

Has the Fairer Share benefit been commonly understood to be an annual payout? I'd assumed that last year was a one-off, otherwise might have tried harder to qualify!

no. but there was a hint that there would be more to come. they are intentionally confirming the criteria after the qualifying periods, to try to ensure that customers who are using their accounts ‘properly’ are rewarded. at the risk of banging on, i think they’re doing a good job for customers nowadays. I’m away at the moment and don’t even know if i qualify, but there’s no point worrying.. we either do or we don’t. anyone who uses Nationwide for their primary current account and has Savings/Mortgage/Both with them should be fine to bag this.

[MrsBear]

I was a bit surprised to receive an email saying I am due to get the bonus because whilst I have the "qualifying" accounts, I don´t make many transactions.

This thisismoney article does not mention a specific number of required transactions.

Note also that a new Nationwide 'Member Exclusive Bond' paying 5.5% fixed for 18 months on a max £10,000.

https://www.thisismoney.co.uk/money/sav ... 2023/05/24

[tonyg]

and another £100 on the way in June..

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

Money now credited to my accounts

[MrsBear]

Money now credited to my accounts

ditto

[planteria]

yes, received in my account yesterday too.

[jaytee]

Received mine too, as I have a current account with them.

Family member not happy as they have over £50K in a savings account, but gets nothing.

Tried to get them to switch current account after last year's payout, as they would have had £200 to switch last year and qualify for this offer too.

As they say, you can lead a horse to water.....

[planteria]

"An update on our potential acquisition of Virgin Money

Earlier this year we told you about our offer to buy Virgin Money. We have recently provided an update on progress via our website.

We want to reassure you that we will remain a building society, run for and committed to our members, as you can see from what we have shared in this email.

If the deal is completed, we expect to be better placed to offer you greater financial benefits, including better savings and mortgage rates compared to the market average.

We will keep you updated on Virgin Money news in the months ahead."

[planteria]

Nationwide are phasing out all Passbooks between September 2024 and February 2025, Savings Debit Cards issued to replace them.

[Sarah]

Update for Virgin Money customers today:

On 1 October 2024, Nationwide completed its acquisition of Virgin Money.

The combination of both businesses will result in a mutually owned, full-service organisation with enhanced investment in customer service and a wider range of products. Together, we will be the UK’s second largest provider of mortgages and savings accounts.

We’re excited about our future as two purpose-driven businesses with a shared goal of supporting our customers, colleagues and communities. Virgin Money Stores are now included in Nationwide’s Branch Promise. This means that everywhere there is a Virgin Money Store, we promise to still be there until at least the start of 2028.

For now, it's very much business as usual – there's no impact to Virgin Money (or Clydesdale and Yorkshire Bank) products and services. Customers who have savings with both Virgin Money and Nationwide will continue to benefit from the maximum protection offered by the Financial Services Compensation Scheme on each of their Virgin Money and Nationwide accounts.

Just so you know, fraudsters often take advantage of times of change to try and persuade people to share personal or financial information. We’ll never ask you for security details, whether over the phone, by email or via any other channel, so if someone does – please don’t share this information with them.

We’ll continue to keep our website up to date with the latest news and our teams are as committed as ever to delivering great service to you.

As we integrate Virgin Money and Nationwide carefully over time, the benefits we offer to our customers will only increase.

Thank you for your continued loyalty.