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."