Nationwide Fairer Share Payment

[planteria]

interesting point poland, and we all see the world through our own eyes of course, but i was actually going to praise Nationwide for coming up with something unexpected, positive and rewarding for members. effectively it is rewarding the members have a current account, as most who do have a saving account of some description too, and some will qualify via a mortgage. i was wondering re letting a current account go, but this has made it less likely i'll drop Nationwide as a current account provider.

[jaytee]

Some savings account holders only hold an account with a few hundred pounds, with no activity for years other than annual interest accruing. Back in the 1990s it was common for people to open multiple accounts across various building societies with a £100 or so. These customers were known as Carpetbaggers, gambling that a Mutual may go public and they may receive free shares which were worth multiple times the amounts they held in their accounts. Share payouts were made by the likes of Halifax, Abbey National, National and Provincial to name but a few.

Currrent accounts, in the main, are probably the most 'active' accounts within any banking domain, and are probably where they make most money from customers - low interest rates paid on credit balances and higher returns then loans and mortgages from overdrafts.

Without announcing to the world in advance that these £100 payments would be given out, over recent months, Nationwide has been actively encouraging people to have a current account with them - £200 if you switch your current account to them, with 5% credit balance interest for the first year; 5% (up to £10pcm) cashback on supermarket spends during February, March and April.

So by moving your current account for a free £200 + up to £30 cashback was too much bother for some people, but who now complain that they miss out on half that sum. It is suggested that these payments may become annual, so if the switch option comes up again, maybe it IS worth a little work.

For me, I will be fortuante enough to be receiving one of these payments, but after over 40 years of being a Nationwide customer - banking, saving and mortgaging - I feel I have earned it.

[blythburgh]

Not the most Mutual of carve-ups.
16 Million members and an estimated 4 Million only to receive the £100 Fairer Share payment, doesn't seem very MUTUAL to me.
Had it been the other way around and only 25% didn't receive, that would be the majority getting something and altogether fairer.
As it stands at the moment their criteria for payment needs to be reviewed so that more MEMBERS (that's the key word here) benefit and the public at large can see the benefits of Mutality.
Very poorly thought out NW. Not really giving an incentive to be with you is it?

We have an active joint current account and an occasionally use single person account. But because we do not have the savings or mortage bit it means we miss out. Think a savings account is called for just in case.

[jaytee]

Imutual offering £11.00 Cashback on Nationwide Instant Access ISA https://www.imutual.co.uk/nationwide
Perhaps that is an opportunity worth considering?

[planteria]

interesting jaytee, and i agree that you deserve the payment.
£100 in a Savings account ensures voting rights with the society, and anyone that is banking with Nationwide might as well be a voting member imv. as i said above, i think Nationwide deserve praise for this.

[planteria]

confirmation that the payment is coming this month via a message when logging in, and also a permanent window below FlexAccount and LoyaltySaver on online banking.

[MrsBear]

received my payment today

[Oggy]

So did me and Wifey!

[planteria]

i haven't accessed my account but i've received their text to tell me they're "delighted to confirm £100 has been paid into your current account".
they've done well to reward members this way, but they really have milked it

[poland71]

Their much trumpeted Nationwide Fairer Share Online Bond which you were encouraged to use as a suitable savings vehicle which offers a 2 Year Fixed rate of 4.75% has quickly been knocked into the long grass. I recently nabbed a 2 Year Fix on Raisin for 5.45%

Do the maths, you have to invest just under £7100 in this Raisin offering which after 2 years will clear any £100 from a future payout from NW.

So much for MUTUALITY