Nationwide Fairer Share £100 payment

[dealtn]

Not everyone will get the fairer share payment - I don't think I will since I dont have a savings or mortgage product with them (but I do have the current account with them).

Then it can hardly be called a fairer share payment, because it is blatantly unfair to those who only have a current account with Nationwide. No matter how much they have in their accounts.

Personally I have avoided Nationwide savings products for some time because their interest rates (ISTM) have been at the bottom end of banks/building societies.

If it is only available to those with a share in the institution it can validly be called a fairer share payment. There are multiple meanings of the word share, and in this context the membership (or ownership) of the institution is what is being referred to. It is perfectly normal for current account and mortgage holders to have a "share" whilst regular savers don't. The amount in the account is (usually) irrelevant to that "share" status.

In the past it was common to have share accounts and savings accounts literally describing that difference - with the terms and conditions of each describing that different legal relationship.

[Gerry557]

I have received a letter saying I'm in. I also logged on and saw a message confirming I will get the payment on the pc but nothing on the app.

I know someone who looks like they have fallen fowl. Despite holding an account for 20 years plus with savings. A recent change in circumstances means that they don't meet the payment in side of things for the 3 month period.

Whilst this is likely to meet next year criteria, assuming it's still running there is a bit of resentment.

I think this has just resulted in a reflection of holdings and they are going to move all their savings bar £100 to an alternative provider which is also paying higher interest rate. Strangely this will give them more than the £100.

So one happy ish customer and one peeved customer. Probably not Nationwide intended.

I have suggested if it's not confirmed that they should write and try and play on the heart strings, explaining all the past history and temporary nature etc.

Personally Im not sure it will work. I suppose you have to set some sort of limit and that limit will always be pushed.

It would be ashame that a loyalty scheme makes a customer disloyal.

[XFool]

...You can't please all the people all of the time.

"Unfair"? As nothing compared to the BS Demutualisation nonsense. IMO.

[Gerry557]

Reading the media and online this looks like it's upsetting a lot of (none) members who have been with Nationwide for decades. There appears to be quite some backlash building. Some who temporarily went of of the criteria for a short period within the limited window.

Many threatening to move their savings or upset that paying £13 per month to bank doesn't qualify.

Maybe they should have called it the Unfairer payment.

I feel lucky I was one of the three who apparently was in the winners club. It's strange that previously people were fairly content them doing nothing but this Megan moment of hypocrite of a loyalty payment has rattled the cages.

Is Gerald Ratner on the board

[Kantwebefriends]

But the 5.25% regular saver (https://www.nationwide.co.uk/savings/start-to-save/) is for max £50 per month! It's not worth it.

Oh I dunno; if the £50 p.m. qualified me for the £100 handout I'd think it might be a decent punt.

[stacker512]

But the 5.25% regular saver (https://www.nationwide.co.uk/savings/start-to-save/) is for max £50 per month! It's not worth it.

Oh I dunno; if the £50 p.m. qualified me for the £100 handout I'd think it might be a decent punt.

Yes, except to qualify for the £100, one would have had to have that open during March / before April this year. It's too late now.
In isolation, without the £100, it might not be worth it.
I do agree, if one did have that saver and also got the £100 it would be worth it, but one would not have known that ahead of time.

[Kantwebefriends]

Oh I dunno; if the £50 p.m. qualified me for the £100 handout I'd think it might be a decent punt.

Yes, except to qualify for the £100, one would have had to have that open during March / before April this year. It's too late now.
In isolation, without the £100, it might not be worth it.
I do agree, if one did have that saver and also got the £100 it would be worth it, but one would not have known that ahead of time.

I was thinking ahead to next year; they've announced that they'd like to repeat it.

[stacker512]

Yes, except to qualify for the £100, one would have had to have that open during March / before April this year. It's too late now.
In isolation, without the £100, it might not be worth it.
I do agree, if one did have that saver and also got the £100 it would be worth it, but one would not have known that ahead of time.

I was thinking ahead to next year; they've announced that they'd like to repeat it.

oh! Now that would be worth it. I wasn't aware of that, thanks for pointing that out.