Nationwide Fairer Share Payment

[merryandbrightdelight]

Not sure if there is already a thread for this, but Nationwide are doing their Fairer Share payment again. £100 to eligible current accounts between 13th and 18th June. When I logged into my banking app I saw it there.

Thought I'd spread the smile it brought me!

I was pleased by this news yesterday too. Last year DS2 qualified because of a Child Trust Fund Savings account which I've not really added to since he was a baby - nice for him, but I was sad for DS1 that the passbook account that I set up for him when he was a baby didn't qualify because it wasn't in his name. I didn't qualify though I had quite a large amount in savings from years ago, because I didn't have a current account.

So a few months ago I helped DS1 open a Flex Saver account linked to the current account he had already, and moved all but £1 of the passbook account money in there. I told him that we wouldn't know until now whether Nationwide would offer a payout but it would be worth a try, and the kids saver account offers a very reasonable 5% on instant access savings that he can manage alongside his current account on his phone.

For myself I asked for a current account but not an overdraft facility at Nationwide (I have an account with overdraft facility at my old bank which I don't think anyone's going to match for someone with no paid employment).

So I was very pleased to learn yesterday that my efforts will be rewarded by £100 each for me and the boys - I think it's a lovely thing for the kids to get that in June. For next year I will try to get DP to meet the savings threshold as well (he already has his main current account there).

It’s unfair that those with isas and savings accounts don’t get it because they don’t have a current account. I’ve been with them many years and get nothing for my loyalty!

I've had savings with Nationwide for over 25 years, I think - quite a lot of money at the moment - but I didn't have a current account until this year though DP does and the kids do. I was more disappointed that DS1 didn't qualify last year because his baby savings account wasn't the right sort.

This year I thought, I don't need another overdraft (I'm trying to avoid getting back into any kind of debt) but I could do with a new current account with a debit card, so as to be able to set aside some money that I wanted to be able to spend on specific things and not have it swallowed by gigantic bills and food shopping. And I did do a fair amount of switching money around after looking up last year's conditions for a payout.

There are also a couple of loyalty offers which don't fit my needs just now but could be good for some people - a current account switch bonus (don't want to switch my bills to Nationwide just now) and a fixed term savings offer (5.5% pa interest if you want to lock away some savings for 18 months).

we all have current accounts, no one qualified last year but both myself and DD have started savings accounts this year coincidentally and so now qualify - happy days!
unfortunately DS doesn’t have a savings account so doesn’t get it. I’m going to get him to open one I think
Do you think this’ll be a yearly thing now?

I got it this time, more by luck than anything else, last time I didn't have enough in a savings account.

I am getting it too so very pleased

Yes I got it last time and this time which is nice.
I remember years ago when all the building societies windfalls were happening and “carpet baggers” moved cash around to get payouts. I stayed with nationwide so didn’t get anything so it is good to finally get some cash back.
A friend made thousands from opening accounts in other societies at the time though.

My DD is getting it. DH and I have not had emails so assume not. Not sure why not though.

I think that this year and last year you have to have a current account and either savings or a mortgage, and then you have to meet some conditions. All 4 of us in my home have one or more accounts with Nationwide though our mortgage never was, but only DS2 qualified last year and when I worked out why I did make a bit of effort to ensure that DS1 and I also got something. I'm also pleased that they didn't have totally different requirements - there is one change that would have made it easier had I known - I made sure that £500 was going through my Nationwide current account each month (a condition for last year), mainly by transferring money from my main current account with another bank and paying bills - and this year 10 payments out of almost any kind/size was an alternative criterion.

To be eligible, you must have one of the following product combinations:

• A qualifying current account and qualifying savings
• A qualifying current account and a qualifying mortgage.

Then there's other conditions you need to meet

@dementedpixie I think I don't use my current account enough!

They have said last year that they hoped to continue it and did, and it was slightly easier to qualify this year (same conditions as last year plus an additional option) and they have indicated that they plan to make this a regular thing if they can, while not committing the organisation to any obligation I guess.

My sons and I got a payout this year and I plan to try and make dp organise his finances so that he gets £100 next year even if I have to fund temporary savings to achieve it (he has his overdraft, umm, I mean current account there already, with his salary paid in to it). If you compare it to how much you have to have in a savings account even at 5% or more for a whole year it's an impressive return for my kids and not to be sniffed at for me, and if I find a better home for most of my savings by next year I will be sure to leave at least £100 with Nationwide.

Hi, my daughter has received the fairer share payment also. I was wondering as it is a taxable interest, and she is only 15, that I would pay tax on it?. I may be getting confused but I was just thinking about the '£100 savings interest rule on children's account'
If anyone has any thoughts on this, greatly appreciated.