Nationwide

ive had a message along those lines .....' eligible' customers . i bet it will be like when you do a placepot . 5 out of 6 conditions  tick , 1 fail so no dosh !

google 'nationwide,check if you are eligible'

They've only messaged eligible members. I believe.

Maybe, but if you havn't online banking you may still be notified i gathered from reading it.

Unless you have a current account you get nothing. Two fingers up to people who just save with them.

If they wanted to give money away to savers only, they would just increase interest rates. I can understand why some members are dissatisfied though.

Indeed they fail to pass on fully recent rate rises to savers so they make bigger profits and then make out they are doing members a favour by giving them 100 quid. Once again the savers are being screwed over. Nothing new there.

I've actually got fixed rate saving bonds with them, they were market toppers at the time.

The basic savings account interest rates are quite poor, and don't have a good RS like they used to. I do the start to save thing for 50 pcm, obviously that's pocket change but 5% easy access.

Not disagreeing but they are the best of a bad bunch,some of the main banks are scrooge altogether. Their 4.75% 2 year fixed bond is amongst the best, i would be the last person to ask for advice but if you have savings in NW and you can tie it up for a couple of years it is a good one.

Exactly right lapsy. The best of a bad bunch until now anyway. The thing about this is it shows which of their members they care about and which they dont. People should take note and switch if they arent wanted.

yup it's the easy access stuff that's poor, the current account itself and instant saver 2.5%

but any bank/bs will have good rates and poor rates across their suite at any given time

Rate is 4.1% for just 1 year,apologies.
Just for arguments sake you have 10k, you will get 10,410 back at the end of a year, to be very fair to NW that kind of product is being very fair to savers imo and better that the £100 by far particulary if you have multiples of 10k's.

Dotchinite • May 19, 2023 5:40 PM BST
Indeed they fail to pass on fully recent rate rises to savers so they make bigger profits and then make out they are doing members a favour by giving them 100 quid.

if it looks too good to be ...true ............it usually turns out not to be true

I'm a member but unlikely I'm eligible. I only have a current account and credit card; no mortgage or saving with them.

Bingo
Got £100
Yeha

Maybe there trying to tempt me back after i moved all my munie to the
COVENTRY

Not a big finance guy, but there's a question here that's similar to inflation.

The BoE raises central rates by half a point, and banks feel they are forced to follow suit. Essentially, it's like they're just passing on the increased cost.

But then you get news like this where, in actual fact, it's leading to bumper profits. Same with inflation. Oh, the price of energy has gone up and we need to pass on the cost. Wind forward nine months and they announce bumper profits.


Is there any actual justification for this or is it just an accepted rip off?

Yes banks pass the cost on to borrowers but dont pass all the benefit to savers so increase their profits. The question with Nationwide who continually boast about being a mutual ran in members interest is why they make such big profits in the first place.

Indeed^ It is in every sphere as i said earlier, throw the migrants out of hotels and the pennywise pound foolish mob happy out.

Meghan got chased by cars and Sunak putting small diamond sanctions,churn the rubbish out faster.

I mean, what's it actually going to take for people in this country to rise up and stop being treated like vermin

They don't care,you have mps telling them don't bother with the cheese in the cheese sandwich and just buy the cheapest baked beans,shower of koonts that are a total drain on the public purse.

Go down the coast, swim in the sh1te.

Want it cleaned up,.... Oh we will put your bills up.

Tories vote to allow raw sh1te dumping and mega profits.


The half wits defend them, look at the dingies.

after i moved all my munie to the
COVENTRY

Careful doing that. FSCS only covers you for the first £85,000.

I don't like what's happening here, it bull.

PP I've raised this before, it's called NIM.

It's been increasing, it's a rip off.

Government allows it.

That's the short uncomplicated version.


Net Interest Margin.

Can't blame covid, can't blame energy.

It's pure theft, just like inflation.

It has major repercussions.

If ONLY
Been a stressfull day actually switching broadband providers
Read the email after it finally connected

I stopped buying beanz(Heinz) at 1.10e, that was a few months ago, this week I was horrified to see it at 1.69 a tin, fook on what planet.

My spring water that I really like(Ballygowan) went up 22% this week, I didn't buy it, I'll drink iced tap water, they can swing.

Took all my money out of banks awhile ago, invested.

I've gone back to mostly cash because they charge me for swiping, lodging, withdrawing, they can gofook off too.

It's all on principal.

I refuse to let my shopping basket go out of contol, no cake, no biscuit etc, fook them, I'll pay the gym with that money.

And so on!

You should BE trying buying COLSLAW
dOUBLED IN PRICE THE LAST FEW MONTHS
Must be an endangered species

Yes, a lack of financial knowledge upthread.

The Bank is forced to raise central rates as that is what the Fed have done. If they didn't follow the Fed, sterling would collapse. This is all other fiat currencies, not just ours. When the country wasn't on the limit of the amount of debt the market will tolerate, we could sort of have an independent policy. Now we have to follow the Fed.

Inevitably, when interest rates increase, the commercial banks (and bs) have stronger margins. You can't make much profit from loaning mortgages out @ 0.9% interest.

Yes Cider the Tories endless borrowing and printing, not the US.

All these folk getting £100 will be inflationary!

Cider, you can get 30yr fixed rate mortgage in the states, very common.

No such offer in UK.

We know why off course.

Two thirds of LSE is dollar based.

The biggest impact is the bond market. Gilts sell off to move to the 'safe haven' us dollar.

Which major open economy still has mortgage capital borrowing rates of 1%?

The weaker pound lifted shares in FTSE 100 listings with an international exposure.

I could be here all night listing all of the things that the current gvnt has done wrong. But they cannot do anything about interest rates. Nor can anyone who may take over.

London's FTSE 100 ended higher on Thursday, continuing a slightly up-and-down week, helped by a weaker pound, as a rally in the dollar on an unwinding of doveish Federal Reserve bets continuing.

All other fiat currencies are weak against usd. Or, were. I very much doubt the eu have finished their rate hikes.

The point is, they did not have to be in this position, they chose to be stupid and greedy.

But yes we could be here all night.

European interest rate ECB    3.750 %       
Australian interest rate RBA    3.850 %       
British interest rate BoE    4.500 %       
Canadian interest rate BOC    4.500 %       
Israeli interest rate BOI    4.500 %       
American interest rate FED    5.250 %       
New Zealand interest rate    5.250 %       
Saudi Ariabian interest rate    5.500 %       
Indian interest rate RBI    6.500 %       
Indonesian interest rate BI    6.500 %       
Polish interest rate    Poland    6.750 %       
Czech interest rate CNB    7.000 %       
Russian interest rate CBR    7.500 %       
South African interest rate SARB    South Africa    7.750 %

not exactly an outlier. are we.

But it ain't coming down core inflation in the UK after a dozen consecutive hikes.

I think it's wrong and inequitable only members with a current account plus at least a saving or mortgage account are eligible for a £100 payout. Given the exorbitant overdraft fees (39.99%) being charged this £100 payout should have included (poorer) holders who are trying to make ends meet and most needy; robbing Peter to pay Paul - not the ethos of a society (modern perhaps).

I think it's time I play switcheroo to earn a meaningful sum each time from a new bank account.

If they gave it to everyone it would only be about £15 !

Any member ineligible is no worse off, it's just a bonus to those who did qualify. And they already did 5% cashback on groceries which will benefit 'poorer' members.

Remember people must feel punished when others get stuff.

It's an interesting concept as a model. If you participate in a certain combination of products, at a certain level, you get a share of the profits. It could be applied in other markets, non mutual organisations.

Its not about being punished but members who feel they have been unfairly excluded may well move elsewhere and clearly Nationwide havent thought this through one little bit. The criteria is ridiculous.

They've thought it through all right. They want to have customers who do their daily banking with them, long term. What we don't know is the internal planning and strategy specifics. Banking has two types of customers, sticky (or lazy) ones who like the brand etc, and don't shop around. And others who are rate hunters. The rate hunters will still rate hunt. Sticky ones will predominately stay sticky. A few with noses out of joint may move away but they will get others moving their banking over in the hope of further distributions.

The entire way Nationwide is ran is a farce but to be fair they do fool a lot of stupid people with their claims that they run it in the interest of its members. This is just an extension of that illusion.  I agree that the aim is to increase their share of the current account market but its a strange strategy to do it by irritating a lot of your biggest customers.

The free share issues on demutualization were
thought by many to be unfair too, and caused many to
change accounts on top of those who closed accounts
having got their free shares.

How and where have their profits derived from? No doubt a huge chunk from overdraft fees, bank charges and mortgages. But, of these lot who contributed the most? Of course those on overdraft and mortgages (if one was sufficiently privileged).

A building society is a non-mutual entity if profits only benefit a select and privileged group of members. It's definitely switcheroo time. Bye, bye Nationwide!

You have next year to win
and the next years

.https://www.youtube.com/watch?v=DNxXRigHri4

Off course if you did have a 30yr fixed rate mortgage you wouldn't be buying a new place to take on a far more expensive mortgage.

weighed in today

Made almost 2k in bank switching offers this year.

You get on the switching offers Cider?

I've rinsed most of them once already, concentrating on the stoozing currently. There are probably a few I could still do, but I don't want to lose access to the regular savers either.

Jun 13, 2023 -- 5:20PM, Cider wrote:

I've rinsed most of them once already, concentrating on the stoozing currently. There are probably a few I could still do, but I don't want to lose access to the regular savers either.

Just open a dummy account with Nationwide via the app, wait for the debit card then switch.
£200 switch bonus the easiest ££ I have ever made. Natwest/RBS/Ulster supposed to pay the £200 once as all the same group but they don't talk to each other so an easy £600.

When we profit, we think you should too, so we are delighted to let you know that we are giving you £100.

Sharing our profits through the Nationwide Fairer Share payment is one of our ways of rewarding you for choosing us. You were part of our very first Fairer Share payment last year and we are excited to be able to give you £100 again

Nice

Got this last year so should again
All helps.

Dad got his £100 today.

My email says payments to be made between the 13th and 28th June.

Quite a decent organisation Nationwide.
A not for profit Building Society that has shared its profits with its account holders.
It is miles better for customer service than any other bank I have been with.
It’s also independently assessed by WHICH? as the best.
Couldn’t see Barclays or Nat West doing this as they have to prioritise share holders and especially of course the Mega rich bankers bonuses - the ones the sleazy and corrupt Tories recently decided to end the cap on.
And I am going to but a nice bottle of Talisker 18 with my quite unexpected £100 bonus so all good.

I managed to snag one this time. The criteria is humongous.

Another £100 banked

Why choose a Member Exclusive Online Bond?

The Member Exclusive Online Bond offers a 5.50% AER/gross a year (fixed) interest rate on your savings for 18 months. It's exclusively for existing members, and not available to new customers.

Interest rate

5.50% AER/gross a year (fixed) for 18 months

Access to your money

Only when your term ends. There is no option to close a Member Exclusive Online Bond early to access your money.

Market topper, but no access, £10K max and outside of ISA wrapper make it not for everyone.

On 1 October 2024, we completed the purchase of Virgin Money, becoming an even stronger force in UK banking. This was made possible by the financial strength Nationwide members, like you, helped us build.

To say thank you, we are pleased to be sending you, and over 12 million of our Nationwide members, a one-off payment of £50 as part of The Big Nationwide Thank You.

nice little bonus

Found a FIFTY
4.00 Cheltenham

I got my £50. However, I'd be fuming if another £100 is not given come May/June similar to last year. I do not agree with buying VirginMoney.