Millions of loyal Nationwide customers will miss out on a £100 windfall because they do not qualify for a payout under the building society's strict criteria.
On Friday, Nationwide revealed with great fanfare that it was handing out £100 payments to members to share the spoils of its bumper profits. But fewer than a quarter of its 16 million members will share in the £340 million pot.
To be eligible, members must have had a Nationwide current account since at least March 31 and must keep it open until June. They must also have held at least £100 in savings accounts with Nationwide in March or owed at least £100 on a Nationwide residential mortgage on March 31.
The rules mean loyal members who have saved with the building society for years or even decades will miss out if they don't have a Nationwide current account too.
Laura Suter, at investment platform AJ Bell, says Nationwide does need selection criteria to decide who is eligible, but that long-standing savers may feel frustrated they miss out.
Missing out: Fewer than a quarter of Nationwide's 16 million members will share in the £340m pot
She says: 'Part of the reason Nationwide has such high profits is it has not been passing on interest rate rises to savers in full. Some savers may have preferred a rate rise.'
Nationwide launched its Fairer Share Payment after posting a strong set of financial results and profits of £2.2 billion.
Because Nationwide is a mutual, it can choose to share profits with its customers – all of whom are members of the building society – rather than handing them over to shareholders as banks do.
The payments will automatically go into current accounts of eligible members in June. Nationwide says it intends to make the payment annually, if it is not detrimental to its financial strength.
Suter says savers may consider opening a current account in the hope of a payout next year, but adds: 'A £100 payout in the future is not guaranteed. By comparison, a number of banks offer switching incentives of up to £200 for new current account customers, for which you would not have to wait.'
Nationwide also announced a two-year, fixed-rate Fairer Share Bond available exclusively to all existing members paying 4.75 per cent annually, though DF Capital and Hodge Bank both pay 4.95 per cent on two-year fixed rate deals.
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2023-05-20 20:51:40Z
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