God. Is anyone else tired of these banking "rewards" that somehow manage to exclude half their customers? I just spent 45 minutes on the phone with my cousin who's fuming about this Nationwide thing. She's had an account with them since 2018 and somehow doesn't qualify for their little £50 handout. Classic.
What's this all about then?
So here's teh deal - Nationwide has started dishing out £50 "Thank You" payments to over 12 million customers this week. Nice gesture, right? Well, turns out about 5 million loyal customers are getting absolutely nothing. Zero. Zilch.
My editor bet me $20 that most people don't even know why these payments are happening. It's actually because Nationwide bought Virgin Money in a massive £2.9billion deal back in March 2024. The acquisition was finalized in October, and now they're apparently feeling generous with some of that cash.
But here's what really gets me.
Nationwide customers weren't even given a vote on this Virgin Money takeover! Some were so annoyed they started petitioning for a say in whether the sale should go ahead. Fat lot of good that did.
When will the money actually hit your account?
If you're one of the lucky ones, payments started landing in accounts from April 9th. But don't panic if you haven't seen anything yet - they're rolling them out until April 30th. Keep obsessively checking your banking app like I've been doing (I feel stupid now because I just realized I don't qualify anyway).
For some poor souls, they might send a cheque instead of a direct deposit. Those could arrive as late as May 14th. Because apparently in 2024, some banks still think posting paper cheques is efficient...
The brutal eligibility rules that might leave you empty-handed
To get your hands on this cash, you needed to be a Nationwide member on September 30, 2024, and still be one now. But that's just the beginning. You also needed to have done ONE of these things in the year leading up to the end of September:
- Had at least one qualifying transaction on your Nationwide current account or savings account
- Had at least £100 total in one or more Nationwide accounts
- Owed at least £100 on a Nationwide residential mortgage
- Switched to Nationwide between July 1 and September 30, 2024 using the current account switch service
Miss all of those? Well... tough luck. No fifty quid for you.
Is the £100 Fairer Share Payment still happening?
Now for some potentially better news. Remember last year when Nationwide gave out £100 payments to 3.85 million members? There's a chance that could happen again this year.
I texted my friend who works at a Nationwide branch (his response: "already updating my resume"). He couldn't tell me anything concrete, but the official line is that they'll make a decision on May 29th when they publish their financial results.
Last time they did this, they'd made a pre-tax profit of £1.77billion. Their boss Debbie Crosbie said back in December they're "well positioned" to do it again this year.
Don't get your hopes up TOO much...
Look, I don't want to be a downer here, but over 12 million customers missed out on last year's £100 payment due to their ridiculous eligibility criteria. And it looks like the rules will be just as strict this time around.
If you want any chance of getting that £100, don't close your account between January and March. You'll also need to actually use your current account in those first three months of the year.
The exact requirements vary by account type (like a ghost at a family reunion - present but different for everyone). For example, if you have a Flex Account, FlexBasic or FlexDirect, you either need to pay in £500+ and make two payments out, OR make at least 10 payments out.
FlexPlus customers get special treatment - you automatically qualify as long as you keep paying that monthly fee. (How convenient for them, right?)
And just to make it extra complicated, you'll also need at least £100 in savings OR owe at least £100 on a Nationwide mortgage in March 2025.
Honestly, I've spent £4K with them over the years in various fees and they can't even make these reward schemes straightforward. Banking, eh? Always finding new ways to disappoint us.
Frequently Asked Questions
What are the risks associated with investing in the stock market?
Investing in the stock market involves several risks, including market volatility, economic downturns, and company-specific factors that can lead to losses. Investors may also face liquidity risk, where they cannot sell an investment quickly without incurring a loss. Diversification and thorough research can help mitigate these risks.
What are credit scores and why are they important?
Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.
What is the definition of money?
Money is a medium of exchange that facilitates transactions for goods and services. It serves as a unit of account, a store of value, and a standard of deferred payment, allowing individuals to compare the value of diverse products and services.
How can I improve my credit score?
To improve your credit score, make timely payments on all debts, reduce credit card balances, avoid opening unnecessary credit accounts, and regularly check your credit report for errors, disputing any inaccuracies. Maintaining a mix of credit types and keeping old accounts open can also be beneficial.
What is a budget deficit?
A budget deficit occurs when a government's expenditures exceed its revenues over a specific period, usually a fiscal year. This can lead to increased borrowing and national debt if not addressed through spending cuts or revenue increases.
How can I start saving for retirement?
To start saving for retirement, begin by establishing clear retirement goals and determining how much you need to save. Contribute to employer-sponsored retirement plans, such as a 401(k), and consider opening an Individual Retirement Account (IRA). Regular contributions and taking advantage of compounding interest can significantly boost your retirement savings over time.
What is the difference between saving and investing?
Saving typically involves setting aside money in a secure account for short-term needs or emergencies, while investing involves using money to purchase assets like stocks or real estate with the expectation of generating a return over the long term. Investing carries higher risks but offers the potential for greater rewards.
Statistics
- As of 2021, the median household income in the U.S. was approximately $67,521, according to the U.S. Census Bureau.
- Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
- According to a survey by the Financial Industry Regulatory Authority (FINRA), about 66% of Americans could not correctly answer four basic financial literacy questions.
- The average cost of raising a child in the U.S. is estimated to be around $233,610, according to the U.S. Department of Agriculture.
- As of 2021, the average American household had approximately $8,400 in credit card debt, according to Experian.
- A report by Bankrate indicated that only 29% of Americans have a written financial plan.
- According to a Gallup poll, 56% of Americans report that their financial situation is better than it was a year ago.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
External Links
How To
How To Set Financial Goals That Stick
Setting financial goals that stick begins with defining what you want to achieve, whether it’s saving for a home, paying off debt, or building retirement savings. Use the SMART criteria—Specific, Measurable, Achievable, Relevant, Time-bound—to structure your goals effectively. Write down your goals and break them into smaller, actionable steps to make them less overwhelming. Establish a timeline for each goal and regularly review your progress to stay motivated. Adjust your goals as necessary to reflect changes in your financial situation or priorities, ensuring they remain relevant and attainable over time.
Did you miss our previous article...
https://hellofaread.com/money/tap-buy-profit-how-one-person-just-made-125k-from-their-sofa-during-trumps-latest-mayhem
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