So basically a click bait headline that confirms nothing
So far I’ve only seen this in The Mirror, but Nationwide are saying to expect an announcement tomorrow (23 May): Nationwide Fairer Share | Nationwide
One to watch, I guess.
Yeah, that is the official version.
Won’t hold my breath though. Am expecting them to move the goalposts a little from last year to reduce the “players”.
We’ll see tomorrow.
They may catch me out
I reckon it’ll be more aimed at savers this year.
It is announced, less strict than last year, but still £100. If I understand right one just needs to have had a qualifying current account and qualifying savings account or mortgage when they checked on 31 March, and still have the current account open to receive the payment. I qualify, there’s a message when I open the app. I switched to a flexdirect account last October, mainly for the £200 incentive, and soon after opened a Regular Saver.
So far as I can see the terms are almost exactly the same as last year’s just wound a year forward?
There’s also a member exclusive £200 switch offer: Switch your bank account | Nationwide
I agree. Looks very similar, though don’t recall the OR 10 outgoing payments.
I qualify for the £100 (£80 in reality) but not the £200 CASS
Ladies and gentlemen, I qualify for another £100 tax free. Just received confirmation
It’s not tax free. It’s taxable as nationwide report it as “taxable savings income”.
You just don’t pay tax on it if within PSA.
The full conditions for the Fairer Share payment are here:
I didn’t know this.
Yeah, it’s reported as “taxable savings income” which means it’s treated same way as if it was interest.
My maturing Fixed Term Savers have blown my PSA for this tax year, so Nationwide payout is only worth £80 to me, but £80 is better than nowt.
That’s rather a nuisance the way most (all?) fixed term savers pay the interest at the end. Fine if they’re in an ISA of course, but they don’t all come in ISA form.
That should get easier from this year, being able to open and pay into more than one ISA each year. Fingers crossed anyway.
Not all. Sometimes a monthly interest payment is offered. Some building societies pay interest annually on a fixed date - for example Mansfield BS pay interest on the first working day of each year.
As long as non-ISA savings exist with higher rates than ISAs, it’ll remain a problem.
How about throwing the £100 into an SIPP?
No £100 for me, despite having a decent balance at the time. Starting to think Nationwide only values members who are current account users.
Don’t have one. Already retired (early).