First Direct used to send customers a real leather, not plastic, cheque book holder and card wallet. I’ve still got mine.
Supergran! Mid-80s TV at its best.
I must say, I’m enjoying this trip down memory lane folks. 
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Nationwide gets stranger by the day - mediocre barely competitive products, that stupid Fairer Share scheme, buying VM and now this.
Is almost as if they’re planning to float or get taken over/ merge with someone else.
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Only the people who didn’t get it thought it was stupid. Those of us who did, thought it was a really good scheme.
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Yes, I also thought it was great. £100 per year just for using their services. Normally you’d need to be an investor with a few grand’s worth of shares to get a dividend like that.
I don’t know about stranger --they’re not doing anything many corporate entities do at some point. The difference here is that they’re not beholden to shareholders demanding growth at all costs, so it is difficult to see their rationale for outsourcing here.
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Account for 20 years and get nothing, because their products are mediocre, stuck in the past and there was no advance warning that there’s a reason to use them.
Paired with no fixed criteria going forward. If they fixed the criteria that I needed to keep my direct debits every month and use the card, I’d accept it.
Irrelevant, the bonus relates to a profit obtained in the previous financial year. It’s not a long term loyalty bonus.
Worth a try, surely? I wasn’t eligible the first time but made sure I hit as many criteria as possible the second and sure enough we became eligible.
It outlines the criteria on the website --a current account, a savings account or a mortgage. As long as you are using the accounts you’re eligible.
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an ‘eligible’ current account + either a savings account or a mortgage (with a balance of £100 or more)
The eligible current account bit is the tricky bit.
Actually, they sold it like a brand loyalty bonus. Giving back to members
The criteria is announced after the fact. Worth a gamble? Sure. But they should pick a criteria at some point and stick to it
But yeah, I guess I will setup a standing order for a pound a week to Nationwide to fill the payments criteria.
When it says payments, what does it mean? Card payments, direct debits?
You inferred a meaning beyond what was ever stated, this one’s on you I’m afraid duck.
Essentially any transaction going out of your account.
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I’m sure it was as an individual.
As a mutual organisation - their role is to invest in better products, lower lending rates and high savings rates to all members; not give some members a £100 bung from Society assets.
Not that surprising though as they denied (in branch) that customers were almost all also members (i.e. owners) of the Society. In fact, they looked genuinely puzzled by the prospect.
I think the fairer shares is a no win situation for them.
As an extreme example, since all members are equal, then arguably they should pay every member the same interest in cash terms on their accounts regardless of balance.
Coming up are even more issues as Virgin accounts get migrated over and thus become share accounts. If fairer shares stays much the same, will a Virgin account holder migrated over in, say, March get the same payout as a Nationwide account holder who’d been with them for years?
I guess yes, just like those who switch in during that qualifying period. They qualify without even needing some crap conditions older members are subjected to.
Where is this stipulated, please?
They are far from the only Building Society to limit incentives and enhanced rates on entirely arbitrary grounds. There’s nothing improper about it.
Then complain, they clearly need better training.
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Where is it stated that all members are equal? The Rules and Memorandum make no such statement, and in fact stipulate lots of circumstances that members are not equal at all.
Presuming those accounts are mutualised, which isn’t agiven. We know the Clydesdale Bank plc. entity will continue to exist. We don’t know what products and services it will continue to offer. It’s not impossible that they maintain 2 separate retail offers (a la LBG, except using a single branch network).
There’s nothing to compel them to keep doing them at all. It’d be slightly outrageous if they didn’t next year given the amount of marketing they are currently doing shouting about it, but beyond that who knows.
If they did keep doing them, they’d just stipulate to include or exclude those transitioning customers, as they see fit.
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I’m going by the voting rules. Once you have £100 in savings, and are 18+, you get a vote and similarly if you have a mortgage, you get a vote. First named on joint accounts only I think.
Unlike a company, having, say, £200 doesn’t get you two votes.
What has that to with the Fairer Share scheme?
Just pointing out that whilst all members with £100 and over are equal, they have never been treated equally.