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Major building society hit with complaints as millions ‘disappointed’ after missing out on £100 payment – were you one?
We explain the criteria for getting the £100 bonus
A MAJOR building society has been slammed with complaints after paying three million customers £100 - while around 12million missed out.
Launched last year, Nationwide's Fairer Share Payment is a reward for millions of members of the building society who meet certain requirements.
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Like last year, only those who have a qualifying current account, as well as a qualifying savings account or a mortgage are eligible for the payment.
They must also save a certain amount or pay a certain amount on their mortgage each month.
Around 3.4million Nationwide customers meet the criteria and will therefore share a slice of the building society's £385million cash pot this month.
But Nationwide has over 15million customers, meaning around 12million customers have missed out on the bonus - and they're not happy about it.
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The building society and the Financial Ombudsman Service (FOS) have received a large volume of complaints from disgruntled customers, The Sun understands.
It is understood the FOS received so many complaints it was forced to put out a statement clarifying that it can't take action.
The ombudsman said: "We have been asked by some Nationwide members to investigate complaints about Nationwide’s Fairer Share Payment scheme.
"We have been considering whether complaints about this activity fall under our jurisdiction. The distribution of profits – which is what the Fairer Share Payment scheme involves – is not an activity we can consider complaints about."
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Meanwhile, Nationwide has been sending a seemingly generic response to customers who have complained saying it won't record their letters as official complaints and will instead take them as "feedback".
In the response, seen by The Sun, it said: "We are sorry if you were expecting to qualify this year and you haven't.
"The Nationwide Fairer Share Payment is designed to reward those members who choose us for their everyday banking as well as having their savings or mortgage with us. It gives something back to customers who do more of their banking with us.
"The way in which we decide to share our profits through the Nationwide Fairer Share Payment is not related to ur products' terms and conditions, nor our service, so your feedback is not something we'll manage through our complaints process."
Sarah Coles, head of personal finance at Hargreaves Lansdown, said that while the scheme was meant to be positive, those who initially thought they would benefit but then fell short on the small print "may well feel disappointed" now.
"Unfortunately for them, because Nationwide hasn’t been required to set up this scheme, or implement any particular rules, it’s entirely up to them who they make the payments to, so there’s nothing you can do," she said.
"For a scheme designed to showcase the very real benefits of saving with a building society, there is a risk the way it has been designed will end up leaving a group of very dissatisfied customers."
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One disgruntled customer told The Sun they have been a paying customer for over a decade and don't feel they should be penalised for not having a mortgage or savings account.
"It seems like members get punished for not accepting below market interest rates on their savings and therefore aren't deemed worthy of the profit share," they said.
Nationwide's easy-access instant savings account currently pays 3.25% interest. The best easy-access accounts currently pay 4.96%, according to data from analysts Moneyfacts.
A spokesperson for Nationwide said: “The Fairer Share Payment is just one of the ways we reward our members and the criteria has been set for this year.
"We treat all member complaints, comments and compliments as feedback. Regardless of the nature we carefully review and respond to all members accordingly.”
How does the Fairer Share scheme work?
Nationwide's scheme is a profit-share scheme for members who hold multiple accounts with the building society.
The £100 payments will be sent out to eligible customers automatically between June 13 and June 28.
Customers need to have held the qualifying accounts on March 31 to be eligible and still have them open in June.
But you don't just need to have the accounts open - there are also rules around how much you need to pay in and save to qualify.
Ms Coles explained: "Nationwide set up a series of rules when it announced the payment, and there are plenty of hoops you need to jump through in order to qualify.
"You not only need a current account (open by 31 March 2024) and a savings account or mortgage, but you must have used your accounts in specific ways.
"So, for example, in two of the first three months of this year, those with FlexDirect current accounts must have either had at least £500 paid into the account and made at least two payments, or made at least ten payments from the account.
"Meanwhile, savers must have had at least £100 in savings at the end of any day this March, or mortgage-holders must have owed at least £100 at the end of any day in March."
Where to find the best savings rates
Many savings accounts offer miserly rates meaning that money is generating little or no return.
However, there are ways to get your cash working hard. Sun Savers Editor Lana Clements explains how to make sure you money is getting the best interest rate.
Easy access savings accounts offer flexibility for customers, meaning they can dip in and out of cash when needed. However, the caveat is that rates can change at any time.
If you're keeping your money in an easy access account, you'll need to keep checking whether it's the best paying account for your circumstances and move if not.
Check in at least once a month to see what is happening in the market.
Check what is offered by your bank - sometimes the best rates are for customers only.
But do search the wider market as often top savings accounts are offered by lesser known providers.
Comparison sites are a good place to check for the top rates. Try Moneyfactscompare.co.uk or Moneysupermarket.
You can search by different account type. You'll usually get a better interest rate if you can lock your money away for a fixed amount of time, but it's always a good idea to keep some money in an easy access account in case of emergencies.
Don't overlook regular savings accounts often pay some of the best rates, but you'll need to commit to monthly payments. This can be a great way to get into a savings habit while earning top rates at the same time.
Will I get the £100 Nationwide Fairer Share payment?
To be eligible, you must have one of the following product combinations with Nationwide:
- A qualifying current account and qualifying savings
- A qualifying current account and qualifying mortgage
The following current accounts will qualify you for the payment:
- FlexPlus
- FlexOne
- FlexStudent
- FlexGraduate
- FlexAccount
- FlexDirect
- FlexBasic
If you have one of current accounts above and had at least £100 in total in one or more personal savings accounts, or cash ISAs, in March then you should be eligible for the payment.
Plus, if you owed at least £100 on your Nationwide residential mortgage on March 31, you'll qualify for the windfall.
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Couples with joint accounts and savings or mortgage products will both qualify separately.
If you're still unsure whether you qualify, there is an eligibility checker on the Nationwide website.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
Plus, you can join our Facebook group to share your tips and stories
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