Nationwide Building Society is set to distribute £100 payments to 3.4 million customers starting next week, part of a £340m 'Fairer Share' scheme. However, the payout has drawn criticism from longstanding members who feel unfairly excluded, with some posting one-star reviews on Trustpilot and threatening to move their accounts.
To qualify, members must hold a qualifying current account alongside a qualifying savings account or mortgage, with additional criteria such as minimum deposits and payment activity. Only 21% of Nationwide's 16 million members are eligible, leading to a 'haves' and 'have nots' divide.
Nick Davies, a member of 50 years with multiple products, questioned how a newer customer could have a deeper relationship. Elizabeth Pritchard, a decades-long saver without a current account, expressed disappointment, noting that in a mutual, all members should be equal.
Nationwide defended the scheme, stating that research showed most members found it fair to reward those who both bank and save or borrow. The society hinted at a review process for 'very compelling' cases but expects few exceptions. It also highlighted a 4.75% Fairer Share bond available to all members and over £1bn returned through better rates last year.
