The Nationwide refer a friend scheme is one of the most generous around. Recommend anybody and you will each earn £100. But it doesn’t stop there, you could earn £500 every year!
Thanks to the Current Account Switch Service, switching your current account has become very easy to do. It takes roughly seven working days, and all your direct debits and standing orders are moved for you. Because of this, banks are keen to get your business and many will offer you a bonus if you switch your account to them. Nationwide offer one of the most generous bonuses, but only through their refer a friend scheme.
How does the Nationwide refer a friend scheme work?
- First of all, you (or a friend) will need to be a Nationwide account holder. Next up, the account holder will need to complete a quick form online. In 1-2 working days, Nationwide will send the holder an email which then needs to be shared with the friend.
- The friend needs to start a switch to Nationwide and also make sure they meet the T&C’s.
- The friend then needs to pass Nationwide their switch reference number they received when they started stage 2.
- If everything goes well, you both receive £100.
Any other conditions?
The friend must complete a full account switch, which means closing their old account. The account swap must also include two direct debits. Once the switch is completed, both parties will receive £100 on the 20th of the following month.
A few important facts:
The new account must be kept open for at least three months, otherwise Nationwide may reclaim the money.
How do you make the most of it?*
Over the last couple of years, my wife and I have been making the most out of the Nationwide refer a friend scheme. Basically, you can keep referring each other to make £100 each.
Year 1: She was a FlexAccount holder and referred me to open a FlexDirect account. We both earned £100 when I switched over.
Year 2: I referred my wife to open a FlexDirect account (she only held a FlexAccount). We both earned £100. I then switched my FlexDirect account to TSB (earning £125).
Year 3: My wife referred me again for a FlexDirect account. I swapped from TSB earning us both £100. My wife closed her FlexDirect account and swapped to TSB for £125.
Next year I will refer my wife once again. So over the last three years, we have earned £600 from Nationwide and £250 from TSB. Not bad for around an hour’s work. The trick is to always have an account to make a switch from. As you can see, the Nationwide referral scheme can be quite lucrative.
*Please note that in February 2018, Nationwide made a slight change to their terms.
It now states:
11. The recommended friend is entitled to only one payment even if they switch more than one account to us or if more than one recommender recommends them. If the recommended friend has received a payment under any other Nationwide Recommend a Friend offer, then they are not eligible to receive a payment under this offer.
I have yet to try the above with the new terms but will let you know how I get on.
If nobody in your family holds a Nationwide account, it’s certainly worth one of you opening one. You can make a decent amount of money.
Nationwide cardholders also qualify for some excellent cashback deals through Simply Rewards.
And if you have a current account with Nationwide, you could also qualify for their Select credit card which offers cashback on every purchase.
Nationwide isn’t the only current account provider that offers you money to switch to them. Take a look at this article about switching bank accounts and where to find more offers.
If you want to find out more about recommending a friend with Nationwide or want to start an application, then click here.