Nationwide launches new switching offer

Refer a Friend scheme rewards new and existing customers with £50

03 February 2014

From 3 February 2014, Nationwide Building Society is launching its Refer a Friend switching offer.

When an existing FlexAccount1, FlexDirect2 or FlexPlus3 customer recommends one of the Society's current accounts, and that person switches their main account to Nationwide using the Current Account Switch Service, both parties will receive £50. Existing Nationwide current account customers can recommend up to ten friends per year, giving them the opportunity to earn up to £500 per annum.

Nationwide has laid down its challenge to the big banks and now has a range of current accounts to suit the different needs of our customers. The accounts include:

  • FlexDirect, a self-service, non-fee paying account, which pays a market leading 5.0% AER
  • FlexAccount offers customers free European travel insurance when it is their main current account.
  • FlexPlus, a packaged current account paying 3.0% AER and offering a comprehensive range of benefits, including UK and European breakdown cover, worldwide mobile phone insurance and worldwide family travel insurance, all for a monthly fee of £10.

Along with offering competitive products, the Society also has a strong focus on customer service. Nationwide has been independently voted as offering the best customer service on the high street, which underlines our mutual status and provides further evidence that we put our members at the heart of what we do.

Phil Smith, Nationwide's Head of Current Accounts, said: "Word of mouth is valuable to us as it shows that our customers are pleased with the products and service we offer and that they are willing to recommend us to their friends and family.

"There are a number of switching offers on the market, but ours is the only one that rewards existing customers as well as new customers.

"Nationwide is the only real alternative to the big banks and the Society has a range of accounts to suit different customer needs.

"Customers want more choice, better service and an organisation they can trust. Nationwide is owned by, and operates for the benefit of, its members. As a mutual, we do things differently and prove that while people need a bank account, they do not need a bank."

Notes to editors:

Full details on Nationwide's current accounts

1 FlexAccount European travel insurance is provided by UK Insurance Limited. To be eligible, you must be aged 16 – 75 and:

  • Hold a Visa debit card (not cash card or cash card+) and either,
    • Switch all your Direct Debits and standing orders to us from another bank or building society to your FlexAccount, using our Current Account Switch Service
    • pay in at least £750 per month into your FlexAccount for at least 3 consecutive months (excluding internal transfers)

To maintain cover you must continue to pay £750 into your account each month (excluding internal transfers).

2 FlexDirect pays 5.00% AER (4.89% gross p.a.) in-credit interest on balances up to £2,500 when you pay in £1,000 per month (excluding internal transfers). After 12 months, the interest reverts to 1.00% gross p.a./AER variable. Rates may be withdrawn without notice. Interest is calculated daily.

3 FlexPlus Worldwide travel insurance is provided by UK Insurance Limited. Worldwide Mobile phone insurance is arranged and administered by Lifestyle Services Group and underwritten by London General Insurance Company Limited. UK & European Breakdown and Recovery Assistance is provided by Britannia Rescue and underwritten by Liverpool Victoria Insurance Company Limited.

You must be 16 or over to apply for FlexAccount, and 18 or over to apply for FlexDirect or FlexPlus.

*Refer a Friend terms and conditions:

  • Payments are made once the account transfer has completed. It will arrive in the customers' current account the following month. If more than friend has been referred, the payments will be made separately, once each account has been opened.
  • Customers can refer as many friends as they wish, but Nationwide will pay a maximum of £500 within any 12 month period.
  • Cash Card account holders are not eligible for this offer.

About Nationwide

Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.

Customers can manage their finances in a branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

Please note: If you are a customer looking for information on our products and services, please visit the main website.