Nationwide Offers Up To £1,000 for Referring Friends in July

Society doubles amount paid to customers and friends to £100 if they open a current account

Nationwide Building Society is doubling the reward for its Recommend a Friend switching offer1. during July to £100 – meaning existing customers can earn £1,000 if they successfully refer ten people. The scheme is the only switching offer currently on the market that rewards existing as well as new customers.

Existing Nationwide current account customers2. can earn £100 by simply recommending a new or existing customer, who goes on to successfully switch their main current account (including a minimum of two direct debits) to the Society using the Current Account Switch Service. The recommended friend also receives £100 for switching their account to Nationwide.

Nationwide has been running its Recommend a Friend scheme since February 2014, with customers able to refer up to ten friends per year, earning them a maximum of £500 (£50 per referral). However, due to the increased offer in July, they could earn as much as £1,000 if they successfully refer the maximum number of people in a single month.

The referee must complete their switch by 31 August 20153. to qualify for the £100 switching offer and the payment will be made to the referrer and referee during the following month4.

Nationwide has a range of current accounts to suit the different needs of its customers. These include:

  • FlexDirect, a self-service, non-fee paying account, which pays a market leading 5% AER.
  • FlexAccount, which provides customers free European travel insurance when it is their main account.
  • FlexPlus, a packaged current account paying 3% 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.

Alongside offering competitive products, the Society also has a strong focus on customer service. Nationwide has been independently ranked as offering the best customer service on the high street for the last three-and-a-half years5, which underlines its mutual status and commitment to members.

Phil Smith, Nationwide’s Head of Current Accounts, said: “There are a number of switching offers currently on the market, but ours is the only one that rewards existing as well as new customers. Unlike other offers, existing customers can continue to benefit from our Recommend a Friend scheme, but for one month will be able to earn a maximum of £1,000 if they recommend friends and family.

“When looking for a new current account, people will often ask their friends and family for recommendations of the products and services they are using. Word of mouth is extremely powerful as feedback is honest and based on experiences. As our switching figures have shown time and again, Nationwide is continuing to attract customers from the big banks. This is because of our strong products but also due to our strong focus on customer service.”

Notes to Editors:

Full details on Nationwide’s current accounts can be found on our website.

1 Terms and conditions apply:

  • 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 up to ten friends per annum and Nationwide will pay a maximum of £1,000 within any 12 month period.
  • Cash Card and FlexOne account holders are not eligible for this offer.

Full terms and conditions can be viewed on our website.

2 This offer is only available to our existing current account customers (excluding our employees) who hold either a FlexAccount, FlexDirect or FlexPlus Account. Cash Card and FlexOne account holders are not eligible for this offer.

3 If the switch completes after 31 August 2015 and all other conditions are met, both parties will receive the standard £50 Recommend a Friend switching incentive.

4 Payment will be made on 20th day of the following month after the switch has completed.

5 Source: GfK NOP’s Financial Research Survey (FRS), 12 month rolling data between April 2012 and March 2015, c60,000 adults interviewed per annum, proportion of extremely/very satisfied customers minus proportion of extremely/very/fairly dissatisfied customers summed across current account, mortgage and savings, high street peer group defined as Barclays, Halifax, HSBC, former Lloyds TSB Group (including Lloyds Bank, TSB and C&G), NatWest and Santander.

Customers must be 18 or over to apply for a FlexAccount, FlexDirect or FlexPlus.

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 customers.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 18,000 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.