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.”