20 June 2017
- Members and friends can earn £100 each if the friend opens a main current account
- Scheme extended to allow savings and mortgage members to recommend friends
- Members can earn £500 per tax year through referrals, demonstrating value of membership
Nationwide will from today give its 15 million members the opportunity to earn up to £500 per tax year by recommending a friend to open a main current account – further demonstrating the value of being a member of Britain’s biggest building society and the UK’s number one choice for current accounts.
The popular Recommend a Friend scheme had previously enabled existing current account members to refer although it has now been extended to enable savings and mortgage members to recommend someone to open a main current account.
The scheme is the only switching incentive to reward existing members as well as new members. It allows each party to earn £100 if the friend opens a main current account with the Society up to a maximum of £500 per tax year if they successfully refer five new members.
Since the launch of the Recommend a Friend offer, more than 300,000 members have benefited from the scheme. It has helped Nationwide become the UK’s top choice for current accounts, with nearly one in every five accounts switched coming to Nationwide across 2016/17.
Chris Rhodes, Executive Director Product and Propositions at Nationwide, said: “As a building society we feel it is vital that being a member means something. By extending the scheme, we are giving more members than ever an opportunity to get a decent return for recommending their friends and family. We pride ourselves on having the best customer service on the high street and are honoured when someone is happy to make that recommendation to someone they know. For us, it’s a great way of articulating our mutual difference”.
Notes to Editors:
- Any member (who holds a current account, mortgage or savings account) over the age of 18 is eligible to recommend
- The ‘friend’ must do a full switch of their main current account (at least 2 x DD) into FlexAccount, FlexPlus or FlexDirect within 90 days of the recommendation (the switch must close their old account)
- Recommender and friend get £100 each when switch complete
- Recommender won’t get paid more than £500 in any tax year