Nationwide extends refer-a-friend scheme

Nationwide has extended its refer-a-friend scheme so savings and mortgage members can earn extra money of up to £500 a year.

It was previously only available to customers with a current account.

Now, more customers can get in on the action and will earn £100 for every friend they recommend who opens a current account.

Members can refer up to five friends each tax year, meaning they can earn extra money of up to £500.

To qualify, the referral must complete a full switch of their main current account, changing at least two direct debits within 90 days of the referral. The switch must close their old current account.

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”.

Nationwide says since the launch of the recommend-a-friend offer, more than 300,000 members have benefited from the scheme.

The company says the scheme 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.

Key terms and conditions

  • 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