Nationwide Refer a Friend Scheme: Earn Up to £500 a Year!

Are you looking for a lucrative opportunity to earn some extra cash? Look no further than the Nationwide Refer a Friend scheme. It’s one of the most generous referral programs out there, allowing you to earn £100 for each successful recommendation. But that’s not all – you could potentially earn a whopping £500 every year!

What Happened to the Nationwide Referral Programme?

Before we dive into the details of the Nationwide Refer a Friend scheme, it’s important to note that the referral program was placed on hold in April 2020. As of March 2022, there is still no sign of its return. However, if you’re a new customer, don’t despair! You can still take advantage of their joining offer, which you can find on my post about bank switching bonuses.

Switching Banks Made Easy: The Nationwide Refer a Friend Scheme

Thanks to the Current Account Switch Service, switching your current account has never been easier. In just seven working days, all your direct debits and standing orders can be seamlessly moved to your new account. Banks are well aware of this convenience and are eager to attract new customers. That’s where the Nationwide Refer a Friend scheme comes in.

How Does the Nationwide Refer a Friend Scheme Work?

To participate in the Nationwide Refer a Friend scheme, one of you (either you or your friend) needs to be an existing Nationwide account holder. Here’s a step-by-step breakdown of how the process works:

1. The account holder needs to complete a quick form online.
2. Within 1-2 working days, Nationwide will send an email to the account holder, which should then be shared with the friend.
3. The friend must initiate a switch to Nationwide and ensure they meet the terms and conditions.
4. The friend needs to provide Nationwide with the switch reference number received during the second stage of the switch.
5. If everything goes smoothly, both you and your friend will receive a £100 reward.

Additional Conditions to Keep in Mind

In order to qualify for the £100 reward, the friend must complete a full account switch, which includes closing their old account. The switch should also involve transferring at least two direct debits. Once the switch is successfully completed, both parties will receive their rewards on the 20th of the following month.

Here are a few important facts you should know:

1. You can recommend not only friends but also family members.
2. Existing Nationwide account holders can also be referred.
3. You can recommend a maximum of five people per year, giving you the opportunity to earn up to £500 annually.
4. The new account must remain open for a minimum of three months; otherwise, Nationwide reserves the right to reclaim the reward.

Maximizing Your Earnings: How to Make the Most of the Nationwide Refer a Friend Scheme

Over the past few years, my wife and I have taken full advantage of the Nationwide Refer a Friend scheme, allowing us to earn a substantial amount of money. Let’s take a look at our experience to see how you can maximize your earnings:

Year 1: My wife, an existing FlexAccount holder, referred me to open a FlexDirect account. This resulted in both of us earning £100 when I made the switch.

Year 2: I returned the favor by referring my wife to open a FlexDirect account, as she only held a FlexAccount at that time. Once again, we both earned £100. Additionally, I took it a step further and switched my FlexDirect account to TSB, earning an extra £125.

Year 3: My wife referred me again for a FlexDirect account. I made the switch from TSB, earning both of us £100. She then closed her FlexDirect account and switched to TSB, receiving another £125.

Next year, I will refer my wife once more. In total, over the past three years, we have earned £600 from Nationwide and an additional £250 from TSB. Not bad for just an hour’s worth of work! The key is to always have an account available for switching. As you can see, the Nationwide referral scheme can be incredibly lucrative.

Please note that Nationwide made a slight change to their terms in February 2018. The updated terms state that the recommended friend is entitled to only one payment, even if they switch more than one account or if multiple recommenders refer them. If the recommended friend has already received a payment under any other Nationwide Recommend a Friend offer, they are not eligible for a payment under this particular offer. I haven’t personally tested the new terms yet, but I will keep you updated on my experience.

What Are You Waiting For? Start Switching Today!

Now that you’re aware of the fantastic opportunity presented by the Nationwide Refer a Friend scheme, it’s time to take action! Talk to your friends and family to see if they already have Nationwide accounts. By recommending each other, both of you could earn an extra £100 in no time.

If you’re struggling to find someone to refer you to Nationwide, don’t worry – I can help. However, please keep in mind that I can only refer five people per year, so spaces are limited. If you’d like me to recommend you to Nationwide, simply post a comment below with your email address, and I’ll get in touch with you privately.

Don’t Miss Out on Other Exciting Offers!

Nationwide isn’t the only current account provider offering incentives for switching. Check out this informative article on switching bank accounts to discover more opportunities to earn extra cash.

Start capitalizing on the Nationwide Refer a Friend scheme today and watch your earnings grow. Don’t let this golden opportunity slip away!