Nationwide - Refer a Friend

Roseanne1

ruudy wrote: »

The terms pretty much state that the new account needs to remain open for 3 months to ensure that that the incentive isn't taken back but there's no requirement to pay the 2 switched dd's every month as far as I can tell or am I missing something?

A Flexaccount could effectively just lie dormant for 3 months would that be right?

You will become eligible for their free European and UK multi-trip travel insurance, if that is any use to you, provided you meet their T&Cs. One of the conditions is as follows:

Hold a Visa debit card (not cash card or cash card+) and either,

• Switch all your Direct Debits and standing orders to us from another bank or building society to your FlexAccount, using our Current Account Switch Team,
  OR
• pay in at least £750 per month into your FlexAccount for at least 3 consecutive months (excluding internal transfers)

I don't know if you need to pay the DDs each month when switched to continue to be eligible for the insurance or whether they can just sit dormant. Even if you have to pay them, if you set up two Tesco iSavers, you can pay the money into them and then put them back in your main bank account.

keiran

There's no D/D requirements with the flexaccount, and as I read it, not even a need for the £750 monthly funding, unless you want to take up their offer of free European travel insurance

ruudy

Thank you both. Yeah, basically I just want the incentive and cashback. The less account maintenance the better tbh

... Until after 3 months where I can switch it again.

YorkshireBoy

keiran wrote: »

Incidentallly Nationwide told me there's no limit to the number of flexaccounts one can hold....

They say on their website (in the FlexDirect FAQ and maybe other places) that you can only hold 4 current accounts with them (officially!...I was declined a 5th account a couple of years ago but I understand others have been more fortunate).

ioscorpio

Then your friend needs to open a FlexAccount, FlexDirect or a FlexPlus account AND complete a full account transfer using the Current Account Switch Service by 31 August 2015 - This will close their old account.A minimum of two Direct Debits must be transferred as part of their switch.
http://www.nationwide.co.uk/products/current-accounts/landing-page/recommend-a-friend

jrm

My significant other and I have been accepted for the current account switch, with each of us recommending each other. Direct debits (2) all set up, therefore, I would assume come the 20 August we should total £400.00 in remuneration payments.

irm

jrm wrote: »

My significant other and I have been accepted for the current account switch, with each of us recommending each other. Direct debits (2) all set up, therefore, I would assume come the 20 August we should total £400.00 in remuneration payments.

My wife and I did the double-recommendation last week and we kicked off the switches on Monday.

The online form seemed to assume there would always be two account holders switching in to the joint FlexPlus account which isn't the case as the external accounts are sole, so we switched to the individual FlexDirect ones we have instead.

Hopefully we still qualify; the example in the FAQ does talk about the "other" account holding switching their main account into the joint, but surely so long as they switch into a NW account it's still valid.

brass_in_pocket

irm wrote: »

The online form seemed to assume there would always be two account holders switching in to the joint FlexPlus account which isn't the case as the external accounts are sole, so we switched to the individual FlexDirect ones we have instead.

Yes, this assumption of two account holders bothered me a bit, but I went ahead anyway and instigated the switches from our two sole accounts into our joint Flexaccount.
Managed to squeeze both switches in to complete before the end of the month, so hopefully will get the £400 on the 20th August - fingers crossed.

irm

brass_in_pocket wrote: »

Managed to squeeze both switches in to complete before the end of the month, so hopefully will get the £400 on the 20th August - fingers crossed.

You only had to recommend before the end of July; the switches don't need to complete until the end of August.

Ed-1

irm wrote: »

You only had to recommend before the end of July; the switches don't need to complete until the end of August.

I think what was meant was that the payment would be made on 20th Aug rather than 20th Sept had the switches not completed by the end of July, not that they'd be ineligible for the double tell a friend bonus.