Nationwide referal link question

Goudy

PRAISETHESUN wrote: »

If neither of you have taken advantage of the refer a friend bonus, you can actually refer each other! Here how:

You open a Nationwide account (do not elect to switch an account at this time). Your wife does the same. Now you both have an open NW account and neither of you have taken advantage of the switching offer. You then generate a unique link for your wife. She does the same for you. You then use the links you generated for each other to initiate a switch from external accounts in your individual names to your respective NW accounts. Each one of you will get £100 for being referred, as well as £100 for referring a friend - for a total of £400 between the two of you!

This sounds very interesting.
The Mrs and I both have NW accounts and was wondering what to do with them now the 5% is coming to an end.

Originally the plan was to switch them out for First Direct accounts for the £125 on each, but if we had say a Coop current account each, we could refer each other to consolidate these to our NW accounts and pick up £200 a piece?

Is there anything I could muck up doing this?
I'm not over familiar with all this switching bank malarkey..

PRAISETHESUN

Goudy wrote: »

This sounds very interesting.
The Mrs and I both have NW accounts and was wondering what to do with them now the 5% is coming to an end.

Originally the plan was to switch them out for First Direct accounts for the £125 on each, but if we had say a Coop current account each, we could refer each other to consolidate these to our NW accounts and pick up £200 a piece?

Is there anything I could muck up doing this?
I'm not over familiar with all this switching bank malarkey..

Definitely something worth doing in my opinion, particularly if you are looking to consolidate some accounts. You might as well take advantage of the offer whilst you have an account with Nationwide if you don't want/need your Co-Op accounts - you'd be potentially giving up to £5.50/month/person though if you take full advantage of their Everyday Rewards offer which does adds up over time so it might be worth using another account if you have one spare that pays no benefits. Either way after the switch to Nationwide, you can then switch your accounts onward to First Direct. Make sure each account being switched to Nationwide has at least two active Direct Debits btw!

You need to keep your Nationwide account open for 3 months after being paid the bonus however as they reserve the right to claw it back if either account the referrer's or the referee's is closed too soon afterwards - that'd be about the only way you might muck it up. Full T&Cs below:

https://www.nationwide.co.uk/about/recommend-a-friend/terms-and-conditions

Goudy

Thanks very much, looks like a good option.

Now then, it looks like I might have access to quite a few of these referrals links, if I can make 5 a year from each account and we as a family have 3 accounts, that's 15 (but minus the two I plan on using myself).
Do people really take up the offers on the Referrals Thread?
Is it worth posting my extras on there?
Any drawbacks with doing that?
I probably sound simply, but me and money haven't been this good a friend for a good few years!

PRAISETHESUN

Goudy wrote: »

Thanks very much, looks like a good option.

Now then, it looks like I might have access to quite a few of these referrals links, if I can make 5 a year from each account and we as a family have 3 accounts, that's 15 (but minus the two I plan on using myself).
Do people really take up the offers on the Referrals Thread?
Is it worth posting my extras on there?
Any drawbacks with doing that?
I probably sound simply, but me and money haven't been this good a friend for a good few years!

I got my original code when I opened my Nationwide account from the referral thread but realistically I don't think it happens very often. When it does, people seem to PM everyone and the first to get back with a code usually gets used, so if you are going to post, make sure you get a few new codes every month so you have an active one to PM at a moment's notice if needed