Nationwide Refer a friend with new accounts

admac21

Hi, in another thread (I forgot which) another user described a method for getting the referal money that I just wanted to confirm before I proceed.


They said it's possible for my partner and I (neither of us have previously held a Nationwide account) to both open new FlexDirect accounts, then once they have been opened to send each other our referal codes to essentially get 2 lots of referer/referee bonuses, or in other words £400 between us. We also plan to keep them open for the 5% AER for 12 months.



What I wanted to check and don't understand about the above scenario is how does it meet the criteria of switching accounts with 2 DDs if they are newly opened, or have I misunderstood something.


Thanks.

Shedman

That's we did, although that was last year, so I presume that it's still OK so long as you both switch across accounts from other banks that have two live active DD's on them.

Don't forget that the £100 you get for referring your partner (and vice versa for the £100 she gets for referring you) will be taxable as Other Income at your marginal rate (although I suspect that many that don't submit self assessment returns have actually declared this - however not sure if HMRC catch up at some stage). The £100's you each get for being referred are not taxable.