Nationwide without a switch is there still a reward?

savingwannabe

Please may I ask the good and the wise on here for some advice.

If my parents open a Nationwide account to take advantage of the 5% interest rate by just opening a new account and not switching their current account in is there any way they/we can benefit from the £200 referral reward?


My father is too scared of any switching as he has been with his current bank for 60 years.

I don't think they can have the extra £100 as they have not switched.

Huge thanks, as always, swx

boo_star

Switching is a requirement for the reward so no switch = no reward.

eskbanker

savingwannabe wrote: »

My father is too scared of any switching as he has been with his current bank for 60 years.

The usual recommendation for those who don't want to close their existing accounts is to open a donor account with their current bank specifically for the purposes of switching, and, after ensuring that it complies with the terms of the offer, switch that instead of the main one, which can be left in situ....

savingwannabe

Bless you both. I thought so.

No dad says he wont try for this he's in his 80s and likes the interest but is terrified of switching or moving. I have tried to reassure him but he wont. Thank you all so much.

Advice is much appreciated as always.

swx

colsten

Dad does not have to switch or move his 60 year-old account.

He can open a new account with his current bank, or another bank, and then switch that new account, after having made sure the new account has any pre-requisites (2 DDs etc) that might be required.

Your mum can do the same.

And the two of them together could also do the same again with a joint account.

NB. Have you done your switch(es) yet?