Lloyds Bank has launched a lucrative cashback scheme that could see its existing customers pocket up to £250 in free money simply by recommending the bank to their friends and family.
How the Lloyds 'Refer a Friend' scheme works
The process is straightforward. Existing Lloyds current account holders can generate a unique referral link via the bank's mobile app. When a friend uses this link to open a qualifying current account, both the new customer and the person who referred them will receive a £50 cash bonus each.
There is a generous cap on the rewards. The referrer can earn a maximum of £250 per calendar year, which equates to successfully referring five friends. There is no limit to the number of people you can invite, but payments stop once the £250 annual limit is reached.
Key terms and conditions to secure your payment
To ensure you qualify for the £50 bonus, both parties must meet specific criteria set by the bank.
For the referrer: You must have an eligible Lloyds current account. Student accounts, Under 19s accounts, and Smart Start accounts are excluded from making referrals.
For the friend being referred: They must be a brand-new customer to Lloyds, with no existing products such as savings accounts, credit cards, loans, or mortgages. They must open a sole-named current account (joint accounts are not included) via the referral link, download the Lloyds app, and keep the account open for a minimum of seven days.
The referral link is valid for 30 days. If it expires, a new one can be generated. However, if a friend uses an expired link, neither party will receive the incentive.
Timeline for receiving your cash bonus
Lloyds states that the £50 payments will be made within 30 working days of the new account being successfully opened. The money will appear in both accounts as a 'cash credit'. The bonus for the referrer is paid into their oldest Lloyds current account.
This offer, highlighted by the bank with the playful phrase "Ka-ching!", is subject to approval and is only available to new customers who meet the bank's standard account opening criteria.
For savvy customers, this presents a significant opportunity to earn a substantial cash reward by simply sharing a positive experience with their network, while also helping a friend access banking services.
