Lloyds Bank is handing customers up to £250 free cash without having to switch accounts.
The free payment comes as part of the bank’s refer a friend scheme, which rewards customers who get a friend to sign up for an account. Existing customers can earn £50 for each friend that signs up, and their friend can pocket the same amount too, with the cash landing in accounts within 30 working days. But there’s no limit to the number of friends that can be referred, so the more people you get to sign up, the more cash you’ll earn in return.
But Lloyds Bank will only pay out a maximum of £250 per calendar year, so you’d need five friends to sign up across the year to bag the top amount.
Once a new account has been opened, Lloyds will pay £50 into the referrer’s oldest Lloyds current account and the friend’s new account. These payments will appear as ‘cash credits’ and will be paid within 30 working days of the account being opened.
To make a referral, Lloyds customers with a qualifying current account simply need to log in to the mobile banking app and select ‘share link with a friend’.
Once the link has been generated, your friend then has 30 days to join Lloyds and open a current account by clicking the link.
To be eligible for the scheme, you need to have any Lloyds current account, except for an Under 19s account, Smart Start of Student Account, and use the link generated to refer a friend.
Lloyds said: “Once the new account has been opened, we’ll pay £50 into the referrer’s oldest Lloyds current account (up to the £250 maximum) and the friend’s new account.
“Payments will appear as ‘cash credits’ and will be paid within 30 working days of the account being opened. There’s no limit to the number of friends who can be referred, but the maximum amount the referrer can be paid is £250 per calendar year.
“Once generated, each referral link lasts for 30 days. If a referral link expires before it’s used, the referrer can generate a new one. The friend can still use an expired link to open a new account, but neither of you will receive a payment under this offer.”