The payments from Lloyds Bank go out within a 30-day window
Lloyds Bank has clarified the rules around how to qualify for a £50 payment. The update came after a question over social media about the bank’s ‘refer a friend’ scheme. Customers can get a £50 payment into their account if they refer someone they know to sign up with them, and if that person signs up for a current account.
Once your friend or family member signs up, you can get a £50 payment into your account, and they will also receive a £50 bonus. Information about the scheme on the Lloyds website states the person joining the bank has to be a “brand-new Lloyds customer”.
The person asked Lloyds about what this term means, as they were wondering if they would qualify. They queried: “Does ‘brand-new customer’ mean someone who’s never had a Lloyds account, or just someone who doesn’t have any Lloyds products right now? I had a Lloyds account before but it’s closed — would I still qualify as the bonus?”
In response, Lloyds said: ” ‘Brand‑new customer’ means someone who’s never had any Lloyds product before, so if you’ve had an account in the past you wouldn’t qualify.” The guidance on the group’s website states that you will not qualify, if you previously had any of these Lloyds products:
- Current account
- Savings account
- Credit card
- Loan
- Mortgage
How do you qualify for the £50 refer a friend payment from Lloyds Bank?
To secure the payment, the existing customer needs to have a qualifying current account. This includes any current account other than an Under 19s Account, a Smart Start or a Student Account.
They have to log in to the mobile app and click on ‘Share link with a friend’. This will generate a link which they can send to their friend. The other person then has to use this link to download the mobile app, and the open a Lloyds current account in a sole name.
They will have to keep the new account open for at least seven days. You won’t qualify if you previously received a refer a friend offer.
Once the new account is open, the £50 will be paid into the referrer’s oldest Lloyds current account and into the friend’s new account. Payments will arrive as cash credits and will be paid within 30 days of the new account being opened.
You can refer several people during a calendar year and get up to £250 paid into your account through the scheme. So if you want to refer multiple people during 2025, now is the time to act, with just a few weeks left to do so.
