Lloyds Bank Alerts Customers to £50 Payments Deadline

Lloyds Bank has issued important guidance regarding its ‘refer a friend’ scheme, which offers existing customers the opportunity to earn £50 payments. Customers can receive multiple payments, potentially totaling up to £250, but they must act quickly as the deadline approaches in January 2025.

The referral program allows customers to earn £50 for each new customer they refer who opens a current account with Lloyds Bank. Following the successful account opening, both the referrer and the new customer receive a £50 bonus. However, eligibility is limited to individuals who have never held any Lloyds product before. A recent inquiry on social media prompted the bank to clarify that a “brand-new customer” is defined as someone who has never previously had a Lloyds account.

In response to a specific question about prior account holders, Lloyds explained, “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 bank’s website further outlines that customers who have previously held any of five specific types of accounts, including the Under 19s Account, Smart Start, and Student Account, are also ineligible for this scheme.

To qualify for the payment, existing customers must hold a qualifying current account and log into the Lloyds mobile app. They can then select the option to “Share link with a friend,” generating a unique link to send to potential referrals. The referred friend must use this link to download the mobile app and open a sole-name Lloyds current account. This account must remain active for at least seven days to secure the £50 payment.

Additionally, customers who have previously received a refer-a-friend offer are not eligible for the program. Once the new account is established, the £50 bonus will be credited to both the referrer’s oldest Lloyds current account and the new customer’s account. Payments will be processed as cash credits and are typically transferred within 30 days after the account opening.

With only a few weeks remaining in the current calendar year, customers interested in maximizing their earnings through the referral scheme are encouraged to start referring friends soon. Lloyds Bank’s initiative not only incentivizes customer referrals but also promotes the opening of new accounts, a strategy likely aimed at boosting their customer base in a competitive banking landscape.