Lloyds Bank warning for customers over £50 account payments | Personal Finance | Finance

Lloyds Bank has shared guidance on who is eligible for a £50 payment. Under the lender’s “refer a friend” scheme, existing Lloyds customers with a qualifying current account can be paid a maximum £250 per year when they refer friends to open a current account with the banking giant.

A customer responding to a Lloyds’ post on social media, asked whether the scheme applied to people who used to have an account or held a product with the bank, according to Manchester Evening News. In response, Lloyds said the offer applies to brand new customers, meaning someone who has never had a Lloyds product before. A Lloyds representative said: “If you’ve had an account in the past, you wouldn’t qualify.”

More details about the scheme appear on the bank’s website. It explains that existing customers who want to refer a friend need to have any Lloyds current account except an Under 19’s Account, Smart Start or Student Account.

They will also need a link generated in Lloyds’ mobile banking app to refer the pal who goes on to open a qualifying account.

To gain from the offer, a friend, or family member, cannot have had a Lloyds current account, savings account, credit card, loan or mortgage.

The “friend” will need to follow a referral link to download Lloyds’ mobile banking app and open a new current account.

That account has to be kept open for at least seven days and can’t be a joint account. The “friend” won’t get the £50 if they have already been paid under the same offer.

Once the new account has been opened, Lloyds pays £50 into the referrer’s and their friend’s accounts.

These payments appear as “cash credits” and should be paid within 30 working days of the opening of the account.

A referral link lasts for 30 days, but a new one can be generated if it does run out. An expired link will still open a new account, but both the referrer and their pal won’t receive the cash credit.

With the end of the calendar year approaching, anyone who wants to refer a friend will need to get the process underway soon.