Lloyds Bank has issued an update about a scheme where customers can get £50 bonus payments. The scheme is open to customers to many thousands of customers.

The group spoke out after a question over social media from a customer. The person asked: “Are there any referral schemes for recommending Lloyds Bank to friends and families?” Lloyds responded with some good news for the customer.

They explained: “You can earn £50 when you refer a friend, and they get £50 too.” The bank has a ‘Refer a friend’ scheme where you can get several payments from the group over the course of a year.

Lloyds went on to set out some of the timeframes involved. The group said: “Just share your referral link from the Lloyds app, and they have 30 days to open a qualifying current account. Both rewards are paid within 30 working days.”

To bag the £50 payment if you are eligible, you need to log in to the Lloyds banking app and click on ‘Share link with a friend’. Once you have done sent your friend the link, they will have 30 days to join Lloyds and open a current account, using the link.

Once they have signed up, both you and your friend will be paid the £50 each, within 30 working days of them signing up. You can refer as many people as you want and so collect multiple £50 payments, but you can only earn up to £250 each calendar year through the scheme.

Who qualifies for the Lloyds Bank refer a friend scheme?

You can only refer someone if you hold a Lloyds current account, not including either an Under 19’s Account, Smart Start or Student Account. The person being referred has to be a new Lloyds customer. Likewise, they can’t get the payment if they are opening a Student, Under 19’s or Smart Start account.

Lloyds is also currently offering a £200 bonus if you switch to a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account. You can also get a £500 bonus if you move over to a Lloyds Premier Account.

For either offer, you need to carry out a full switch using the Current Account Switch Service. You need to move over at least three direct debits as part of the switch.

You also need to complete certain actions with your new account, which vary depending on which offer you go for. More details are available on the Lloyds website.