Lloyds points replace forward of December deadline you could find out about to say £250

Customers with Lloyds may qualify for multiple payments but the deadline is soon

Lloyds Bank has provided clarity on the eligibility rules for a £50 bonus. Customers can get multiple payments up to £250, but there is a deadline to note just weeks away. The bank issued an update after a question on social media about its ‘refer a friend’ scheme.

Under the scheme, existing customers can get a £50 payment when they successfully refer someone to open a current account, with the new customer also receiving a £50 bonus. However, the bank’s website specifies that the person who is referred must be a “brand-new Lloyds customer”.

A person asked the bank to explain what this means. They enquired: “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?” Lloyds responded to set out the rules, explaining: “‘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 confirms that you are ineligible to be referred if you have previously held any of the following Lloyds products:

• Current account
• Savings account
• Credit card
• Loan
• Mortgage.

How can you secure the £50 refer a friend payment from Lloyds Bank?

To bag this bonus, the existing customer must hold a qualifying current account. This includes any current account except an Under 19s Account, a Smart Start or a Student Account.

They need to access the mobile app and tap on ‘Share link with a friend’. This action will generate a link which they can forward to their friend or loved one.

The recipient then needs to use this link to download the mobile app, and then open a Lloyds current account in their sole name. The new account must remain active for at least seven days. You won’t be eligible if you’ve previously benefited from a refer a friend offer.

Once the new account is up and running, the £50 reward will be deposited into the referrer’s oldest Lloyds current account and into the friend’s new account. Payments will be made as cash credits and will be transferred within 30 days of the new account’s opening.

December deadline

Existing customers have the opportunity to refer multiple people throughout a calendar year, and receive up to £250 credited into their account via this scheme. So, if you’re planning to refer several people during 2025, now is the moment to make your move, with only a few weeks remaining to do so.