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."

Barclays update for anyone who uses one of its branches

Santander's free £200 cash

See Full Page