If you love a product or a service and you want to shout it from the rooftops then it is only fair that you get an incentive when you convince a friend or family member to start using that product or service. Banks are one such service that reward you for recommending them to your friends and family. In return for you bringing in a new customer to them a few banks are starting to offer a refer a friend incentive. From £5 to £100, here are some bank accounts that both you and your friends can benefit from if you refer them.
Monzo – both get £5
Monzo is an app based bank that many people are using to help them to budget better. With Monzo you get instant notifications, no fees for using the card abroad, you can set spending budgets and pay people within seconds.
Monzo are offering you and your friend or family member £5 when they sign up and make their first purchase using their Monzo card.
You can generate your referral link to send to your friends and family, and as long as they sign up using that link and make their first purchase, you will both earn £5.
Monese – you get £10, your friend gets £5
If you want to break away from traditional banks then Monese might be for you. Their accounts are 100% mobile through their app and you don’t need to provide UK proof of address. You can set up a current account in just a few minutes after downloading the app and uploading proof of identity.
If you invite a friend they will need to deposit £10 into their Monese account (via debit card with a small fee or via bank transfer with no fee) after entering your referral code, and you will receive £10 free; they will get £5 free. You can then either spend the money by purchasing a Monese debit card or pay the balance into a bank account.
First Direct – you get £50
If you bank with First Direct then it is worth taking a look at their recommend a friend scheme.
You need to order your recommend a friend pack via online banking, and you will receive a handful of cards to hand out to friends and family members. You can enter your name and postcode onto the cards, and when your friends or family members open their account they need to quote your name and postcode.
The welcome gift requires them to pay in £1,000 within three months (salary normally covers this) and then they can choose a hello gift from a selection. You will then receive £50 as a thank you for inviting your friends and family, within 28 days. You can only invite three people in total, so this refer a friend scheme is capped.
Nationwide – both get £100
The Nationwide refer a friend scheme is much easier to use. You head to their refer a friend page, enter some details and then you will be sent a unique link to send to your friend or family member. This link is valid for 90 days, and if they open up a FlexDirect, FlexAccount or FlexPlus account, switch their old account over to Nationwide and transfer two Direct Debits then you will both get £100. You will be paid this within 30 days of your friend or family member switching.
The person you referred will also get 5% interest for a year on balances up to £2,500 on the FlexDirect account.
Nationwide allows you to refer 5 friends every financial year, meaning that you can be up to £500 richer from referring your friends and family members to Nationwide. If the person you referred closes the account within three months then Nationwide do reserve the right to take the bonus back from both of you.
Other ways to earn when referring others
There are loads of companies that reward you for referring your friends and family members to them – it doesn’t just stop at banks. Some of my favourites include energy companies BulbBulb and Octopus, Sky TV, Plusnet broadband and phone plus many more.
Some of these offers require your friends and family members to switch their account, which means they need to close their previous bank account. Make sure that they fully understand this.
If you are enjoying a product or a service then take a look to see if they have a refer a friend scheme to reward you for promoting them.
Make sure that you only promote products and services that you use and love, or else risk annoying your friends and family if they have a bad experience.