Lloyds TSB has announced a reward program for customers who introduce their friends to the bank.
Existing customers who introduce a friend to Lloyds TSB will earn themselves GBP30 for each referral, up to a maximum of 10, provided the new customer pays in at least GBP500 a month for three of the first four months the account is open.
As an extra incentive, those who switch to Lloyds TSB before October 9, 2007 and open a Plus account will receive 6.4% AER credit interest for 12 months from the date the account is opened on balances up to GBP2,500. To qualify for the higher rate of interest, Plus offers, new customers need to pay in GBP1,000 a month. After the 12-month offer period ends, customers will continue to earn a competitive rate, currently 4.25%.
Catherine McGrath, director of transaction banking at Lloyds TSB, said: Everybody knows that there’s nothing more powerful than a personal recommendation. Our customers are our best advocates and we believe that they should be rewarded if they point their friends in our direction.