Refer-a-friend: get paid when your friends use your financial referral

Some banks and other financial companies offer you a cash payout for referring a friend

Word of mouth is a pretty good way of finding great financial companies, and some companies will even give you a freebie for referring a friend. From bank accounts to investment platforms, here are some of the financial companies that pay for your referral.

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Bank refer-a-friend schemes

Very simply, the banks are asking you to recommend them to your friends and family. In return they’ll give you a sweetener that is paid into your account. In the past, both TSB and Nationwide have offered £100 for referring friends, however sadly neither bank offers it anymore. 

To be able to get the referral money, you need to have an account with the bank in order to play matchmaker, but once you do it’s a nice way to earn a little extra. And often your friends will get something in return too. Here’s what you need to know for each scheme.

Monzo refer-a-friend offer

Monzo offers a referral offer that changes from time to time. At the moment, this is £10 for you and a friend. Your friend needs to accept your invite and make their first card payment within 30 days.

Revolut refer-a-friend offer

Revolut routinely offers referral offers that change fairly often. These can range between getting £10 per referred friend to £60, so it’s worth trying to time it when there’s the best offer available.

Monese refer-a-friend bonus

Monese offers £10 via its invite and earn program. You’ll get £5 when you use the card for the first time and the rest after you’ve spent £500 with the card.

Bank switch offers 

If you don’t have any friends to refer you, then you can try a bank switch offer. For these, you’ll need to close your old account completely. However, as part of the Current Account Switch Guarantee, all your Direct Debits and standing orders will be transferred, and any payments in (such as your salary) and out will be forwarded. We have a separate guide with all of the current best bank switch offers if you’re up for one of these, but here are the top ones.

Credit card referral schemes

While there are quite a number of credit card referral schemes out there, you need to think carefully before recommending a credit card to someone as you’d want to be confident that they can manage the payments. 

American Express refer-a-friend offer

If you refer a friend for the  American Express Cashback Credit Card and they successfully apply then you’ll get £30 (up to £150 per calendar year) and they get £25, which makes it fee-free. 

They’ll also get the normal introductory offer, currently 5% cashback for three months up to £125. Other Amex cards have similar schemes though the rate might vary. It’s also possible for your friend to get a similar bonus via cashback sites but you’ll miss out. We have a full guide on the best American Express cards. 

Vanquis credit card refer-a-friend offer

Vanquis also offers £25 to you and your friend if you recommend someone to their credit card, but this isn’t a cashback credit card so there’s probably a better reward out there for your friend – even if it means you don’t get your referral bonus.

Savings account refer-a-friend offers

Plum refer a friend offer

Savings app Plum sometimes has referral schemes that let you refer a friend for a savings account. Your referred friend usually needs to deposit a certain amount to get the payout, but this’ll depend on the T&Cs at the time. 

Investing refer-a-friend offers

Investment accounts also tend to have refer-a-friend offers. If you don’t already have an account with some of them, you can sign up with our link to get free shares or cashback. Here are some of the offers.

Here at Be Clever With Your Cash, we’re not regulated to give you financial advice. We aim to give you the facts about a provider or investment but it’s up to you to decide if it’s suitable for you. If you’re looking for more personalised guidance, find a financial adviser who can give you specific advice. Remember that your capital is at risk when investing — don’t invest more than you are prepared to lose. 

Trading 212 refer-a-friend offer

Trading 212 routinely offers a refer-a-fried promotion that can get both you and your friend free fractional shares when they sign up using your link. You can check if this is running by going into the Menu – if there’s an option called ‘Get free shares’, then it’s currently running. You then choose ‘invite friends’.

Hit ‘share link’ to share your referral link, which you can then send to your friends. They need to sign up and deposit £1 within 10 days.  Within three working days of your friend signing up and depositing at least £1. 

If you’re not already a Trading 212 customer, you can get a free fractional share using our referral. 

InvestEngine refer-a-friend offer

InvestEngine’s refer-a-friend offer can get you and your friend a bonus between £20 & £100 when your friend invests at least £100.

To get it, you need to send your friend your referral link. They then need to sign up, choose investments and fund the account with at least £100. You’ll both then get a notification to generate your welcome bonus. 

It’ll land in your accounts within five business days. 

You can refer up to 25 friends but you have to keep your bonus invested for at least 12 months before you can withdraw it.

If you don’t have InvestEngine yet, you can still get a welcome bonus via our link.

Expired refer-a-friend deals

Nationwide referral bonus

This was one of the best refer-a-fiend offers when it ran, but it’s sadly ended. Both you and your friend could get £100 when you referred them. However, higher paying bank switch offers regularly run.

TSB refer a friend bonus

This was another refer-a-friend offer that ended on 28 February 2020. You and your friend could get £100 each as long as they completed a full switch that included two active direct debits and paid £500 into the account. 

First Direct referral bonus

First Direct used to offer a  referral scheme, but this was put on hold and never returned. When it ran, you could get between £50 and £100.

Santander refer a friend bonus

The Santander referral offer ended in June 2019. It got you and your friend a £50 Amazon voucher for a full switch.