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Lloyds Bank has issued an explanation on who exactly is eligible to receive a £50 payment.

Like other lenders, the high street bank offers a 'refer a friend' scheme, allowing existing Lloyds customers to claim up to £250 if one of their referrals sets up an account.

On social media, one person asked if this was still achievable for people who used to have an account or held a product with the bank.

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Over on the bank's website, they explain the three step process to securing the money.

First: "Log in to the mobile banking app and ‘Share link with a friend’.

"You'll need to have a qualifying current account to be able to make the referral."

After this, your referral then has 30 days to join Lloy

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