economy
February 2, 2026
Friends with benefits: how referral schemes can really pay off
Earn money and other rewards by linking friends and family up to companies you use, from banks to energy firms
TL;DR
- Refer-a-friend schemes reward both existing customers and new sign-ups with perks like cash, credit, or discounts.
- These schemes are used by companies in sectors such as energy, banking, shopping, and entertainment to acquire new customers cost-effectively.
- Customers should be honest and transparent about their experience and the bonus they receive when referring others.
- New customers should verify that the product fits their needs and budget and review the scheme's terms and conditions.
- Consumers are advised to be wary of social media referrals, which can lead to spam.
- Many schemes require the referred person to be a brand-new customer.
- Examples include Octopus Energy offering £50 credit, Lloyds Bank offering £50 for current account sign-ups, and Cineworld offering free membership months.
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