The bank, which recently celebrated its 10^th anniversary, has launched its ‘refer a friend’ switching offer, valid till December.

Existing Metro Bank customers can earn £50 for each friend (maximum five in a 12-month period) they refer to open a current account.

The joiner who comes on board via the current account switch service (CASS), will also pocket £50.

As such, Metro Bank’s deal is worth a maximum of £500.

What you need to know about the ‘refer a friend’ scheme

As with any current account switch deal, there are a number of terms, conditions and eligibility criteria to meet.

Existing Metro Bank customers will need to register for the ‘refer a friend’ scheme where they’ll receive a unique code to share with prospective customers.

They can take part if they have a current account, private banking account or cash account with Metro. The account must stay open throughout the offer so they can get their £50 payment.

The person joining can open a current account of private banking account but it isn’t available to those looking to open a cash account.

For previous Metro Bank customers, it confirms they are eligible for the deal.

New customers will need to stay with Metro Bank for at least three months and will need to pay in a minimum £500 within the first month and £500 in the second month (transfers from Metro accounts don’t count).

A minimum of 10 debit card purchases (eg purchases in shops, online or mail order) will also need to be made within the first two months of opening the account. Cash withdrawals or other transactions aren’t included.

The £50 is paid within 30 days of meeting all the conditions. It applies to both single and joint accounts but only one £50 payment will be made for joint accounts.

Metro confirms there’s no obligation to stay with it after the payment is made, though naturally it hopes customers will bank with it.

The offer ends 11 December for existing customers while for new ones, they need to use their link by 18 December.

Kat Robinson, director of bank accounts at Metro Bank, said: “At Metro Bank our purpose has always been to create fans and bring the banking revolution to more people. We’re excited to launch our new ‘refer a friend’ switching offer to do just that, helping us give something back to our existing customers while welcoming new customers too.”

Earlier this month, Halifax launched its £100 switch incentive – the first switching bonus to come onto the market since lockdown was implemented.