UK referral & cashback glossary

Every term you'll meet using UK referral and cashback offers, defined in plain English and kept accurate by the HonestCodes editorial team. The one that matters most: every active referral code for a given brand pays the same amount — the brand sets it centrally, so there is no secret “better” code, only a verified, live one.

Referral code

A referral code is a unique code or link an existing customer shares so a new customer can sign up and both sides (or one side) earn a reward set by the brand. Because the brand sets the reward centrally, every active referral code for the same brand pays the same amount — there is no secret 'better' code.

Refer-a-friend

Refer-a-friend is a brand-run programme that rewards an existing customer for introducing a new one, usually after the new customer completes a qualifying action. It is the brand's own marketing programme, not a third-party discount — which is why the terms come from the brand and can change without notice.

Two-sided bonus

A two-sided bonus pays both the new customer and the referrer when the qualifying action is completed (for example, Monzo's mystery reward — a random £20/£50/£100 — paid the same to each side). It contrasts with a one-sided bonus, which pays only one party — usually the referrer.

One-sided bonus

A one-sided bonus pays only one party — typically the referrer — while the new customer receives a separate, often variable, welcome offer or nothing. Revolut's flat £50 referrer campaign is a one-sided bonus.

Qualifying action

A qualifying action is the specific step a new customer must complete before a referral bonus pays out — for example, one card purchase within 30 days for Monzo, or three £5+ purchases plus ordering a physical card for Revolut. No qualifying action, no bonus.

Eligibility window

An eligibility window is the time limit within which the qualifying action must be completed for the bonus to pay (commonly 10, 30 or 180 days from sign-up). Miss the window and the reward is forfeited even if the action is later completed.

New-customer eligibility

New-customer eligibility means a referral bonus is reserved for genuinely new customers; existing or previously-closed accounts do not qualify. Some brands also block accounts that began (then abandoned) a sign-up before using a referral link, which is the most common reason a bonus fails to pay.

Self-referral

A self-referral is using your own referral link to open a second account for yourself to claim both sides of a bonus. It breaches almost every brand's terms, is routinely detected, and typically results in clawback of the reward and sometimes account closure.

Cashback

Cashback is a portion of your spend returned to you after a purchase. On a cashback site, the site earns a commission from the retailer when you shop through its link and passes some or all of it back to you; your price at the retailer is unchanged.

Tracked cashback

Tracked cashback is a purchase a cashback site has successfully recorded against your account, usually shown as 'pending' until the retailer confirms it. Cashback can fail to track if an ad-blocker, a competing coupon, or leaving the checkout mid-session breaks the referral link.

E-money (EMI)

E-money is digitally stored value issued by an FCA-authorised Electronic Money Institution (EMI). Unlike a bank current account, most e-money balances are safeguarded rather than FSCS-protected, so the consumer protection differs — a key distinction between wallet apps and licensed banks.

FSCS protection

FSCS protection is the UK Financial Services Compensation Scheme guarantee that eligible deposits held with an authorised bank or building society are protected up to £85,000 per person, per institution, if it fails. It applies to current and savings accounts, not to e-money wallets, crypto or investments.

Capital at risk

Capital at risk means the value of an investment can fall as well as rise and you may get back less than you put in. It applies to stocks, funds, 'free share' promotions and crypto — none of which carry FSCS protection on the invested amount.

Last reviewed 19 June 2026.