Monzo Refer a Friend Offer Summary
About Monzo
Monzo is a digital bank with a full banking licence (FCA and PRA regulated, FRN 730427). Deposits are FSCS-protected up to £100,000. It's my favourite bank. I've been a Monzo customer for years and currently have a Premium account. The app does most of what I need from a current account: budgeting, instant spending notifications, bill splitting, the salary sorter, and fee-free card use when I'm abroad.
Sign Up Bonus Details
Monzo's refer-a-friend bonus is a cash reward both sides get when a new customer joins, tops up £1, and makes any card purchase within 30 days of opening the account. Bonuses are paid almost instantly after that first purchase.
Personal current accounts pay at random tiers: £5, £10, £20 or £50. Most signups get £5. Monzo Business is the exception, a flat £50 every time.
To claim it you need a link from someone you already know who's on Monzo. They'll find it in the app under Profile > Refer a friend. Monzo only allows private sharing of these links, which is why there isn't a clickable one here.
No one you know on Monzo? You can still open an account at monzo.com without the bonus. TopCashback and Quidco sometimes run their own Monzo signup bonuses that don't need a personal referral, worth checking those if you'd rather still earn something on the way in.
Bonus amount: £5 - £50
Qualifying amount: £1
How to get your bonus
Step 1
Ask a Monzo customer you already know (friend, family, colleague) for their unique referral link from the Monzo app
Step 2
Click that link and download the Monzo app
Step 3
Open a personal current account (or Monzo Business account for the guaranteed £50) and apply within 30 days
Step 4
Complete ID verification
Step 5
Top up your new Monzo account by at least £1
Step 6
Make any card purchase within 30 days of account opening
Step 7
Both you and your referrer receive the bonus almost instantly after your first card purchase UK residents only, 18+. Monzo's terms only allow private referral sharing, so this offer is link-free here.
Refer a Friend Bonus
The bonus is symmetric: both the new customer and the existing Monzo customer who shared the link receive the same reward (random £5-£50 cash on personal accounts, weighted toward £5; guaranteed £50 on Monzo Business). Each side's bonus is paid almost instantly after the new customer's first card purchase clears, no waiting period.
Referrer reward: £5 - £50
Referee reward: £5 - £50
Important Information
Eligibility: UK residents, 18+, new customers only unless stated.
Minimum deposit: £1
Full T&Cs: Monzo's offer terms →
Frequently Asked Questions
From any friend, family member or colleague who's already a Monzo customer. They'll find their personal link in the Monzo app under Profile > Refer a friend and can share it directly with you. Monzo's terms only allow private sharing of these links, which is the standard pattern across the bigger UK fintechs (Wise and Revolut have the same restriction).
Two options. One: open a Monzo account directly without a referral, you'll forgo the £5-£50 bonus but everything else works the same. Two: check whether TopCashback or Quidco are currently offering a signup bonus on Monzo, those portals run their own paid promotions independently of the personal RAF and don't require a personal contact. The bonus through TopCashback / Quidco is often £5-£30 depending on the promotion.
Monzo's personal RAF is weighted heavily toward the £5 tier. Most personal current account signups receive £5, with £10 and £20 less common and £50 rare. Monzo Business is the exception, a flat guaranteed £50. If you're opening a Monzo Business account, the maths is clearly better.
Yes, Monzo is a proper UK bank, regulated by the FCA and the PRA (FRN 730427). Your money is FSCS-protected up to £100,000, the same scheme that covers high-street banks. Monzo has held a full banking licence since 2017 and is one of the UK's largest challenger banks.
Mixed. Loans are usually competitive once you clear the eligibility check, and you can see your rate in the app without a hard credit pull. The overdraft is convenient but the tiered fees stack up, so treat it as short-term only. Monzo Investing is fund-based via a BlackRock partnership, very easy to use but not the cheapest for serious investing, Vanguard or InvestEngine generally win on fees.
