Free £10 when you refer a friend
How to get a free £5 with Monzo?
- Share your unique referral link with a friend (this link can be found in your Monzo app).
- Ensure your friend accepts the invite and applies for a Monzo account within 30 days.
- They then have 30 days to download the Monzo app, apply for a current account or business account as well as add money and pay for something using Monzo (no minimum amount).
- Your friend must make their first card payment within 30 days.
- You’ll both receive £5.
There is a limit of 10 successful referrals per referee, meaning you could earn up to £150. After you have exceeded 10 referrals, you can continue to refer friends and family but neither of you will receive any bonuses.
About Monzo
Monzo is a digital-only banking app that offers a range of accounts, including personal, joint and business accounts. Alongside budgeting and money management, Monzo allows users to save money through setting up various savings pots where users can earn interest on savings. There is also a feature that allows you to automatically add up change from payments made on your debit card into one of your regular pots by rounding up your spending to the nearest pound. Monzo is fully regulated by the FCA and protected by the FSCS, meaning your money is protected up to £85,000.
Pros and cons of Monzo
Pros
- Spend abroad with no fees at the Mastercard exchange rate.
- FCA regulated.
- FSCS protected.
- No card delivery fee.
- Free current account available.
Cons
- No branches.
- No interest on your current account balance.
- No switch incentives if you switch your account.
- 3% charge for overseas ATM withdrawals over £200.
- Cash deposits can incur a fee depending on your Monzo plan.
Alternative offers
We also have other similar cash sign-up bonus deals, refer-a-friend offers, and more. We also keep a regularly updated bank switch offers guide if you’re looking to switch banks as part of our free money guide offers.
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