Monzo Bank is offering free cash for signing up and making a qualifying transaction. This offer is very similar to the Lloyds Bank where both you and your friend can get up to 50£ just for signing up. In this guide, we’ll break down how the Monzo referral bonus works, how to qualify, and whether it’s worth doing.
🏦 What is Monzo?
Monzo is a UK-Based, fully licensed digital bank founded in 2015 where you get:
-
A free current account
-
Instant spending notifications
-
Budgeting tools
-
Fee-free spending abroad
-
FSCS protection (up to £85,000)
💸 Monzo Referral Bonus – How Much Can You Earn?
Monzo is currently running a referral promotion where:
-
You get £10–£50
-
The person referring you also earns 10£ to 50£.
✅ Step-by-Step: How to Get the Monzo Bonus
1️⃣ Sign Up via Referral Link
You must use a valid referral link to qualify.
2️⃣ Download the App
Create your account and complete ID verification (passport or driving licence).
3️⃣ Add Money
Transfer funds into your new Monzo account.
4️⃣ Make a Card Payment
Use your physical or virtual Monzo card to make a purchase (even £1 works).
5️⃣ Receive Your Bonus
The bonus is usually paid within minutes to hours after your qualifying transaction.
I was one of the lucky ones and I got the 50£ bonus when I signed up. The friend that invited me also made the exact same amount. What I love about the Monzo Bonus is that the money is paid almost instantly, there is no hard checks on credit score and no direct debits or bank switches are needed.
⚠️ Important Things to Know
-
You must be 18+ and a UK resident
-
Only new Monzo customers qualify
-
You must make a genuine card payment (transfers don’t count)
-
Don’t attempt self-referrals (accounts can be closed)
-
Keep the account open at least until the bonus is paid
Click here to join Monzo and earn up to 50£
Yes. Monzo is a fully regulated UK bank authorised by the FCA and protected by the FSCS (up to £85,000).
Does Monzo do a credit check?
Opening a standard Monzo current account does not involve a hard credit check. However, applying for overdrafts or loans does.
How quickly is the bonus paid?
Usually within minutes to a few hours after your qualifying card transaction.
Can I withdraw the bonus immediately?
Yes. Once the bonus is credited, you can transfer it to another bank.
Can I close the account after receiving the bonus?
Yes, though many people keep it as a secondary account for future switching or budgeting.
Does the referral amount change?
Yes. The bonus varies depending on Monzo’s current promotion.
Is this better than bank switching offers?
It depends. Monzo pays less but is faster and easier. Traditional switch bonuses pay more but require more effort and time.
