Monzo
Banking made easy. Monzo's loaded with features to get you saving and investing your hard earned money.
Or copy the referral link below:
Reward:
Get a mystery reward of £20, £50 or £100 when you sign up and make a payment
How it works:
- Sign up to Monzo using the referral link
- Make a card payment in the next 30 days
- Get a mystery reward of £20, £50 or £100 added to your Monzo account
Monzo referral at a glance
| Your reward | £20, £50, or £100 (random) |
| Friend's reward | £20, £50, or £100 (random) |
| Reward type | Cash |
| Requirement | Make a card payment within 30 days |
| Time to receive | Within days of first card payment |
| Referral limit | Limited (varies) |
Monzo key facts
UK customers
Over 9 million
Source: Monzo
FCA regulated
Yes — full UK banking licence
Source: FCA
FSCS protected
Yes — up to £85,000
Source: FSCS
Monzo referral pros and cons
Pros
- Mystery referral reward means you could receive up to £100
- No monthly fee for the standard account
- Instant spending notifications and built-in budgeting tools
- No foreign transaction fees on card payments abroad
- Savings pots with competitive interest rates
- Full UK banking licence with FSCS protection up to £85,000
Cons
- Referral reward is random — you might only get £20
- Free ATM withdrawals abroad are capped at £250 per month
- Premium plans (Monzo Plus, Monzo Premium) carry a monthly fee
- No physical branch network
What is Monzo?
Monzo is a UK digital bank with over 9 million customers, a full banking licence, and FSCS protection up to £85,000. The free account includes budgeting pots, salary sorting, and no foreign transaction fees on card payments abroad.
Monzo is a UK digital bank with over 9 million customers. Founded in 2015, it holds a full UK banking licence and your deposits are protected by the FSCS up to £85,000. Monzo offers current accounts, savings pots, budgeting tools, salary sorting, and bill splitting — all managed through their mobile app. The standard account is free, with optional paid tiers (Monzo Plus at £5/month and Monzo Premium at £17.50/month) offering additional perks like higher interest on savings and travel insurance.
How does the Monzo referral scheme work?
Monzo's referral gives both you and the referrer a random cash reward of £20, £50, or £100. Make any card payment within 30 days of opening your account to qualify. The cash is deposited directly into your Monzo account.
Monzo's refer-a-friend programme gives both the new customer and the referrer a mystery cash reward of £20, £50, or £100. To qualify, sign up using the referral link on this page and make at least one card payment (of any amount) within 30 days of opening your account. The reward is deposited directly into your Monzo account, usually within a few days of your qualifying payment. The amount is randomly assigned — most people receive £20, but there is a chance of landing £50 or £100.
Who is Monzo best for?
Monzo is best for anyone wanting a modern app-based bank with strong budgeting tools, real-time spending notifications, and free foreign card payments. It works well as a primary account or a secondary budgeting account alongside a traditional bank.
Monzo is ideal for anyone who wants a modern, app-based bank account with strong budgeting features. It is particularly popular with younger adults and people who want real-time spending insights. If you travel regularly, the free foreign payments (no transaction fees on card spending abroad) make it a useful companion card. Monzo also works well as a secondary account for budgeting — you can set up Salary Sort to automatically distribute your pay into pots for bills, savings, and spending money.
How Monzo compares to other banks
Monzo competes with Starling, Chase UK, and Revolut. Monzo's budgeting pots are widely considered best-in-class. Chase offers 1% cashback; Starling has similar features. All four beat traditional high-street banks on speed, notifications, and customer satisfaction.
Monzo competes directly with Starling Bank, Chase UK, and Revolut. All four offer fee-free current accounts with app-based management. Monzo's budgeting tools and pots system are widely considered the best in class. Chase UK offers a guaranteed 1% cashback on spending for the first year, while Monzo's referral reward is a one-off bonus. Starling offers similar features but with a less polished app experience. Compared to traditional high-street banks, Monzo offers faster payments, better notifications, and significantly better customer satisfaction ratings.
Recent posts & guides
Read short guides and reviews about Monzo, including how the referral scheme works and whether it's right for you.
Monzo: why you should join and how to claim your referral reward
Monzo referral FAQ
What is the Monzo referral reward?
You receive a random cash reward of £20, £50, or £100 deposited into your Monzo account after making your first card payment within 30 days of signing up.
How do I use a Monzo referral link?
Click the referral link on this page, which opens the Monzo app download page. Download the app, create your account, and make a card payment within 30 days to qualify for the reward.
Is Monzo a real bank?
Yes. Monzo holds a full UK banking licence issued by the Prudential Regulation Authority and is regulated by both the PRA and the FCA. Your deposits are protected by the FSCS up to £85,000.
Does Monzo charge a monthly fee?
The standard Monzo account is completely free. Monzo Plus costs £5/month and Monzo Premium costs £17.50/month, both offering additional features like higher savings interest and travel insurance.
Can I use Monzo abroad?
Yes. Monzo does not charge foreign transaction fees on card payments. Free ATM withdrawals abroad are limited to £250 per month (then a 3% fee applies).
How quickly can I open a Monzo account?
Most Monzo accounts are opened within minutes. You download the app, verify your identity with a photo of your ID, and record a short video. Your virtual card is available immediately, with the physical card arriving in a few days.
What are Monzo Pots?
Pots are separate spaces within your Monzo account where you can set aside money for specific goals — like bills, savings, or holidays. You can earn interest on savings pots and set up automatic transfers.
Can I get my salary paid into Monzo?
Yes. Monzo is a full current account with its own sort code and account number. You can receive your salary, set up direct debits, and use Salary Sort to automatically distribute your pay into different pots.
How many people can I refer to Monzo?
Monzo occasionally limits the number of referrals per person. The current limit varies over time, so check the referral section in your Monzo app for the latest details.
What is the minimum payment to qualify for the referral reward?
Any card payment of any amount qualifies. You could buy a coffee for £3 and that would count. The payment must be made within 30 days of opening your account.
Personal finance writer and UK consumer savings specialist
Seb researches and reviews referral schemes across energy, banking, fintech and mobile to help UK consumers get the most from every sign-up. Every guide is fact-checked against official terms and updated regularly.
Last updated: · Fact-checked and reviewed for accuracy