Free £5 when you refer a friend to Monzo
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.
More guides on Finder
-
Chip promo, discount and referral codes for September 2024
New to Chip? See if you can keep some more money in your pocket with our promo codes and special offers.
-
Wise promo, discount and referral codes for September 2024
New to Wise? See if you can keep some more money in your pocket with our promo codes and special offers.
-
Starling promo, discount and referral codes for September 2024
New to Starling? See if you can keep some more money in your pocket with our promo codes and special offers.
-
HSBC business promo, discount and referral codes for September 2024
New to HSBC business banking? See if you can keep some more money in your pocket with our promo codes and special offers.
-
Chase vs Kroo: Which is the best?
We take a closer look at two of the digital banking brands leading the way in the UK. Compare Chase and Kroo in our side by side guide.
-
Kroo vs Revolut: Which is the best?
We take a closer look at two of the digital banking brands leading the way in the UK. Compare Kroo and Revolut in our side by side guide.
-
Barclays Blue Rewards: What’s it all about?
Learn more about the pros and cons of Barclays Blue Rewards.
-
Monzo bank account and card review: 4.6/5
Is Monzo’s app-only current account the right option for you? Read our review to get the low-down on all of the features of the account, its card and the app.
-
Revolut review: The digital banking app popular with travellers
Is Revolut’s app-only account the solution for you? Our review of this challenger banking brand explores the features and fees of its free Standard plan, and outlines the other Revolut accounts available.