Monzo has become one of the UK’s most recognisable digital banks. With its sleek app and clever tools it’s easy to see why both consumers and entrepreneurs rave about it. One of the bank’s most appealing features for new customers is its generous referral scheme: when you open a Monzo account via a referral link and meet a few simple conditions, you and the person who invited you both get a cash bonus. For personal current accounts the reward is £10, while for a business account it jumps to £50.
How Monzo’s referral scheme works
Monzo’s “refer a friend” programme is straightforward. Existing account holders can generate a unique referral link from within the app. When you share that link with someone who doesn’t yet have a Monzo account, they have 30 days to complete the referral. To qualify, the invitee must download the Monzo app, apply for a personal or business account, add money to it and pay for something using their physical Monzo card. ATM withdrawals, money transfers and virtual card transactions don’t count. Once those steps are ticked off, both parties receive the bonus: £10 for personal accounts or £50 for business accounts.
It’s worth noting that each referral link has monthly limits: you can earn up to three referral rewards per calendar month and the link can only be used by 10 people. The bonus must also be claimed within 30 days. These safeguards help ensure the scheme isn’t abused.
Who is the offer for?
The Monzo referral scheme is aimed at UK residents aged 16 or over who don’t already have a Monzo account. If you’re a freelancer, sole trader or small business owner, the £50 business account bonus is particularly attractive. Monzo Business provides features like integrated invoicing, multi-user access and automated tax pots that take the headache out of bookkeeping. For individuals, the £10 bonus isn’t huge, but it’s still a nice sweetener to try a bank that excels at budgeting tools, real‑time notifications and fee‑free spending abroad.
As a self-employed web designer based in Chelmsford I love using Monzo for both personal and business finances. The app makes it simple to separate business spending, and incoming payments hit my account instantly. The ability to create “pots” for taxes and other savings goals really helps with cash flow. In my opinion the £50 business bonus essentially pays you to experience a banking service that could save you hours each month.
Why this referral is a good deal
Beyond the cash incentive, Monzo offers a polished and user-friendly banking experience. Personal account customers get budgeting tools, built‑in savings pots and early access to salary payments. Business customers can issue and track invoices, integrate with accounting software and accept card payments. Compared with traditional banks, the signup is quick and there are no monthly fees on the free tier. When you couple these features with a referral bonus, it’s hard not to see the value.
How to claim your Monzo referral
Getting started is easy. Simply click this referral link, enter your mobile number and follow the on‑screen instructions: https://join.monzo.com/c/mlk14vd. Choose whether you want a personal current account or a business account, complete your ID checks and make your first purchase. Once that’s done within 30 days, you’ll receive your bonus automatically and I’ll get mine too.
Keep in mind that Monzo can change the bonus amount at its discretion and may run limited time promotions that offer different rewards. Always check the link for the most up‑to‑date details. And don’t attempt to game the system; Monzo reserves the right to freeze referral links if it suspects fraudulent or abusive activity.
Final thoughts
Monzo’s refer‑a‑friend scheme is a win–win: you sample one of the UK’s best digital banks and earn a little extra cash in the process. The £50 business account bonus is particularly compelling for sole traders and small firms, while the £10 personal reward is a nice perk for individuals. Combined with Monzo’s intuitive app and helpful financial tools, it’s an offer worth considering. If you decide to join, I hope you find the service as useful as I have.
