Monzo's referral scheme is one of the easiest bank rewards to earn. There's no switch, no minimum deposit and no Direct Debits to move, just a single card payment. The reward is smaller than a full switching bonus, but it takes minutes. These are the current rules, from Monzo's referral terms dated 13 August 2026.
Key takeaways
- Reward for both of you: £10 (94% chance), £20 (5%) or £50 (1%). That's about £11 on average.
- What you need to do within 30 days: open a UK Monzo account via the link, add any amount of money, and make one payment with your Monzo card.
- Card payments only. Apple Pay and Google Pay count. ATM withdrawals, transfers and virtual card payments don't.
- Eligibility: UK resident, aged 16+, and never opened a Monzo account before.
- For referrers: the random rewards apply to your first 100 referrals, then it's a fixed £5 each.
How much is the Monzo referral bonus?
When a new customer joins using a referral link, both people get the same randomly selected reward:
| Reward | Chance |
|---|---|
| £10 | 94% |
| £20 | 5% |
| £50 | 1% |
That works out at roughly £10.90 on average for each of you. Once a referrer has made 100 referrals, the reward drops to a fixed £5 for both sides. Monzo can change the amounts at any time and sometimes runs limited-time offers with different rewards.
How do you claim the Monzo referral bonus?
- Open the referral link (for example, this Monzo link) and enter your mobile number. This starts a 30-day clock.
- Download the app and apply for a UK Monzo current account.
- Add money, any amount.
- Make your first payment with your Monzo card within the 30 days, in a shop, online, or via Apple Pay or Google Pay.
The reward is then paid into both accounts. If you miss the 30-day window, no reward is paid.
Take Action: Make a small card payment, like a coffee, as soon as your card or digital card in Apple or Google Pay is ready, so you don't run out of time.
Who can get the Monzo referral bonus?
- New customers who are UK residents aged 16 or over and have never opened a Monzo account of any kind.
- Referrers must hold a UK Monzo current account and be 16+.
- One reward per new customer. Monzo can withhold rewards for fraud, abuse or "gaming" links, such as paying to advertise them.
Is Monzo worth opening for £10?
The referral reward is a bonus. The real question is whether Monzo is useful to you. Its strengths:
- Free current account with instant spending notifications and categories
- Pots for saving and separating bills, with optional savings interest
- Fee-free card spending abroad (Monzo uses the Mastercard exchange rate)
- Paid plans (Extra, Perks, Max) for extra features, though you don't need one to get the referral reward
Many people use Monzo alongside a high-street bank: a high-street account for a big switching bonus and salary, and Monzo for spending, budgeting and travel. Money in Monzo is protected by the FSCS up to £120,000.
Monzo referral vs bank switching bonuses
| Monzo referral | High-street switching bonus | |
|---|---|---|
| Typical reward | £10 (up to £50) | £175-£300 |
| Effort | Open account, one card payment | Full switch, pay-in, 2-3 Direct Debits |
| Close your old account? | No | Yes, usually |
| Time to get paid | Within days of your first payment | Usually 2-8 weeks |
If you want the biggest payout, a switching offer pays far more. See this month's best bank switching offers. You can do both: open Monzo through a referral as a second account, and switch your main account for a switching bonus.
Related guides
- Monzo Plans Compared 2026: Free vs Extra vs Perks vs Max
- Best Bank Switching Offers UK
- Monzo vs Starling vs Revolut
- Monzo Plus vs Premium: Worth It?
FAQ
How much is the Monzo referral bonus?
Both you and the friend who referred you receive a randomly selected reward: £10 for 94% of new customers, £20 for 5% and £50 for 1%, which averages about £10.90 each. After a referrer has made 100 referrals, the reward becomes a fixed £5 for both people.
How do I get the Monzo referral bonus?
Open a UK Monzo current account through a referral link, add any amount of money, and make your first payment with your Monzo card within 30 days of entering your mobile number on the link. Card payments via Apple Pay or Google Pay count; ATM withdrawals and transfers don't.
Can I get the Monzo bonus if I've had Monzo before?
No. The referral reward is only for people who have never opened a Monzo account. If you've held any Monzo account in the past, including one you closed, you won't qualify as a new customer.
How long does the Monzo referral bonus take?
The reward is paid once you've met the conditions, which means adding money and making your first card payment within 30 days. In practice it usually arrives shortly after that first card payment, for both you and your referrer.
Is there an age limit for the Monzo referral scheme?
You need to be at least 16 and a UK resident to be referred, and referrers must also be 16 or over with a UK Monzo current account. Monzo's accounts for under-16s aren't covered by the scheme.
The information in this article is for educational purposes only and does not constitute financial advice. Reward terms were checked on 21 October 2026 against Monzo's referral scheme terms (version 4.0, 13 August 2026) and can change at any time.
Sources: Monzo referral scheme terms, FSCS deposit protection.