If you don’t already have a Monzo account, here’s a good reason to sign up today.
Monzo are currently running a refer a friend scheme where new customers can bag a mystery cash bonus of £10, £20 or £50, simply for opening an account and making a single purchase.
You won’t know which amount you’ll get until it lands, but even the minimum £10 is easy money for about five minutes of effort and is paid out instantly.
However check my tip for getting a guaranteed £50!
Monzo is a mobile-only challenger bank that makes managing your money refreshingly simple. It’s free to open an account and the app is genuinely one of the best around for keeping tabs on your spending.
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How to Claim Your Free £10 to £50
Before diving in, it’s worth knowing there are two options here — a personal account or a business account. The business account is the better option as it comes with a guaranteed £50 bonus (more on who qualifies for that shortly). The personal account gives you a mystery bonus of £5, £10, £20 or £50, so it’s a bit of a lottery, but still free money.
Here’s how to claim:
- Sign up through this Monzo referral link and enter your mobile number on the sign-up page
- Download the app, complete your verification and apply for your account within 30 days
- Top up your account — even £1 is enough
- Make one purchase with your Monzo card once it arrives (topping up an Amazon account by £1 works well). This also needs to be done within 30 days. (You could also use the virtual card)
- Your bonus will be credited to your account — for the business account this is a guaranteed £50.
Claim Your Monzo Referral Instant Bonus Here
Reasons to Sign Up as a Business Account – for £50!
If you’ve ever sold anything on eBay, Vinted, Etsy, Facebook Marketplace, or pretty much anywhere online you already qualify for a Monzo Business account. That’s it. You don’t need a limited company, a formal business setup, or an accountant. Selling a few bits around the house counts towards being eligible for a Business Account.
Signing up as a sole trader using your eBay or Vinted activity as your “business” is enough to qualify, and it gets you a guaranteed £50 rather than the mystery amount you’d get with a personal account.
Here’s why the business account is the better starting point:
- Guaranteed £50 — the highest bonus amount, no lottery and likelihood of getting a lower amount
- Quick to qualify — deposit £1 and make a single purchase of £1 or more
- The bonus is credited instantly once you’ve met the criteria
If you love Monzo and want a personal account too, you can always open one separately afterwards — but start here and get the guaranteed £50 first if you are looking to make the most from this free money offer.
All you need is your eBay, Vinted, Etsy or similar account to use as your business name when signing up. Simple as that.
Frequently Asked Questions
Is the Bonus Guaranteed?
It depends on which account you open. The business account comes with a guaranteed £50. The personal account gives you a mystery bonus of £5, £10, £20 or £50 soyou won’t know which until it lands.
That’s why we recommend the business account route if you qualify.
How Long Does the Bonus Take to Arrive?
Once you’ve met the qualifying criteria the bonus is credited instantly into your account.
Can I Get Both the Personal and Business Bonus?
Technically you can hold both a personal and a business account with Monzo, but the referral bonus is a one-time deal per sign-up. Start with the business account to secure the guaranteed £50 — if you want a personal account afterwards, you can always open one separately.
Does the £1 Purchase Have to Be In-Store?
No. An online purchase counts just fine. A popular option is topping up your Amazon account by £1 — quick, easy and done.
What If I Already Have a Monzo Account?
Unfortunately the referral bonus is for new customers only. If you already have a personal Monzo account, you may still be eligible for the business account bonus — it’s worth checking the current terms.
Is Monzo a Real Bank?
Yes. Monzo is a fully regulated UK bank, authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA). It’s not just an app — it’s a proper bank.
Is My Money Safe With Monzo?
Yes. Your money is protected by the Financial Services Compensation Scheme (FSCS) for up to £120,000 in total across personal and business accounts held with Monzo.
Is Monzo Free to Use?
Yes, for the basics. The personal account and the Business Lite plan are both free. If you want extra features, Business Pro costs £9 per month with the first month free, and the Team plan starts from £25 per month. For the purposes of this offer, the free Lite account is all you need.
Does Monzo Affect My Credit Score?
When you sign up, Monzo only runs a soft credit check, which does not impact your credit score and is not visible to anyone but you. If you later apply for an overdraft, that will trigger a hard credit check — but simply opening an account and making purchases won’t affect your score.
Do I Need a Registered Business to Open a Monzo Business Account?
No. You can sign up as a sole trader, and selling items on eBay, Vinted, Etsy or Facebook Marketplace is enough to qualify. You don’t need a limited company or any formal business registration.
What Can I Use as My Business Name?
You can simply use your eBay, Vinted or Etsy account name. It doesn’t need to be a trading name or registered anywhere.
What Are the Benefits of Using Monzo Day to Day?
Monzo is genuinely one of the better banking apps out there. Instant spending notifications, easy budgeting tools, fee-free spending abroad, and free UK bank transfers all come as standard. It’s particularly good if you want more visibility over where your money is going each month.
If you haven’t claimed already: