Last updated: 22 August 2026
By Stiv · Design, technology and personal finance
The Monzo sign up bonus is back at the top end. New customers who join through a referral link now get a randomly selected reward of £20, £50 or £100, so the £100 tier that vanished last year is live again. However, before you get too excited, it is worth knowing that 94% of people land on £20.
This article contains affiliate or referral links. If you click through and sign up I may earn a commission or referral bonus at no extra cost to you. It does not affect my editorial view. This is not financial advice.
Want the Monzo sign up bonus?
The current offer, the odds and the exact steps to claim it are always kept up to date on our referral page.
What has changed with the Monzo sign up bonus
For most of the past year, the reward sat at a random £5 to £50, and most people got about £10. That has now changed. Monzo has rebuilt the scheme around three fixed tiers, and £100 sits at the top of them again.
Monzo's own referral scheme terms (version 2.0, dated 13 August 2026) set out the split in black and white:
- £20 goes to 94% of people.
- £50 goes to 5% of people.
- £100 goes to 1% of people.
Both sides get the same amount. So if your friend lands the £100, you land it too. Meanwhile the floor has risen from £5 to £20, which matters far more in practice than the headline does.
One caveat worth flagging. These tiers apply to a referrer's first 100 referrals. After that, the reward drops to a flat £5 for both people.
How the Monzo sign up bonus works
The mechanics are simple, but the order matters. Above all, start with the link.
- Tap a referral link first. Our Monzo referral page carries the current one.
- Enter your mobile number. This starts your 30-day clock.
- Download the app and open a current account. ID verification is part of the sign-up.
- Add some money. There is no minimum amount.
- Make one card payment. Apple Pay and Google Pay count, so you do not need to wait for the physical card.
After that, Monzo tells you your reward in the app. In most cases it arrives within a few hours of the first qualifying payment.
What does not count as a qualifying payment
This trips people up more than anything else. Monzo excludes three things:
- ATM withdrawals.
- Money transfers.
- Virtual card payments.
Therefore a normal shop purchase is the safest route. Buy a coffee, buy a sandwich, and you are done.
Is the Monzo sign up bonus actually worth chasing
Honestly, treat £100 as a lottery ticket rather than a plan. At 1%, it is roughly a one-in-a-hundred outcome. The realistic answer is £20, and £20 for ten minutes of admin is still a decent hourly rate.
Also worth saying: a sign-up bonus is a poor reason to pick a bank on its own. If Monzo does not suit how you manage money, £20 will not fix that. Our Monzo review after four years of daily use is the more useful read if you are weighing the account itself.
The plan prices have changed too
While you are comparing, note that Monzo has repriced its paid tiers. Perks moves from £7 to £9 a month, and Max moves from £17 to £19, both from October 2026. Anyone signing up on or after 13 August 2026 pays the new price straight away. Extra stays at £3.
We have broken down every new price, including the legacy Plus and Premium plans, in our Monzo Perks and Max price increase guide. None of this affects the referral reward, but it does change the maths on whether a paid plan earns its keep.
Who can claim the Monzo sign up bonus
You will usually qualify if all of the following apply:
- You are a UK resident aged 16 or over.
- You have never opened a Monzo account, and never started an application.
- You open the account through a valid referral link.
- You complete the steps inside 30 days.
If you have held an account before, you are out. That rule is applied strictly, and it catches people who abandoned a sign-up years ago.
How it compares to other bank sign up offers
Chase pays a fixed £50 when you join and pay in £1,000 within 30 days, so it is more predictable. Lloyds runs a £50 refer-a-friend offer as well. Monzo, by contrast, is a gamble with a higher ceiling and a lower guaranteed floor.
If you are stacking several offers, our best referral offers in the UK guide compares the live ones side by side. Alternatively, our Monzo vs Chase comparison covers the two accounts head to head.
Is Monzo safe
Yes. Monzo Bank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FRN 730427). Eligible deposits are protected up to £120,000 per eligible person per UK-authorised bank, building society or credit union by the FSCS (since 1 December 2025), with Monzo Bank Ltd as the deposit-taker.
FAQs
How much is the Monzo sign up bonus right now?
It is a randomly selected £20, £50 or £100. Monzo publishes the split: 94% get £20, 5% get £50 and 1% get £100. Both you and the person who referred you receive the same amount.
Has the £100 Monzo bonus really come back?
Yes, as the top tier of the standard scheme rather than a limited promo. However, it is a 1% outcome, so plan around £20 instead.
How long do I have to claim it?
Thirty days from the moment you enter your mobile number on the referral link. Within that window you need to open the account, add money and make one card payment.
Does Apple Pay count as a card payment?
Yes. Monzo confirms you can add the card to a digital wallet and pay online or in person. ATM withdrawals, transfers and virtual card payments do not count.
Can I claim the Monzo sign up bonus and the Monzo Investments offer?
They are separate schemes with separate rules. Check our Monzo Investments referral page for what is running there, because it has been paused in the past.
Do I need to switch my main bank?
No. You can open Monzo alongside your existing bank, and plenty of people use it purely for spending and budgeting.
Is the Monzo sign up bonus taxable?
For most people, no. Referral rewards are generally treated as incentives rather than income. However, tax rules vary by circumstance, so check HMRC guidance if you are unsure.
More from CoolCuration
- Best referral offers UK: every live sign-up bonus worth stacking, with the steps for each.
- Chase refer a friend code: a fixed £50 if you prefer a guaranteed reward over a random one.
- Plum referral code: another money app that pays you for bringing a friend along.
- Student gift guide: handy if the person you are referring is about to start term.
- AeroPress Steel: spend that £20 reward on better coffee than the one that qualified you.
Disclaimer: This post is for general information only and is not financial advice. Referral offers, terms, eligibility and reward amounts can change at any time, so always check the Monzo app and Monzo's own terms before you act. If you are unsure whether a product suits your circumstances, consider speaking to a qualified financial adviser. This post contains affiliate or referral links. If you sign up through one, CoolCuration may receive a small reward at no extra cost to you. It does not affect our editorial view.
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