Monzo
The UK's favourite digital bank — with referral bonuses
Overview
Monzo is one of the UK's most popular neobanks, known for its excellent app, instant spending notifications, and strong budgeting features. Founded in 2015, it now has over 9 million customers in the UK.
For beermoney purposes, Monzo's main draw is its referral programme — both you and the person you refer earn a cash bonus (typically £5 each). The amount and availability of the bonus changes over time, so check current offers on BeerMoneyUK.
Monzo's free tier (Monzo Personal) is genuinely useful as an everyday account, making it easy to keep open long-term. Paid tiers (Monzo Plus at £5/month, Monzo Premium at £15/month) offer additional features like cashback, travel insurance, and higher interest rates, but these require ongoing payments.
Beyond referrals, Monzo has periodically run sign-up bonus promotions. It's also frequently featured in cashback site offers, so combining a Monzo sign-up with a TopCashback or Quidco cashback offer can stack your earnings.
Pros
- Refer-a-friend bonus (both get rewarded)
- Excellent budgeting and spending insights
- Instant payment notifications
- Free to open — no minimum deposit
- FSCS protected up to £85,000
- Often featured on cashback sites for extra sign-up bonuses
Cons
- Referral bonus amount varies and isn't always available
- No physical branches
- Paid tiers needed for best features (Plus/Premium)
- Free tier lacks interest on current account balance
Our Verdict
Monzo earns a 4.0/5 from us. A solid, reliable platform worth using alongside other beermoney methods.
Best for: UK residents who are comfortable opening a new bank account for a one-time bonus.
Quick Stats
Estimated Reward
£5-20 referral bonus (varies by promotion)
Effort Level
Easy
Time to Complete
1-2 weeks
Time to Payout
1-4 weeks after qualifying action
Min Spend
None — just sign up and activate the account
Trustpilot
4.2/5
FCA Reg
730427Founded
2015
We may earn a commission at no cost to you.