Monzo Business Referral: How to Get £50 Free
If you run a business, work for yourself or earn money from a side hustle, you could get £50 for opening a Monzo Business account through a referral link.
To qualify, you need to use the referral link, enter your mobile number, open an eligible Monzo Business account, add money and make a qualifying card payment within 30 days.
There’s no minimum spending requirement, and you don’t need to pay for one of Monzo’s premium business accounts. The free Monzo Business Lite account can qualify too.
Monzo Business £50 referral at a glance
| Referral bonus | £50 |
| Account required | Monzo Business / Business Lite |
| Monthly fee required | No |
| Minimum spend | No minimum |
| Time limit | 30 days |
| Who can apply? | Eligible sole traders and limited companies |
| Referral code required? | No, you need to use a referral link |
How to get the £50 Monzo Business referral bonus
Getting the £50 is fairly straightforward, but make sure you follow the steps in the right order.
- Open my Monzo Business referral link
- Enter your mobile number on the referral page
- Apply for an eligible Monzo Business account
- Complete Monzo’s identity and business checks
- Add money to your new account
- Make a qualifying card payment within 30 days
- Receive your £50 referral bonus
The first couple of steps are particularly important. Don’t simply download the Monzo app and start applying without going through the referral link first, as the referral needs to be attached to your application.
👉 Open Monzo Business and get £50
Who can get the £50 Monzo Business referral?
You don’t necessarily need to run a large company to qualify for Monzo Business.
Monzo Business is designed for both sole traders and eligible limited companies, which means it could be suitable if you’re:
- Self-employed
- Freelancing
- Running a side hustle
- Selling products online
- Working as a sole trader
- Running an eligible limited company
So, if you make some extra money from something like freelance work or selling online, you may be able to apply.
However, simply opening an account isn’t enough to guarantee the £50. You’ll still need to meet Monzo’s eligibility requirements and successfully open a qualifying Business account.
Can sole traders get the £50 Monzo referral bonus?
Yes. You don’t have to own a limited company to open a Monzo Business account.
Monzo also offers business accounts to eligible sole traders, making the referral useful for freelancers, self-employed workers and people running smaller side businesses.
Monzo will still decide whether your business meets its eligibility criteria when you apply.
Do side hustles qualify for Monzo Business?
Potentially.
If your side hustle is a genuine business activity and you’re operating as a sole trader or through a qualifying limited company, you may be eligible for a Monzo Business account.
For example, that could include people earning money through freelance work or selling goods online.
But don’t assume that earning £20 from selling your old belongings on eBay suddenly makes you a business. Monzo will assess your application and approval isn’t guaranteed.
Do I need a Monzo Business referral code?
No.
Despite people searching for a Monzo Business referral code, there isn’t a code that you need to type into the app.
Instead, Monzo uses a unique referral link.
You need to open the referral link and enter your mobile number before continuing with the application.
You can use my link here:
👉 Monzo Business £50 referral link
Does Monzo Business Lite qualify for the £50?
You don’t need to pay for one of Monzo’s premium business accounts just to get the referral bonus.
Monzo offers a Business Lite account with no monthly fee, so there isn’t necessarily an ongoing monthly cost involved in claiming the £50 referral offer.
That makes the offer much more appealing if you’re a sole trader or running a small side business and just want a straightforward separate account for your business finances.
Of course, you can choose one of Monzo’s paid plans if you need the additional features.
Is there a minimum spend to get the £50?
One of the best things about the Monzo Business referral offer is that there isn’t a large spending target to hit.
You need to add money and make a qualifying card payment within 30 days, but there’s no requirement to spend hundreds of pounds just to trigger the £50 bonus.
That’s quite different from some business bank account offers, which can require significant spending before you’ll receive the reward.
What counts as a qualifying card payment?
You need to actually use your Monzo Business card as part of the referral process.
A normal purchase using your card should qualify, provided it meets Monzo’s referral terms.
However, some transactions don’t count towards the referral requirement, including:
- ATM withdrawals
- Money transfers
- Virtual card transactions
So don’t transfer some money to another account and assume you’ve completed the offer.
The simplest option is to add money to the account and use your Monzo Business card for an ordinary purchase.
How long do I have to qualify for the £50?
You have 30 days to complete the required steps.
That includes opening the account, adding money and completing the qualifying card payment.
I wouldn’t leave the card payment until the end of the 30-day period. Once your account is open, add some money and make an ordinary purchase with the card so you know you’ve completed the requirement.
How quickly will I receive the £50 Monzo bonus?
Once you’ve successfully completed all the referral requirements, Monzo should credit the referral reward to your account.
If you’ve completed the requirements but haven’t received anything, check that:
- You originally signed up through the referral link
- You entered your mobile number on the referral page
- You opened an eligible Monzo Business account
- You added money to the account
- You made a qualifying card payment
- You completed everything within 30 days
If you’re certain you’ve done all of that and the reward hasn’t appeared, contact Monzo through the app.
Can I open Monzo Business just for the £50?
There’s nothing wrong with the £50 referral bonus being one of the reasons you’re considering Monzo Business.
But you do need to have a genuine business and meet Monzo’s eligibility criteria. This isn’t an offer where anybody can simply claim to have a business to collect £50.
If you’re already self-employed, freelancing, selling online as a business or running a limited company, the offer is much more relevant.
And because Monzo has a free Business Lite plan, you don’t necessarily need to pay a monthly fee after opening the account.
Can existing Monzo customers get the Business referral bonus?
Eligibility can depend on the type of Monzo account you already hold and the current referral terms.
If you already use Monzo personally, don’t assume that automatically means you’re either eligible or ineligible for the Business referral.
Check the current terms shown when you open the referral link before applying.
Can I refer other people after opening Monzo Business?
Once you’re eligible to make referrals yourself, Monzo Business customers can earn referral rewards for introducing other qualifying businesses.
There is a limit to how many paid Business referral rewards you can receive each calendar month, so this isn’t an unlimited way of earning money.
But if you know other freelancers, sole traders or small business owners who genuinely want a Monzo Business account, it’s a useful extra benefit.
Why haven’t I received my Monzo Business £50?
If your £50 hasn’t arrived, the first thing I’d check is whether you followed the referral process in the correct order.
Common problems include:
Not using the referral link
Opening Monzo separately rather than starting through the referral link could mean your application isn’t connected to the offer.
Not entering your mobile number
Your mobile number needs to be entered through the referral process before you complete your sign-up.
Making the wrong type of transaction
Transfers and ATM withdrawals aren’t qualifying card purchases.
Missing the 30-day deadline
You need to complete the required steps within the referral period.
Your application wasn’t eligible
Monzo Business has its own eligibility requirements and not every business or applicant will be accepted.
If you’ve met all of the conditions and still haven’t received the £50, contact Monzo through the app.
Is Monzo Business actually worth using?
I’ve been using Monzo Business myself, and overall I’ve been fairly happy with it. It’s straightforward to use and I particularly like being able to send invoices and keep track of my business spending from the app.
For a small business or side hustle, I think that’s one of its biggest strengths. You don’t really want a business account that makes simple jobs more complicated than they need to be.
What I like about Monzo Business
The app makes it easy to see where my business money is going, and tracking spending is simple. I also find the invoicing feature useful as I can create and send invoices without having to use a separate service.
Other positives include:
- Easy-to-use app
- Simple invoicing
- Good overview of business spending
- Instant notifications when money comes in or goes out
- Makes it easy to keep business and personal spending separate
- A free Business Lite option is available
What could be better?
My main criticism is the interest rate on savings. I’d like to see Monzo offer a more competitive rate, particularly when there are business savings accounts elsewhere paying more.
So, although I like Monzo Business for everyday banking, I wouldn’t necessarily assume it’s the best place to keep a large amount of spare business cash. It’s worth comparing savings rates if you’re likely to leave a significant balance sitting there.
My experience with Monzo Business
For me, the biggest benefit is convenience. Sending invoices and tracking my spending are both easy, and that’s mainly what I want from a business account.
It’s not perfect, and I’d certainly like a better return on savings, but I’ve been happy enough with it to continue using it.
That also means I’m not recommending Monzo Business purely because there’s a £50 referral bonus. I actually use the account myself, and I’d still use it without the referral offer
My verdict on the Monzo Business £50 referral
If you’re already looking for a business bank account, £50 for opening a Monzo Business account is a decent incentive.
The biggest advantage is that the requirements aren’t particularly demanding. There’s no large spending target and you can opt for the free Business Lite account if you don’t need the features included with Monzo’s paid plans.
Just make sure you follow the referral process properly. Open the referral link and enter your mobile number before applying, then add money and make a qualifying card payment within 30 days.
Monzo Business Referral FAQs
How much is the Monzo Business referral bonus?
The current Monzo Business referral offer pays £50 when an eligible new customer opens a qualifying Business account and completes the required steps.
Is there a Monzo Business referral code?
No. Monzo uses a referral link rather than a referral code. Open the link and enter your mobile number before applying.
Do both people get £50?
Under the £50 Business referral offer, both the eligible referrer and new Business customer receive the referral reward when the requirements are completed.
Do I need to spend £50?
No. The £50 is the reward, not the spending requirement. You need to make a qualifying card payment, but there isn’t a £50 minimum spending target.
Is Monzo Business free?
Monzo offers a Business Lite account with no monthly subscription fee. Paid Business plans are also available with additional features.
Can I get the bonus as a sole trader?
Yes, eligible sole traders can apply for Monzo Business. You don’t have to operate through a limited company.
Can I get the bonus for a side hustle?
Potentially. If your side hustle counts as genuine business activity and you meet Monzo’s eligibility requirements, you may be able to open a Business account as a sole trader.
How long do I have to make a card payment?
The referral requirements need to be completed within 30 days.
Does an ATM withdrawal count?
No. Use the card to make an ordinary qualifying purchase instead.
Do bank transfers count?
No. A money transfer isn’t the same as making the required qualifying card payment.
