Terms and conditions for our business banking referral scheme

These legal terms are between you and Monzo Bank Limited (Monzo/us/we) located at Broadwalk House, 5 Appold Street, London, EC2A 2AG.

This offer is available from 1 February 2024. It doesn’t have an end date but we can change this at any time.

You’ll need to be a UK Monzo customer aged 16 or over with an active Monzo business account opened for at least 7 days.

If you hold both a Monzo current account and a Monzo business account, you can only make referrals under the Personal Banking Referral Scheme once you have reached your referral limit under this Business Banking Referral Scheme.

You may be able to refer folks outside of the UK to Monzo (we’ll call these referrals International Referrals). To make a successful International Referral:

For successful International Referrals, you and your referee will be subject to separate referral schemes and terms & conditions. You may also be eligible for different rewards. We may not offer a referral scheme or reward in every country Monzo operates in outside of the UK.

If you are thinking about making an International Referral, check our website to confirm if a relevant referral scheme is available.

You won’t be able to make International Referrals under the Business Banking Scheme where you’ve already met your Business Banking Referral Scheme limits for the month.

The referral’s complete once your referee has successfully set up a Monzo current account or business account. We’ll call the amount you receive from us once a referral has been successfully completed ‘the reward’ and we'll let you know the reward you’ll receive in the app once the referral’s complete.

The usual reward amounts are:

We may offer you more than the values we’ve set out above, and if we do, we’ll let you know in the app. In each calendar month, you can only earn a maximum of 3 referral rewards under this Business Banking Referral Scheme, including any referrals made under previous versions of the Business Banking Referral Scheme. Your limits will reset on the 1st of the following calendar month, and you’ll be able to earn a reward under the Business Banking Referral Scheme again.

If you have exceeded the above limit:

You can only get one reward per referred customer. If your referee has ever opened a Monzo account previously, you’re both not eligible for this offer.

You can’t exchange your reward for an alternative and we can replace the reward with something else of equivalent value at any time.

We appreciate you sharing your unique referral link far and wide with folks you know. But if we suspect that you’re gaming the offer (for example, paying for advertising to promote your link) then we have the right to stop paying you the reward. We’ll contact you to tell you that we’ve done this.

We can also freeze your link and stop paying you the reward if we suspect any fraudulent, abusive or suspicious behaviour. And lastly, your link will stop working if you close your account and you won’t get a reward for referrals completed after you’ve closed your account.

If the person you referred doesn’t sign up and make their first card payment within 30 days, you won’t get the reward. You can find out more about what your referee has to do to complete the referral in our “If you’re invited to join Monzo” section below.

We may run limited time offers where you can earn a different reward to the one set out above (including earning an additional reward after successfully making a referral). If this applies, we’ll let you know how it works and how long it’s running for by email or in-app messages. You’ll always be able to check whether a limited promotion applies in the referral part of the app. Other than the reward, these terms & conditions apply to limited time offers unless we tell you otherwise.

If you’ve ever opened a Monzo account previously, you’re not eligible for this offer.

If you have been referred to open a Monzo account in a country outside the UK, these terms & conditions do not apply to you, and you are not eligible for a reward under them. Check our website to confirm if a referral scheme is available in your country.

We may not offer a referral scheme or reward in every country we operate in.

We’ll call the amount you receive from us once a referral has been successfully completed ‘the reward’ and we'll let you know the reward you’ll receive in the app once the referral’s complete.

Your reward will depend on which scheme your referrer has referred you under.

If you have been successfully referred by a Monzo customer under this Business Banking Referral Scheme, you will receive:

If you have been successfully referred to Monzo under our Personal Banking Referral Scheme, your reward may be different to the above, and will be the same as your referrer’s. You can find out more about this on our website.

We may offer you more than the values we’ve set out above, and if we do, we’ll let you know in your app. The actual amount you receive will be confirmed in your app, and we'll refer to this as 'the reward'.

We’ll send a message to the mobile number you’ve given us, telling you how long you’ve got to complete the referral. We'll send reminders to let you know how long you have left to claim your reward. You can’t exchange your reward for an alternative, and we can replace it with something else of equivalent value at any time.

We may run limited time offers where you can earn a different reward to the one set out above (including earning an additional reward after successfully completing a referral). You’ll know if this applies by following the referral link your friend sent you. This will tell you how the offer works and how long it applies for. Other than the reward, these terms & conditions apply to limited time offers unless we tell you otherwise.

This could include confirming that you’ve:

If you take part in our referral scheme, we assume you’ve read and agree to these terms & conditions. If we suspect any fraud or breach of these terms or any other relevant terms & conditions (such as the business account terms & conditions), we can refuse to pay the reward or reverse a payment we’ve already made.

We can’t promise we’ll say yes to everyone who applies for Monzo after using a unique referral link. Like all financial service providers, we have a responsibility to keep Monzo and all our customers safe, so there are lots of factors we look at when you apply.

We’ll collect, store and process the data for everyone who takes part in line with our Privacy Notice.

English law applies to this referral scheme. Anyone who enters it submits to the exclusive jurisdiction of the English courts.

Monzo Bank Limited, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 730427). Registered in England. Registered No. 9446231. Registered Office: Broadwalk House, 5 Appold St, London EC2A 2AG.