Monzo Business referral code: it's a link, and it's worth £50

Is there a Monzo Business referral code? No, it’s a link

Monzo Business does not use referral codes, promo codes or voucher codes. Every existing business customer has a personal referral link in their app, and that link is the whole mechanism. When you open it on your phone, Monzo asks for your mobile number. That number is what ties your future account to the person who referred you. There is no box anywhere in the application where a code could be entered, so a code you find on a voucher site cannot do anything.

People search for a “code” for understandable reasons. Several other business accounts do use promo codes typed in at sign-up, and voucher sites list “codes” for almost every bank whether or not one exists. Monzo itself calls the thing you share a link. If you see a page offering a Monzo Business promo code, it is either a link described as a code or something that will not work.

The practical consequence is about order. Open the link first, on the phone you will use for the account, then download the app and apply. If you download the app from the App Store directly and start an application without opening anyone’s link, nothing connects you to a referrer. Monzo says that if you have started an application before you should use the same phone number and email to pick it up again; whether a referral link opened afterwards attaches to an application already underway is not something Monzo’s terms address, so we would not rely on it.

Our link is behind every referral button on this site. It goes straight to Monzo with nothing added to it. You can equally use a link from a friend or colleague who banks with Monzo Business: the reward is the same, and a link from someone you know is a perfectly good choice.

How much is the Monzo Business referral bonus?

£50 each side. The terms describe the usual reward as £50 if the person referred opens a business account, paid to both the new customer and the referrer. Monzo adds that it may offer more than the usual amount, for example during a limited-time promotion, and that the actual reward is confirmed in the app. Our own app shows £50 for the person joining.

If you came here looking for a “Monzo Business sign-up bonus” or “promo code” more generally: the referral scheme is the joining reward Monzo sets out in its legal terms for business accounts. Limited-time referral promotions, when they run, appear when you follow a referral link and in the referral section of the app, under the same terms.

The reward is paid into the account. It is a cash credit, not a voucher or points, and Monzo says it cannot be exchanged for anything else (though Monzo reserves the right to swap it for something of equivalent value). There is one reward per referred customer.

The four steps, in detail

The steps are set out in the referral terms. All four have to happen within 30 days of entering your mobile number.

1. Open the link and download the app

Open the referral link on your phone and enter your mobile number when asked. Monzo then texts that number to confirm how long you have to finish, and sends reminders as the deadline gets closer. Download the Monzo app from the App Store or Google Play. Use the same mobile number in the app that you gave on the link page; it is the thread that ties everything together.

2. Apply for a business account

In the app, choose a business account rather than a personal one. Monzo asks some questions about your business: what it does, the industry, countries you trade with and expected turnover. Sole traders and directors of limited companies follow slightly different paths, and limited companies need to verify people with significant control. Our step-by-step guide to opening a Monzo Business account covers both, along with the documents to have ready.

Before you apply, make sure your business can hold an account at all. Monzo Business is for sole traders and private limited companies (limited by shares); it cannot take partnerships, LLPs, PLCs, charities, CICs, companies limited by guarantee, trusts and funds, and the business must be earning mainly from trading, not investments. The full rules are on our Monzo Business eligibility page. Monzo says most accounts open the same day, though some need extra checks, and like any bank it does not accept every applicant.

3. Add money

Pay any amount into the new account. There is no minimum. The simplest way is a bank transfer from another account in your name or your business’s name, using the sort code and account number shown in the app. A transfer into the account is fine for this step; it is transfers out that do not count as the qualifying payment in step 4.

4. Make your first card payment

Use your Monzo Business card to pay for something, online or in person, of any amount. You do not need to wait for the physical card to arrive. The next section explains exactly what counts.

What counts as the first card payment?

Any ordinary purchase made with your Monzo Business card counts, at any value, online or in a shop. In Monzo’s words, you can add your card to a digital wallet to make your first card payment, so Apple Pay and Google Pay both count.

The virtual-card exclusion catches people out. Virtual cards come with the Pro and Team plans, and they are useful for subscriptions, so it is tempting to set one up first and pay a software bill with it. That payment will not complete the referral. Use the card number of your main card, physical or in a digital wallet, for the first purchase. After that, use virtual cards as you like.

A small genuine business purchase is the obvious choice: a domain renewal, stationery, a coffee on the way to a client. There is no need to spend more than you otherwise would.

The 30 days window: when the clock starts

The window opens when you tap the link and enter your mobile number, not when your account is approved and not when the card arrives. Everything else has to fit inside it: download, application, approval, adding money and the first card payment.

For most people this is generous, because most accounts open the same day and the first payment can be made from a digital wallet straight away. It becomes tight when an application needs extra checks or when someone opens the link, gets distracted, and comes back weeks later. Our advice is simple: open the link when you have your ID and business details to hand, and apply in the same sitting. If your application is held for review, reply to any requests from Monzo promptly.

If the window passes before you finish, the referral lapses. You can still open the account, but the reward will not be paid under that referral.

Who is excluded from the Monzo Business £50?

Anyone who has ever opened a Monzo account. That is the rule that matters, and it is wider than people expect.

• Any previous Monzo account counts. A personal current account, a joint account, or a business account, open or closed, at any time. The terms say that if the referee has ever opened a Monzo account previously, both sides are not eligible. This is the single most common reason the reward does not arrive.
• Existing personal customers can still open a business account, and Monzo makes it easy: in the app, go to Home, tap +, then choose to apply for a business account. But there is no referral reward for this route, with our link or anyone else’s.
• Businesses Monzo cannot bank. Partnerships, LLPs, charities and the other excluded types cannot open the account, so the question of a reward does not arise. See Monzo Business alternatives for accounts that do take them.
• One reward per person. You can run up to 3 businesses per person, but the reward is paid once per referred customer, not once per business.
• Applications Monzo declines. Monzo says it cannot promise to accept everyone who applies through a referral link. No account, no reward.

You do not need a Monzo personal account to open Monzo Business: no Monzo personal account needed. In fact, for the referral, not having one is the point.

Any plan qualifies, including free Lite

The referral terms do not distinguish between plans or between sole traders and limited companies. Any Monzo Business plan, including free Lite counts. Lite is free; Pro is £9 a month with the first month free; Team is from £25 a month.

So there is no need to buy a paid plan to earn the reward, and no reason to choose a plan for the referral’s sake. Pick the one that fits how you work. Pro and Team add Tax Pots, invoicing, accounting integrations, virtual cards, connected accounts and custom categories; Team adds expense cards, payment approvals, bulk payments and a bigger team. There is no minimum term; downgrades refunded pro rata, so you can start on Lite and upgrade later. Our Lite vs Pro vs Team comparison helps you decide.

What to do if the referral reward does not arrive

Monzo pays the reward once all four steps are complete and confirms it in the app; it does not publish a fixed payout time. If you have finished everything and nothing has appeared, work through this list before contacting Monzo.

1. Had you ever opened a Monzo account? Including a personal or joint account years ago, even one you closed quickly. If so, the referral could never pay.
2. Did you open the link before starting? If you downloaded the app and applied first, the referral may not have been recorded.
3. Did you use the same mobile number? The number entered on the link page should be the one on your account.
4. Did all four steps happen within 30 days? Count from the day you entered your number, not the day the account opened.
5. Was the first payment a real card payment? Not an ATM withdrawal, a transfer or a virtual-card payment. If in doubt, make one small card purchase now; if you are still inside the window, that may complete it.
6. Was the referrer at their monthly limit? See the next section. You cannot see this yourself, but it does happen.

If everything checks out, contact Monzo through the in-app chat, which is staffed 24/7. Give them the date you opened the link and the date of your first card payment. Monzo is the only party that can see the referral record and pay the reward; we cannot see your account or chase it on your behalf.

Why we publish this, and Monzo’s monthly limit

We have a financial interest in this page. If you open a Monzo Business account through our link and qualify, Monzo pays us £50 as well as you. It is the only income this site has, and we explain it in full on how we make money. We do not take payment from any other bank, and links to other providers on this site earn us nothing.

There is one more thing you should know, because most referral pages leave it out. Monzo limits how many referral rewards a referrer can earn each month. Under the current terms the limit is 3 rewards a month for the business scheme, and it resets on the 1st of each calendar month. If a referrer has already reached the limit that month, the link still works and you can still open an account, but neither the referrer nor the new customer receives a reward for that referral.

That applies to our link as it does to everyone’s. If our link is at its limit in the month you sign up, you would not get the £50, and nor would we. We would rather tell you that than have you find out afterwards. If the reward matters to you and you know someone else who banks with Monzo Business, their link is just as good, and nothing on this site depends on you using ours.

Which version of the referral scheme this covers

This page reflects the Monzo Business Banking Referral Scheme terms, version 2.0, 13 August 2026, which we read on 9 October 2026. The scheme has run since 1 February 2024 with no end date, but Monzo can change the reward, the steps or the limits at any time, and it can run limited-time offers with a different reward. The terms are at monzo.com: business referral scheme terms.

We re-read the terms every month and update this page and its date when anything changes. If what you see in the app differs from this page, the app is right, and we would be grateful if you let us know.

How the Monzo offer differs from Tide and Starling

Monzo is not the only business account with a joining incentive, and it is not the largest. The differences are as much about conditions as about headline amounts.

• Tide pays more, for more. Tide’s referral offer is bigger in headline terms, but it needs real card spending within a set period, and the code has to be entered at or near sign-up. Monzo’s needs one card payment of any size. See the Tide referral terms.
• Starling’s scheme is narrower. Starling’s referral reward is smaller, and its terms say referrers have to be invited by Starling, so most readers will not find a Starling link to use. See the Starling referral terms.
• Who counts as new. Monzo excludes anyone who has ever had any Monzo account, personal included. Other providers set their own new-customer rules.
• What sits behind the offer. Starling, like Monzo, is a bank. Tide is not a bank itself: its accounts are provided by ClearBank, which is where the protection comes from (Yes, up to £120,000 (ClearBank Ltd)).

High-street banks run their own switching and welcome offers too, usually with more conditions such as Direct Debits or a minimum card spend. We keep every current offer, with amounts, conditions and end dates, on our business bank account offers page, refreshed monthly, and we earn nothing from any of them. For a fuller side-by-side, see Monzo Business vs Tide.

Should a £50 bonus decide your business bank?

No. £50 is a pleasant start, but you will use the account every day for years, and the wrong account costs far more than that in time and fees. Choose the bank first, then use a referral if one is available.

Monzo Business suits sole traders and limited companies who are happy to run their banking from an app: fast opening, free UK transfers, Tax Pots and invoicing on the paid plans, and an app that, in our experience, is natural to use. It suits less well if you handle a lot of cash, need several currencies, want a branch, or are a partnership or LLP. Our Monzo Business review sets out the strengths and weaknesses, and the best business bank accounts comparison names the situations where something else is the better choice.

If Monzo Business does fit, and you have never had a Monzo account, open it through a referral link so the £50 is there for you. Eligibility criteria apply. The £50 is for people who have never had a Monzo account and complete the steps within 30 days.