Will I get the Monzo Business £50 bonus? Five-question checker

The checker is above. This page explains why each question is there, using Monzo’s own wording, and what the checker cannot know about you.

The five questions

Two questions decide whether Monzo Business will open an account for you at all: what kind of business you run, and whether you are UK resident and tax resident. Three decide whether the referral reward pays once you have one: whether you have ever had a Monzo account, whether you open the link before you start, and whether you can finish the steps in time. Most failed referrals come down to the third question, which is why it has a “not sure” option.

1. What kind of business do you run?

Monzo Business accepts sole traders and private limited companies (limited by shares). It does not open accounts for partnerships, LLPs, PLCs, charities, CICs, companies limited by guarantee, trusts and funds. That is a structural rule, not a credit decision, so there is no point applying in the hope of an exception.

The person applying must also be a director, which for a sole trader simply means you, and the company must be active (not dormant) at Companies House, with an active director. Monzo also expects the business to be earning mainly from trading, not investments, which matters to landlords and holding companies. If that describes you, the full eligibility guide goes through the edge cases before you apply. One person can run up to 3 businesses per person, though the referral reward only applies to someone who is new to Monzo, so it is a one-time thing per person.

If you run a partnership, an LLP, a charity or a CIC, the checker sends you to the Monzo Business alternatives page rather than to a referral link, because the honest answer is that a different provider will suit you better.

2. Are you UK resident and UK tax resident?

Monzo Business is UK based and UK tax resident only. Both halves matter: living in the UK but being tax resident elsewhere, or the reverse, will stop the application. Applicants must also be 16 or over. The checker treats a “no” here the same way as an unsupported business type, because no amount of care at sign-up will change it.

3. Have you ever had any Monzo account?

This is the question that decides most referrals. The terms are short and absolute: “If your referee has ever opened a Monzo account previously, you're both not eligible.” The reward is for someone who has never opened a Monzo account before, and that includes a personal or joint account, open or closed, used or not.

It is easy to forget a personal account opened for a trip abroad years ago, which is why the checker offers “not sure”. If you pick it, the result suggests two quick checks: search your email for messages from Monzo, and see whether the app recognises your phone number or email address. If either turns something up, assume the reward will not pay.

Having had a Monzo account does not stop you opening Monzo Business. You do not need a personal account to apply, and existing customers apply from inside the app; you simply will not get the £50. The result in that case says so plainly and points you to the other business bank account offers this month, where you might still be a new customer.

4. Will you open the link first, on the right phone?

The Monzo Business referral is a link, not a code. There is nothing to type at sign-up, so the only way Monzo knows you were referred is that you opened the link on the phone you sign up on before you started. Download the app from the link, not from the app store directly, and do the application on that phone.

If you answer “no”, the checker does not say you are ineligible, because you can still change the plan. It explains what to do differently. Our guide to the Monzo Business referral covers why people search for a code that does not exist, and the step-by-step opening guide shows the order to do things in.

5. Can you finish the steps within 30 days?

The window runs from the point you enter your mobile number after opening the link. Within it you need to download the app, apply, add money and make a first card payment. The money can be any amount, and the payment needs to be a card payment of any amount, online or in person (Apple Pay and Google Pay count).

ATM withdrawals, bank transfers and virtual-card payments do not count. In practice the simplest way to complete step four is to pay for something small with the physical card or with Apple Pay or Google Pay as soon as the account is open and funded. Most accounts open the same day, but if Monzo asks for more documents, start the clock only when you are ready to answer quickly.

1. Download the Monzo app from the link
2. Apply for a business account
3. Add money (any amount)
4. Make your first card payment, online or in person

What the checker cannot check

It cannot run Monzo’s identity, fraud or business checks, and it cannot see Monzo’s records. A “you should qualify” result means your answers match the published rules, not that Monzo will open the account or pay the reward. Monzo also confirms the reward amount in the app when you sign up, and may occasionally offer more than £50.

It does not tell you which plan to choose. The reward applies on any Monzo Business plan, including free Lite, so the plan should follow your needs; the plan picker works that out from the features and team size you need. If you are still deciding whether Monzo is right at all, the Monzo Business review covers the strengths and the downsides.

If the answer is no

A “no” from the checker is not a judgement on your business, and it does not always mean Monzo is the wrong account. If you have had Monzo before, the account may still be the right one for you, just without the reward. If Monzo does not serve your business type, the honest move is a provider that does, and the best business bank accounts comparison shows who accepts partnerships, LLPs and charities.

If the answer was “not yet” because of the link or the 30 days window, wait until you can do the steps in one go. The reward cannot be added after the event.