+£10
12 mins
Monzo
£10 Free Cash•12 mins
£10 Free Cash
+£10
What is Monzo?
Monzo is a mobile banking app that offers current accounts, savings and investments.
Launched
2015
Customers
14m+
Google Play
4.8 (168k)
★★★★★★
Key Terms
Profit
+£10
Credit checkSoft check
Deposit£5
Make a purchase
1
No min value
Free cash£10
Free cash arrives24 hrs
Step by Step Guide
Chris's overview
Optional·1 min read
Monzo is a fantastic bank app and takes under 10 mins to download and open your account. Their modern interface is cleaner than my kitchen sink after I’ve entered an uncontrollable bleach spraying frenzy.
You'll get £10 free cash for opening your Monzo account and making any card payment. Just use the link below as you need to use a referral link to get the £10.
If you decide to try Monzo after getting your free £10, I’ve used it as my day-to-day spending app and it’s great. Plenty more benefits too - check out the full review further below.
1
Sign up to Monzo
8 mins
- Use the referral link below to download the app
- Verify your identity with passport or driving licence
On desktop? Scan QR code on your phone
2
Deposit and make a purchase
3 mins
- Add any amount to your Monzo (even £1 works)
- Make any card payment - physical or virtual card
- Complete within 0 days of signing up
Tip: Buy a £5 Amazon gift card if you need a quick, easy transaction.
3
Receive £10 cash24h
1 mins
£10 usually credited within 1 day of your first transaction
- Spend or transfer to your main bank
Offer Complete
Done? Tick off each step above to see your total.
Monzo Full Review
Completed the offer? Awesome! Here's our full review on why Monzo could work well for you going forward.
Monzo launched in 2015 as a prepaid card startup and has since grown into one of the UK's largest digital banks with over 14 million customers. Their bright coral card became iconic in the fintech world, and they've consistently pushed the boundaries of what mobile banking can do. In 2023, Monzo became profitable for the first time, proving their model works at scale.
See the App
Is Monzo safe?
Yes, Monzo is a fully regulated UK bank. They're authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the PRA (firm reference number 900528). Your deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person - the same protection you get with any major high street bank.
Monzo uses bank-grade security including biometric login (Face ID/fingerprint), instant card freezing, and real-time transaction notifications. They also offer a security hub where you can review all your connected devices and active sessions.
Who is Monzo for?
Monzo works well for anyone comfortable with app-only banking. It's particularly popular with younger users and frequent travellers thanks to the fee-free spending abroad. The instant notifications and budgeting tools make it excellent for anyone trying to get a better handle on their spending.
If you need branch access or prefer speaking to someone in person, Monzo won't be right for you - everything is done through the app or in-app chat. But for those who rarely visit a bank branch anyway, it offers a genuinely better experience than most traditional banks.
Top 5 Monzo Features
1
Instant spending notifications
Get real-time alerts for every transaction the moment it happens. No more waiting days to see what's left in your account.
2
Fee-free spending abroad
Spend in any currency with the Mastercard exchange rate and no additional fees. You can also withdraw up to £250 abroad each month for free.
3
Savings pots with interest
Create separate pots for different goals and earn interest on your savings. You can even lock pots until a specific date to avoid temptation.
4
Bill splitting
Split bills with friends instantly - just tap a transaction and request money from contacts. Works even if they don't have Monzo.
5
Salary sorting
Automatically move money into pots and pay bills the moment your salary arrives. Set it up once and never think about it again.
Pros and Cons
Pros
- ✓Instant notifications give you complete visibility of spending
- ✓Genuinely useful budgeting and savings tools
- ✓Fee-free spending abroad saves money on holidays
- ✓Modern, intuitive app that's a joy to use
- ✓FSCS protected up to £120,000
Cons
- ✗App-only - no branch access
- ✗Customer service via chat only (no phone)
- ✗Some premium features require Monzo Plus/Premium
- ✗Interest rates on savings lower than dedicated savings accounts
Chris's Verdict
Monzo has built one of the UK's most popular banking apps, with over 14 million customers and strong ratings on both app stores (4.8 on iOS, 4.2 on Android). The instant notifications, fee-free overseas spending, and intuitive budgeting tools make it genuinely useful for day-to-day money management.
The app-only approach won't suit everyone, but for those comfortable with digital banking, Monzo delivers a polished experience that traditional banks struggle to match. Their in-app customer service is responsive, and features like salary sorting and savings pots actually help you manage money better. After nearly a decade of operation and now profitable, Monzo has proven they're here to stay.
