Monzo scraps cash referrals offer: are challenger banks going

Savings:Monzo has partnered with other banks to offer interest-paying savings accounts, though none of its rates are market-leading. Overseas ATM fees: the fee-free model was scrapped in …

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Jan 11, 2022 · The referral bonus gives £5 to both the customer and to the new friend who they manage to sign up. Monzo had introduced the system several years ago, but discontinued it in …

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FAQs about Monzo scraps cash referrals offer: are challenger banks going Coupon?

What happened to Monzo's cash referral bonus?

Trendy digital bank Monzo has axed its cash referral bonus for users who sign up through a friend. The challenger bank said the bonuses were costly and that it wanted to 'moderate' its user growth - adding that it had dished out £500,000 in bonuses over the past two months. ...

Does Monzo offer referral payments?

The bank has been gradually rolling out the referral payments to its users over the past month, and they are now accessible to all Monzo account holders. “We know how much our customers love using Monzo and the experience of doing so with friends, through features like bill splitting and shared tabs,” the bank said. ...

Why did Monzo stop paying out bonuses?

Monzo had introduced the system several years ago, but discontinued it in 2019 when the bank was facing financial pressure. The bank said it wanted to “moderate” its growing number of users, This Is Money reported at the time. It had paid out around half a million pounds in two months before scrapping the bonuses. ...

How does challenger bank work?

Notably, this app offers a way to set a spending budget for your credit card, whereas most app-based challenger banks offer little-to-no functionality when it comes to credit cards and loans. The app's 'Get Cash' function allows you to withdraw up to £130 a day from certain ATMs without using your card. ...

Why did you open a Monzo account?

The main reason I opened a Monzo account was because they paid my wage in the day my employer sent it (a day earlier than my usual bank) - and the app is more easy to work with (pots, flex etc) A lot of banks won't let me make accounts because I'm here on student visa, or it's super complicated. I'm just sticking with the ones that let me through ...

Does Monzo have open banking?

And the ability to pay in cheques by taking a picture is an added convenience - and something that Monzo is yet to offer. Like the Barclays and Royal Bank of Scotland apps, it also lets you view accounts from other banks with Open Banking. Which banking app is best for you? ...