Attracting new customers

Different banks and e-money or prepaid card providers use different techniques to both sign up customers and to encourage them to join.

Some provide a referal code and others a referal link, for example:

Curve provide a code like 5KDHQ
Monese provide a code like MQF6Y4C6
Fidor provide a link like

Do you think it is better for Monzo to provide referal codes or referal links? which looks better versus which is easier to use?

Curve and Monese both offer someone signing up with these codes £5. Have Monzo considered offering a sign up bonus? (personally I have reasons against it) While we don’t know if Starling or Tandem will be using such methods, if they do start handing out fivers will we have to consider taking the same action?

@tom your thoughts?

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in case someone wonders what my reason against handing out fivers is, I feel it may encourage people to get an account or card just to get the cash when they have no intention of using the account, and wonder how many of these induced sign ups actually start using the account regularly and don’t just stick the card in a draw

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I’m also against £5 ‘gift’. Monzo should be good enough product to wow people without tacky, oldschool tricks.

I would prefer shortest code from above, with easy option to navigate from homepage to use this code. I prefer to lurk and check out website first, rather than land on url+code page. I have certain level of distrust for those pages, they seem to always promise too much. In majority of cases, link+code should convert better for most users.

Codes should be shareable via text, whatsapp, facebook messages, etc.

Link to website with code, if short enough, can offer better experience, eliminating one step (“where do I put this code, hmmm”), but it means that landing page has to be absolutely perfect.


You could have a reward that’s only valid if the referred individual pays their salary into the account for a year.

Instead of £5 directly they could have £5 of a share of Monzo. Refer enough people you get a full share. But they have to meet the requirement above. Gets tricky as share prices aren’t exactly rounded nicely and they fluctuate. It seems less tacky than a monetary gain though as you’re referring people and getting a small investment into the company you’re referring people to. The more you refer, the more your share is worth etc.

Logistically it’s probably a nightmare.

We would avoid offering any sort of cash incentives for new customers for the above reasons and more. I don’t think something like this infers a product with value and could come across a little bit desperate!

Up to now golden tickets seem to have worked pretty well in terms of encouraging people to sign up and spread the word but I think there are some things we can do to make referral links easily shareable across a variety of platforms and mediums.

It would be, but it’s a great idea @anon4562461 :grinning:


Shame - I think incentives do work. It could be £5 to charity/a good cause? Or love the idea of shares…

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