I fully get your point there about racking up referrals, and I understand the thinking behind Monzoâs decision.
Itâs just my opinion at the end of the dayâŚ
The loan intro page still says 3.7% even though itâs 6.1% now ⌠I told them about it weeks ago but 
So, youâre not actually using Monzo because itâs better than everything else youâve found?
If you think itâs better, it stands to reason youâd recommend it to others. Ah, but you want your cake and to eat it too.
I knew as soon as Monzo began offering cold hard $$$ as a bonus, a thank you gesture, some people would get addicted and demand it.
Thatâs entitled and not cool.
Look, either recommend Monzo, or donât. But if the reason you donât is because itâs not bunging you a fiver, then youâll find Nationwide will still bribe you ÂŁ100 for your âdisloyaltyâ.
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I recommend Monzo to friends and even strangers but I have not done the £5 referral thing, it is the service that appeals to me. What my comment contained was that at one point, a legacy bank looked great and offered positive incentives. Our generation is bored with incentives for only new customers, I am certainly not entitled and could not be stereo-typed, just chill on the opinions. My comment agreed with the people that feel that they are going to be left behind and forgotten as Monzo grows⌠just like loyal legacy bank customers.
Me personally, I have recommended Monzo to around 5-8 people which have signed up but I do not use a code, I can sacrifice £5 and so can the people who sign up. Rewards for loyalty down the line is what my comment is aimed at, I am all about innovation and that includes rewarding loyalty. A bank is not a rock band, with a rock band loyalty is rewarded by new music, meet & greets, vip tickets to shows, free merch, shout outs, intimate gigs⌠A tech company needs to figure out ways to reward loyalty, that is the innovation that is wanted to change. Monzo looks great right now, in five years that could drip-out if loyalty is not preserved.
You do not want to have a bunch of rich Monzo managers and fed up users of the service getting nothing for loyalty to the brand. That is what has happened to almost every company bar a few that listened.
I am sorry that you feel everyone is entitled, one minute of my time would quickly humiliate the comment you made about me 
I am a semi pro bmx rider of 20 years that knows a little bit about loyalty, the difference being, I always listen to the rebellious ones, the ones that get cheated. I am not saying this is the case, we all support the Monzo brand there is no doubt about that, all I agree with is to not let loyal customers fade.
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I think this is one of those changes where if you donât agree with it, donât support it by referring people.
If growth slows Iâm sure Monzo will bring it back.
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As is our generation. And theirs.
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You are joking right ?
They said that this ÂŁ5 for ÂŁ5 was a test. The test has ended. So does other tests.
Just because theyâre stopping an offer doesnât mean theyâre leaving people behind for new customers.
They are still building a community and people are still going to recommend monzo to other people because itâs the right thing for them. If itâs not then donât recommend it.
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I donât recommend Monzo because frankly at this point I feel like itâs just about an above average app, but the actual banking offering is relatively poor.
That said, referral rewards just feel like another missing âfeatureâ (on an increasing list) which many other banks do offer.
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But why should it be a feature that a bank makes it so easy to lose money. Youâre an investor as well and surely monzo stopping this trial for more profit should be a positive - what ever their reason to stop it, it is nice to know that people who spend money on ads to get a high amount of referrals can stop âearningâ from this.
I agree that other things can be improved but itâs still a better bank than others out there in a lot of other areas
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I actually think that only the recieving party getting ÂŁ5 could be a good thing.
If Iâm suggesting to someone that they should join Monzo, they may think âŚwhats in it for you? âŚoh youâll get ÂŁ5. It could feel less like your trully recommending Monzo and more that you just want money.
Now itâll be, nothing in this for me but have you heard of Monzo? If you sign up youâll get ÂŁ5.
Seems a little more honest.
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Thats only your personal rate mate 
I have been given the 3.7% rate and others on here have even been lucky enough to have been given a 3.2% rate
So true 
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Well thatâs funny because I was sure my calculator had 3.2% on it a few weeks ago (But then thought I just have been mistaken because the splash screen said 3.7%), and then it changed to 6.1% despite no change in my circumstances, and when I queried it with Monzo, this was their response
Over the last few weeks weâve been testing different prices of loans to understand how they perform.
Weâve now come to the end of the testing and have settled on our prices across all customers. This means that the price that you see in the app is our new price set by us.
This isnât a result of a change on your credit file, and unfortunately weâre unable to offer you the previous price now.
Itâs possible that prices will continue to change in the future, so I do want you to be aware of that.
Iâm sorry that we didnât communicate this better to you.
Same question for me reallyâŚ
probably the same answer 
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Iâm guessing this is something to do with the small number of people who are using their referral codes to spam every single social media post I see about Monzo? Iâve even seen a few paid promoted posts on Facebook by people posting their referral link. Greedy sods!
That said though, surely itâd be easier to just warn these people that their accounts will be closed if they carry on with that kind of thing? Do they even use Monzo as their bank or do they just have an account to reap referral bonuses?!
I suppose its the usual case of a small amount of people ruining it all for everyone else
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I wonder if they will continue now there is no cash incentive 
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I hope they donât realise for a long time 
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I did see a number of these, in all honesty I donât think it was that greedy. Monzo is trying to grow by attracting new users and then using those to attract investors. Often when looking at the investment materials it is stated how many users/accounts they have and how quickly they are growing. Monzo had clearly decided that they were wiling to pay ÂŁ10 for a new user as the investment and lifetime value of that new user is significantly higher.
If someone is able to provide that to the company at a lower cost whilst retaining the value to the company, what is wrong with that? Thatâs how economics and commerce work around the world.