Referral Program & Monzo Premium Thoughts

Monzo user number 2808 here with my first large post / brain-dump. Hope it is vaguely useful!

Affiliate scheme:

Monzo has one of the most loyal and passionate cult followings for a product that I have seen in a long time. We need to continue to harness the community as Monzo expands into geographies and demographics outside of its current comfort zone. As the community steps up to the challenge, so should the company, and the incentives should be aligned with the business. A few ideas on how this can be achieved:

  1. Affiliate scheme - referrers should get 10% of the interest earnings on their referral’s interest generating pots for 12 months. This can be supercharged to higher level % or the time horizon can be extended by upgrading to Monzo premium. This aligns the interests of all parties as it encourages referrers to continue to educate their referrals over the long run and the benefits of higher deposits are shared between Monzo and the community. This should be applied retroactively as it would spearhead a big push to get people to go full Monzo.

  2. Affiliate Lottery - the most active referrers should be placed into a lottery every month for cash prizes and stash. Entries can be qualified to make sure the system works for Monzo, such as only referrals that have £100 in deposits count towards the scheme.

  3. Leaderboard for the most signups - badges, app skins etc for the highest positions.

A few thoughts on some features the Monzo Premium service could include:

A few things that I can think of that I would happily pay a few pounds a month for:

  1. Preferential access to future Monzo crowdfunding rounds (Revolut did this)

  2. Higher affiliate scheme interest earnings (see above)

  3. Access to the best deals on the future Monzo market place

  4. Higher cash withdrawal limits abroad

  5. Monthly prize draws

  6. Access to higher overdrafts amounts

  7. A basic travel insurance that only covers lost baggage and flight delays. I never bother with travel insurance within the EU but I have had a few problems this summer with Gatwick and lost baggage. I would definitely pay for baggage cover, even if it wasn’t medical cover.

  8. Higher levels of discounts for local businesses

No to any mention of a lottery as part of a bank offering.

No to another thread on ‘Monzo Premium’ … search for Monzo Plus, plenty of discussion going on.

1 Like

There’s a lot of good stuff in here but a couple of ideas that sound a bit “pyramid scheme-y” so I’d be wary.

Whoever cracks the premium model should be made an honorary Monzonaut and given a crown of pure hot coral…