I think this is a totally fair concern, and something weāll monitor closely. We might change the actions required to āunlockā the sign-up bonus too so customers get to experience Monzo a little bit more first and make up their mind 
11 Likes
I really liked being able to refer people to monzo and state I wasnāt getting anything from it.
That said, can I have some back pay. Maybe with 1% interest
4 Likes
I donāt feel there would be many people signing up with Monzo ONLY to get a fiver. It is not enough. There are deals that pay Ā£150 for switching the account and this is where freeloaders would go 
It is more likely to get on board those who after realising there is an incentive to join, will bother to do some research and decide that Monzo might be worth trying.
Making new users stay with Monzo for 3 months and spend certain amount could filter out unwanted clients to some extent.
2 Likes
My word.
I thought someone else had posted that.
Really threw me for a second.
Of course, thatās just me being silly.
Would explain a lot thoughā¦
9 Likes
My suggestion for golden tickets would be to use them as ongoing reward tokens for using your Monzo account in a way thatās desirable to Monzo, rather than as one-off entry rewards.
For example,
Make x contactless transactions in a month - get a golden ticket.
Make x direct debits in a month - get a golden ticket.
Have your salary paid directly into Monzo in a particular month - get a golden ticket.
Transfer money to your account via debit card - lose your golden tickets for that month.
At the end of each month each of your golden tickets act as tokens to access some kind of reward scheme. This doesnāt need to be particularly costly to Monzo. It could be something like entries into a monthly cash lottery or it could be money-off vouchers at partner merchants (I assume here the cost would be borne mainly by the partner merchant who would see an affiliation with Monzo as a way of promoting their products).
I think this would attract people to sign up (as they would be getting rewards for just using a bank account), would encourage ongoing use, and wouldnāt be expensive to Monzo.
28 Likes
uhm?
2 Likes
I get it. Not sure l like it. Doesnāt feel quite Monzo, but pragmatically itās a numbers game l guess.
6 Likes
Will make sure you can still do this if you want 
2 Likes
We had that ādoesnāt feel Monzoā debate a little bit too. What swayed us in the end was: if weāre going to be paying for adverts, why not pass that on to our customers instead? Increasing the amount of people that can experience the value of Monzo through our community & rewarding them for that ended up feeling a bit more āMonzoā to me.
12 Likes
I do like the idea but I think the number of transactions required should be higher than just one! Iād assume a cash transfer to/from another account wouldnāt qualify?
1 Like
But you can get this Ā£5 without closing your other accounts? + a true freeloader will do both.
3 Likes
Needs to be a card transaction at the moment. We can experiment with increasing the amount of transactions (or adding other rules in too).
3 Likes
Referrals have worked for meā¦ itās how I found Monzo (word of mouth from close friend), Curve (Ā£5), Pensionbee (Revolut Ā£25 referral offer) and Coinbase (Ā£10 worth of Bitcoin for signing up).
Small monetary incentives can work and Monzo shouldnāt be dissuaded from experimenting with this to gain more traction.
3 Likes
This is super cool. Dropping you a direct message!
6 Likes
Agree on the advertising point. l see the hot coral card in lots of places you will have plenty of reach l suspect with this promotion.
2 Likes
I like the idea. Think itās a great start to helping reward members who help Monzo grow!
1 Like
I do think itās a bit unfair denying Hot Chip a place on billboards though 
1 Like
Whatās this guy gonna do now lol
2 Likes
Would be really interested in this