Testing out cash referrals 💵

Monzo Chat
102

Lots of ideas; Increased base saving rate for each referral. Like 0.005% for each referral, up to a limit of 1% (for 20 referrals). Double whammy as it encourages saving too.

Or have referral tiers 0-5, 5-15, 15-25, 25-50, 50+ each allocated a limited edition card, in hot coral obv. Or just a star added to cards for each tier. So you can be a 1-5 star referrer. Imagine the kudos of a 5 star card!?

Others have mentioned merch rewards, raffle entries, etc but I think these are less unique and again a unclassy as cash rewards!

7 Likes
103

Is this working yet?

An option to share a referral link has appeared in my app, but when someone tries to sign up, it returns an error!

16

105

Hey :wave: I’m one of the engineers working on this - would you mind DM’ing me the email address that this is failing for? Thanks!

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106

Mine appears to be doing this too?

107

Great idea! Though I wonder if this would cost more or less than the £10 referral? Less, I’d hope…

108

I had the referral option in my app earlier but now it’s gone… What’s up?

109

Issue solved.

There is/was an issue with the Android Beta app, and it was displaying referrals whether or not you had been invited to the trial

110

So the link I got would not work? I’m quite irrationally annoyed about this :roll_eyes:. I asked if I could be added to the trial and was told no

111

If you accidentally had it earlier then ping me your referral URL and I’ll re-enable it for you

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112

I was about to make a referral when this thread popped up. Is it possible to sign-up to trial this?

113

It’s a random selection I’m afraid

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114

Is it possible to add a friend who opened their account this week (after my recommendation) before I realised there was a referral bonus?

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115

Doubt it

116

I can see the benefit if someone does a CASS with, say more than two direct debits, but not just for opening an account :raised_hands:t2: I like others think there would just be the incentive to get a free £5. Unfortunately people are so responsive to advertising that perhaps the value maybe be better there?.. Just my thoughts.

117

Unfortunately not, this is only being rolled out to a small customer base right now.

118

Not sure about other people but I really like merchandise. Stickers, rare stickers, super rare stickers… I’d be interested. It’s all about feeling special. A call from Tom at 20, a tour of the office at 10, a profile flair. Maybe other people aren’t as shallow.

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119

I am. I would betray life long friends for stickers.

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120

Will bank for stickers.

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121

Any chance on back dating the referral reward for previous people we have brought in? :wink:

/s

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122

Super excited for this feature, and I completely agree with this. Maybe the reward could be triggered only when one of the following is met:

  1. At least 2 transactions have been made by the card?
  2. Only when a full switch has been made (although a bit of an old bank technique I guess :sweat_smile:).
  3. A staggered reward e.g. £1 when they sign up, £1 when they make their first purchase, £1 when they transfer to another Monzo user, £1 when they transfer to another bank and £1 when they create their first pot. The referring friend could also get a staggered referral, or simply a single amount once all the onboarding tasks have been complete.

Number 3 would be a lot more complex to implement, but it would greatly improve the chances of the user actually trying out all the main features of Monzo, hence greatly improve the chances of them making a complete switch.

Or in a traditional Monzo fashion, you could test out all three of the with A/B (C :thinking:) testing :sweat_smile:

Just my 2 pounds worth :smiley:

3 Likes