Monzo launches cashback on spending – how does it compare?

The app-only bank Monzo has announced the launch of its cashback scheme, which allows customers to earn various rates of cashback with a number of retailers. Following a successful trial earlier this year, the cashback feature is gradually being rolled out to Monzo customers and can be activated within the app.

In this article, we explain how Monzo's cashback feature works, which retailers you can earn cashback with and how Monzo's cashback compares to other high street banks such as Chase Bank and apps like HyperJar and JamDoughnut.

What is Monzo cashback?

Monzo's cashback feature is available to customers who activate cashback offers within the app, allowing them to earn cashback when spending at a number of set retailers. It's possible to earn cashback on eligible spending from both a personal and joint Monzo account with Monzo as well as on eligible purchases made with Monzo Flex, Monzo Plus and Monzo Premium accounts. Any spending made at eligible retailers via Apple and Google Pay will also qualify for cashback.

There is no limit to the amount of cashback that you can earn each month but there may be individual retailer limits. Your cashback offers are likely to be tailored to your individual spending and so different Monzo customers are likely to see different offers. If you get a refund for a purchase made via one of Monzo's cashback retailers you will also lose the cashback earned for the purchase. The cashback will be taken from your cashback pot or your personal account.

Monzo cashback key features

• Cashback has to be activated within the Monzo app
• Monzo cashback is only eligible on certain spending, more information on which retailers can be found here
• Monzo cashback is rolling out to Monzo customers over the coming weeks
• How much cashback can be earned varies between retailers - currently 2% - 10%
• Cashback can be earned on both personal and joint accounts
• You can instantly see how much you have earned but cashback won't be paid until 3-4 days later and will arrive in your cashback pot

How to get Monzo cashback

In order to benefit from cashback with Monzo you need to activate the cashback within the app. This can be done by clicking on your profile via the 'Home' page. Click 'Settings' and then 'Notifications' and then toggle to the 'Cashback' setting. If you are not currently able to see the cashback feature within your settings it is likely to be rolled out to you in the coming weeks.

Turning on the cashback toggle will notify you of new cashback offers which you can then turn on to benefit from the cashback. Not turning on the cashback offer will unfortunately mean you miss out on the cashback deal. Different cashback offers have varying expiry dates and you may activate either a single or multi-use offer. Single-use offers can only be redeemed on your first eligible purchase with the retailer while multi-use offers will be activated until the offer expires or you reach the maximum cashback limit with the retailer, if applicable.

It is not currently possible to de-activate a retailer cashback offer with Monzo once you have activated cashback, however, you can opt out of cashback at any time by deactivating it in the app.

Where can you earn cashback with Monzo?

The following table shows examples of the retailers offering cashback with Monzo at the time of writing, plus how much cashback you can get and any limits. This list could change and you may see different offers based on your individual spending.

Current retailers that allow you to earn cashback with Monzo

Retailer	Cashback rate offered	Max cashback limit	Cashback type	Offer expiry
ASDA	5% on spending over £40	£10	Single-use	13 days
Boots	4%	£10	Single-use	13 days
Currys	3% on spending over £100		Multi-use	2 weeks
Deliveroo	2% online		Multi-use	2 weeks
Disney+	15% on spend over £79.90		Multi-use	2 weeks
eBay	3% online	£50	Multi-use	2 weeks
Foot Locker	10%	£20	Multi-use	2 weeks
Franco Manca	8% in-store		Multi-use	2 weeks
Gousto	10% online		Multi-use	2 weeks
Honest Burgers	7%		Multi-use	2 weeks
H&M	5%	£10	Multi-use	13 days
Krispy Kreme	10%		Multi-use	2 weeks
Leon	8% in-store		Multi-use	2 weeks
National Express	5%		Multi-use	2 weeks
LNER	10% online		Multi-use	2 weeks
NOW Broadband	35% on spending over £10 online		Multi-use	2 weeks
Virgin Trains	5% in-app		Multi-use	2 weeks
Yo! Sushi	8%		Multi-use	2 weeks

How does the Monzo cashback compare?

Monzo is the latest app-only bank to launch a cashback offering meaning customers can make their money go further when spending with eligible retailers. It joins app-only bank Chase which currently offers 1% cashback on all eligible debit card spending for the first year, although this is capped at £15 a month. Monzo does not currently have a monthly cap on the amount of cashback you can earn but each retailer does have an individual limit which is detailed in the Monzo app.

In the following tables, we look at how Monzo's cashback compares to other high street banks and alternative cashback apps. Don't forget it is also possible to earn cashback on your spending via websites such as TopCashback* and Quidco, however, the cashback often takes longer to arrive as it needs to be tracked and authorised by the retailer.

Monzo vs High Street Banks

In the following comparison table, we compare Monzo to three alternative current accounts that offer cashback on your spending. More information on each account can be found in our independent reviews by clicking on the account name in the table header.

	Monzo	Santander Edge	Santander Edge Up	Chase Bank
Monthly account fee	£0	£3	£5	£0
Cashback earned	Earn between 2% - 10% cashback by spending at eligible retailers	1% on household bills paid via direct debit 1% on essential spending	1% on household bills paid via direct debit 1% on essential spending	1% cashback on everyday debit card spending (exceptions apply)
Maximum monthly cashback earned	No maximum (retailers may have individual limits)	£20 (max £10 on household bills and £10 on essential spending)	£30 (max £15 on household bills and £15 on essential spending)	£15

Monzo vs Cashback Apps

In the following comparison table, we compare Monzo's cashback offer to three alternative apps that allow you to earn cashback on your spending. More information on each of the apps can be found by clicking on the name in the header.

	Monzo	HyperJar	JamDoughnut	Cheddar
UK registered bank account
Instant cashback	3-4 days^			2-3 days
Minimum cashback withdrawal amount^^	£0	£0	£10	£5
Maximum cashback earned	10%	15%	20%	35%
Cashback brands currently available	15+	70+	150+	50+
Mobile app

^It can take up to 35 days for cashback to appear in your account ^^minimum amount of cashback earned before it can be withdrawn/spent

 

 

 

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