Current Accounts & Banking
A refer-a-friend bonus is the cheapest customer a challenger bank can buy, which is exactly why the cash is real. The two offers that top our 2026 banking table are Monzo — a flat £10 each side on a personal account, or £50 each side on a business account, paid after a single card purchase — and Revolut, whose campaign pays the referrer a flat sum once a new joiner clears a four-step activation. Both run on FCA-authorised, PRA-regulated entities, and eligible balances held with Monzo or the Revolut Bank UK Branch are covered by the Financial Services Compensation Scheme up to £85,000. We score each on how much the joiner actually banks, how little friction it takes to qualify and how protected the money is.
What the TopScore rewards here
- Authorised by the FCA and PRA, with FSCS protection up to £85,000 on eligible deposits
- A persistent, publicly documented refer-a-friend programme — not a one-off banner
- The bonus is paid as spendable cash inside the app, never points or a loyalty tier
- The qualifying action is something an ordinary customer would do anyway
- No mandatory paid upgrade is required to unlock the headline figure
Banking questions
Which UK bank has the highest-scoring referral bonus in 2026?
On our table, Monzo Business takes the top score: £50 paid to both sides after one card purchase, with no campaign clock and full FSCS-protected banking behind it. For personal customers, Monzo's flat £10 each side is the most dependable; Revolut's campaign can pay the referrer more in a single hit, but it is one-sided and time-limited, which costs it points on dependability.
Are UK bank referral bonuses taxable?
Cash paid for opening an account is usually miscellaneous income in HMRC's eyes. Most people stay inside the £1,000 trading allowance and have nothing to declare, but if you stack a large number of bonuses in one tax year it is worth checking with HMRC or an accountant.
Can I claim a bonus at more than one bank?
Yes. Nothing stops you holding accounts at Monzo, Revolut, Starling, Chase and others at the same time, and each brand pays its new-customer bonus once. What you cannot do is claim the same brand twice — anti-fraud systems flag a repeat sign-up even on a new email or number.