Monzo £5

Costabit

Can anybody think of a reason not to open a Monzo current account ??
I have received an invitation to open one for a £5 reward and then I would refer OH.
We already have multiple accounts with most banks including Chase, Starling and high street branches , all serving some sort of purpose so probably wouldn't use the Monzo account.
But a fiver is a fiver eh! 
What could be the downside to opening yet another account ?
Do Monzo do a hard search on application if no overdraft is required by me ?
Any thoughts ? 

Ballard

I find the Monzo account very good for overseas use and I'd recommend them if you were going to use it but I personally wouldn't bother opening a bank account for a fiver. There's no reason why you shouldn't though.

jbrassy

I wouldn't bother for the sake of a fiver. I would say the Starling and Chase accounts are far superior to Monzo. The only suggestion I would make is to open the Monzo account, claim the £5, then switch to another account in order to get the switching bonus. Then you can use this to keep switching accounts and claim bonuses.

Alex9384

No hard search, only soft / ID check if you don't apply for overdraft.

Costabit

Alex9384 said:

No hard search, only soft / ID check if you don't apply for overdraft.

Thanks
Think that’s the decision made then, I know it’s only a handful of pounds but next time I have 30 mins spare I will open one and recommend OH for a fiver more.

ronbell101

is this invitation only ?

Costabit

ronbell101 said:

is this invitation only ?

Saw it on this weeks email from Becleverwithyourcash.com
It mentioned the £5 if you apply through a link from the email