Monzo offers cashback: is it any good?

Monzo will pay you when you shop with specific retailers.

Monzo has launched a new feature which allows you to earn cashback from a variety of retailers including Boots, Asda and H&M. 

You won’t get a set rate on all purchases like you do with Chase. Instead you’ll earn cashback for eligible purchases from a Monzo personal current account, joint account and Monzo Flex account. 

Here, we explain how it works and other ways to earn cashback

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What is Monzo cashback?

Monzo has launched a new feature to accounts which allows users to earn cashback when they shop at partner retailers. 

You’ll be able to get between 2% and 10% at selected retailers when you use your debit card to spend with them. You must activate each offer in the Monzo app to take advantage.

Some can only be used on a single transaction, others can be used multiple times – as long as it’s before the offer expiry date.

During the initial trial, Monzo offered a cashback booster as part of the trial. You could get 2% back up to £30 in total on supermarket spending over two or so months.

However, at the full launch this or any similar offer wasn’t showing. But it’s worth keeping an eye out to see if this is repeated.

Who can access Monzo’s cashback offer?

This originally started as a trial in mid 2023, with only selected customers able to take advantage. But as of mid-November 2023 it’s now available to all – though it might take a few weeks for this to roll out to all existing users. Look out for an email that’ll let you know it’s your turn.

How to use Monzo’s cashback offers

To see the cashback offers, head to the home screen in the Monzo app and scroll down until you see the “Cashback” button and select it. 

You can then see the list of retailers available to earn cashback from. Each cashback offer shows:

• the name of the retailer
• the cashback percentage
• if there’s a minimum spend
• how many times you can use the cashback deal
• the maximum amount of cashback you can earn
• how long the cashback offer lasts

This information is also available when you open each deal individually. And there’s a section at the bottom called “what’s not included” which gives details about payment types that won’t qualify for cashback. 

Currently, Monzo’s cashback feature only supports Apple Pay and Google Pay transactions so if you use other digital wallets, such as PayPal for example, you won’t earn cashback from those transactions. 

How to activate Monzo cashback deals 

You’ll need to activate each cashback offer to start earning cashback. If you don’t, your spending won’t count and you’ll miss out on cashback from those retailers. 

There are two ways to do this. 

The first is by selecting the plus sign next to each deal. You can also tap “activate” which comes up at the bottom of each individual deal page. Once an offer is activated it appears in a section called “ready to use” underneath your cashback balance at the top of the page. 

There isn’t a limit on how many offers you can add at the moment.

How to earn cashback with Monzo

Once your cashback offers are activated, you’ll start earning cashback. You’ll need to make payments from your Monzo personal account, joint account or Monzo Flex to earn. (Spending on Monzo business accounts isn’t eligible for cashback currently.) 

You’ll get an instant notification when you make a cashback payment which lets you know how much you’ve earned from a deal. 

Once you’ve earned cashback, Monzo will pay it into your Cashback Pot within 2-3 days. You can take out money from your Cashback Pot by selecting “withdraw” under your balance. 

If a transaction is reversed, refunded or cancelled, you won’t earn cashback. And if it’s been paid out already, Monzo will recover it from your Cashback Pot or current account. 

(Monzo can also recover cashback from your Pot or current account if it was paid to you by mistake or was a result of fraud or misuse.) 

Which retailers can you earn cashback from?

There is a wide range of retailers, bars and restaurants available – but these will come and go, as they do with similar schemes from other banks and credit cards (such as American Express and Halifax).

At any time you could have around 18 offers showing. The brands we’ve spotted over recent months include: 

• All Bar One
• Argos
• Asda
• Boots
• Currys
• Deliveroo
• Disney+
• Dunelm
• eBay
• Five Guys
• Footlocker
• Franco Manca
• Gousto
• H&M
• Harvey Nichols
• Hello Fresh
• Leon
• LNER
• Matalan
• Morrisons
• National Express
• NOW Broadband
• Pizza Express
• Pret A Manger
• River Island
• Sainsbury’s
• Spar
• Superdry
• Ted Baker
• Toby Carvery
• Uber Eats
• Yo! Sushi

It’s worth reiterating that these retailers are subject to change and may differ as the cashback offers expire and new ones are made available. 

How much cashback can I earn?

There’s no limit to how much cashback you can earn in total via Monzo. However, the amount of cashback you can earn from each retailer individually will vary as some have caps. 

Currently, the cashback offers from specific retailers range from 2% up to 10%. However, it’s important to check each offer as there’ll be a maximum amount of cash you can get back for each deal. 

Other ways to earn cashback

Whether you’ve got access to the Monzo cashback trial or not, there are other cashback options available. 

Cashback debit and credit cards

You may be able to earn from a cashback debit or credit card. The cashback available varies depending on your provider and typically these rates aren’t very high. You’re looking at around 0.5% – 1% cashback at most of your spending. It’s still a decent way to earn while you spend, without having to put in too much extra effort.

Even if you don’t have a specialist cashback card, it’s also worth checking to see if your bank has extra offers similar to the Monzo deals. Again, they will vary depending on the retailer and you’ll have to activate them to help you earn while you spend. 

Cashback sites

It’s worth connecting your Monzo card to Cheddar and Airtime Rewards as there’s a chance you can earn further cashback at partner retailers when spending – potentially even doubling up your return.

In addition, websites such as TopCashback and Quidco allow you to build up cashback in several ways. 

You can earn cash through sign-up bonuses. TopCashback, for example, offers a £15 new member bonus when you spend £15 at one of the retailers listed on the site. 

First-time Quidco users can get £17 when they spend £10 if they sign up for the Be Clever With Your Cash newsletter.  

Once registered you can earn cashback when shopping at retailers listed on each website. The amount of cashback you can earn at any time varies so it’s important to keep an eye on the rates available. As with most offers and deals, cashback only works as a money-saving hack if you are already going to spend the money at particular shops. 

If you’re only spending with the hopes of earning cashback, rather than needing the goods or services you’re buying, it may be counterproductive and end up costing you more.