Digital bank Monzo has joined forces with investment platform Freetrade to offer its paying subscribers free shares, according to AltFi.
Monzo’s Plus and Premium customers will get three free shares—worth between GBP 3 and GBP 200 each—when they sign up to a new Freetrade account and deposit at least GBP 2.
The offer is slightly better than Freetrade’s standard referral programme, which only gives the user that refers a friend and the friend referred a free share each, not three free shares all for themselves.
But, Freetrade’s standard referral scheme requires the same minimum deposit (GBP2) and doesn’t have the added cost of Monzo’s subscriptions on top.
Freetrade’s partnership with Monzo could be a new avenue for the digital bank to make money through commission fees, and hints at Monzo’s growing interest in the share trading space.
Without the costs of its US banking licence, Monzo will refocus its attention to investing more in its UK operations, with this partnership likely being the first of many new launches for its customers.
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