Subscribers for Monzo Plus and Premium options will be eligible for three free shares thanks to a partnership with Freetrade.
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Monzo team writes in a blog post that investing can be a good way to grow your savings over the long-term.
That’s because, over an extended period of time, you can “hopefully expect a diversified investment portfolio to increase in value more than cash sitting in a savings account,” Monzo’s blog noted.
Monzo’s Plus and Premium customers will get three free shares—worth between £3 and £200 each—when they sign up to a new Freetrade account and deposit at least £2.
The Monzo team also mentioned: “We have to tell you that when you invest, your capital is at risk, the value of your portfolio can go down as well as up and you may get back less than you invest. Make sure you read the terms and conditions of this offer in full before claiming it, as eligibility criteria apply.”
“We are delighted to announce our partnership with Monzo, one of the UK’s largest digital banks,” Viktor Nebehaj, CMO and co-founder of Freetrade, added.
“We have grown rapidly since our app launched in 2018 and as a business that is on a mission to get everyone investing, our partnership with Monzo is another step in that direction.”
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.
Just recently Monzo decided to withdraw from the application for a U.S. banking license. This came after more than two years of negotiations with US regulators.