Monzo Extra: Is it worth it?
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Cashback
- Incentive
- Get the best of Monzo money management: see your other banks and credit cards in Monzo, credit insights, personalised spending categories and more
- Account fee
- £3 per month
- Interest (AER)
- 0% AER
- Overseas card transactions
- 0%
- Representative example
- If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable. Account fee of £3 per month.
Our verdict
Looking for a bit extra with your current account? Try Monzo Extra.
Digital bank Monzo offers 3 paid-for options that you can tack on to its free current account. Monzo Extra is the cheapest of these plans.
At £3 a month, Monzo Extra is one of the cheaper paid-for accounts on the market. The problem is you don’t get a particularly huge range of benefits in return.
If features such as viewing all your bank accounts and credit cards in the one place, using custom categories for your spending, and virtual cards appeal, you might be happy to upgrade to the Extra account. But it’s worth noting that some of Monzo’s competitors offer these benefits for free.
What’s more, if you’re looking for an account with a bit more pizazz, you’re better off comparing what else is on the market, or considering paying a little more to upgrade your Monzo account further and access perks like an annual railcard, cinema tickets and higher fee-free withdrawal limits.
Pros
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Includes all the features of the Free account including fee-free spending abroad and savings pots
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Additional benefits include connected accounts, advanced roundups feature and virtual cards
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Manage your account easily and on the go via the Monzo app
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Fully FCA licensed and FSCS protected
Cons
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Monthly fee
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Limited range of additional benefits in return for the fee
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No bank branches if you prefer face-to-face customer service
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No interest paid on account balances (only savings)
Details
Product overview
| Incentive | Get the best of Monzo money management: see your other banks and credit cards in Monzo, credit insights, personalised spending categories and more |
| Provider | Monzo |
| Account fee | £3 per month |
| Interest (AER) | 0% AER |
| ATM withdrawal limit | £400 |
| Debit network | Mastercard |
| Minimum eligibility age | 18 |
| Minimum opening balance | £0 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
Fees
| Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA) | 0% |
| Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA) | 3 |
Overdraft information
| Arranged overdraft available | |
| Arranged overdraft rate | 39% |
| Representative example | If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable. Account fee of £3 per month. |
What is Monzo Extra?
Monzo Extra is a step up from the bank’s Free account. At £3 a month, it’s the cheapest paid-for option offered by Monzo.
Monzo Extra comes with all the benefits of the Free account, including:
- Fee-free spending abroad
- Access to savings pots
- Spending insights
- Salary Sorter to move some of your earnings into different pots
- Sending money overseas
- Option to have your salary paid a day early
- The chance to win double your salary each month (if your salary is paid into your account by Bacs)
But you’ll also get access to a range of additional perks.
What are the benefits?
The key benefits of Monzo Extra are as follows:
Connected banks and credit cards
Add other bank accounts and cards to your Monzo app so you can view all your balances and transactions in one place.
Virtual cards
Link a virtual card to a savings pot to help with budgeting.
Advanced roundups
Choose to boost your spare change roundups and automatically put 2x, 5x or 10x into your savings every time you spend.
Custom categories
Create your own categories to track how much you spend.
Credit insights
With the Free plan you can only view your credit score with TransUnion. With Extra, you can view it with both TransUnion and Equifax.
Billsback
This gives you the chance to get one of your bills paid back to your account balance (up to £150).
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