Monzo Max review: Is the account worth it?

If you want a bank account that’s bursting with extras, Monzo Max could be just the ticket. Here’s what you need to know.

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Finder Score	Account fees	Funding requirement	Interest (AER)	Arranged overdraft	Incentive	Representative example
Finder score 9Excellent Monzo Max Finder AwardCashback	Finder score 9Excellent	£17 per month	No minimum funding requirement	0% AER	39% EAR variable	Worldwide Travel and Phone Insurance + UK and Europe RAC Breakdown Cover	Monzo Max is £17 per month, for a minimum 3 months. 18-69 only. T&Cs apply. You must have a Monzo Current Account to sign up to Monzo Max. Travel insurance provided by Zurich, powered by Qover. Phone insurance provided by Assurant. Breakdown cover provided by RAC. Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable. Account fee of £17 per month.	Go to site More info Compare product selection Compare	loading

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What is Monzo Max?

Monzo Max is one of the paid-for bank accounts you can open with digital bank Monzo. Monzo has 4 accounts to choose from, and Max sits at the premium end of the scale.

Monzo Max offers everything you get with the Free, Extra and Perks accounts, but it also includes a range of insurance policies on top. However, this means the monthly fee is the most expensive out of the paid-for accounts Monzo offers.

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Our expert says: Is a Monzo premium account worth it?

"If you’re looking at the Monzo Extra account, £3 a month might not sound much, but remember that it’s still £36 a year. And in return, all you’ll get is slightly more advanced money management tools. A lot of this is already included with the free account, including spending notifications, budgeting tools and savings pots, so it’s unlikely to be worth upgrading.

Monzo Perks, meanwhile, costs £7 a month or £84 a year. Whether this fee is worth paying will depend on how often you buy a snack or coffee at Greggs, how regularly you go to the cinema, and how often you travel on the train. If you do all of these frequently, it could work to your advantage. After all, a weekly regular cappuccino at Greggs will set you back more than £9 a month, already more than covering the account fee.

However, be aware that if you’re a frequent commuter, a monthly or annual season ticket could work out cheaper than using a Railcard. And if you’re only using Monzo Perks for the Railcard, you’ll save money by buying it separately – it costs £35 a year.

Monzo Perks is definitely not worth it if you are only paying the extra to get access to a better savings rate or fee-free cash withdrawals. Although the interest rate on the account’s savings pots is competitive, there are better deals on the market. And there are plenty of bank accounts that offer unlimited fee-free cash withdrawals both in the UK and overseas (such as Starling).

Monzo Max is the most expensive of the lot at £17 a month, or £204 a year. Admittedly, you’ll get worldwide travel insurance, worldwide phone insurance and UK and Europe breakdown cover for that. But my biggest bugbear is that if you want travel insurance for the whole family, you’ve got to pay another £5 a month – or a whopping £264 a year. By contrast, the Nationwide Flex Plus account gives you all of this for a lower fee of £18 a month, or £216 a year.

You will still get the free Greggs weekly treat, monthly cinema ticket and the Railcard with Monzo Max, but again, these may be of limited value.

If you are tempted to apply for Max, it’s worth working out how much it would cost you to buy each of the perks separately first – or think about applying for the Nationwide account instead. Also check insurance terms and conditions carefully as there will likely be exclusions – you’ll only be covered up to the age of 69, for example. Keep in mind too, that you might already have cover elsewhere – perhaps your mobile phone is covered through your home insurance, for instance."

Rachel Wait

Writer

What are the benefits?

As Monzo Max includes all the benefits of Monzo Perks, you can enjoy:

• An annual railcard, giving you a third off rail travel
• A monthly cinema ticket at Vue
• A weekly Greggs treat
• An annual Uber One membership
• A higher interest rate on your instant access savings
• A higher fee-free withdrawal limit when you’re abroad (£600 a month outside the EEA, unlimited in EEA and UK)
• 3 fee-free cash deposits
• Discounted investment fees
• Billsback (a chance to get your bills covered by Monzo, up to £150)

In addition, Monzo Max comes with a range of insurance policies that you won’t be able to get with any of its other plans. These policies only cover the account holder but you can add your family to these policies for a higher monthly fee.

• Worldwide travel insurance

  Enjoy multi-trip travel insurance, including cover for cancellation, lost valuables, winter sports, car hire excess waiver and medical bills. Cover is provided by Zurich and there’s a is a small excess charge.

• Worldwide phone insurance

  You’ll have cover for your mobile phone and accessories for loss, theft and accidental damage. Cover is provided by Assurant and once again there’s a small excess charge.

• UK and European breakdown cover

  Your account also comes with car breakdown cover, including home assistance, onward travel and vehicle recovery. It also covers you if you’re the passenger. Cover is provided by RAC.

Our expert says: Is Monzo's Double Payday feature worth switching for?

"Monzo has a new feature where each month, 10 lucky customers get double their salary (capped at a maximum of £10,000). For example, if your take-home pay is £2,000, Monzo will add an extra £2,000 to your account. Sounds amazing, right? Let’s see. This kind of perk is designed to encourage you to use Monzo as your main bank account. To qualify, you’ll need to move your salary to Monzo, either by informing your employer or by using the Current Account Switch Service. But is it worth switching for? At the time of writing, Monzo has around 12.5 million current account customers in the UK, which means your odds of having your salary doubled are roughly 1 in 1.25 million. In other words, it shouldn’t be the deciding factor. It’s a fun bonus if you happen to be one of the lucky 10, but not a reason to switch on its own."

Kate Steere

Editor

Our verdict: Is it worth getting Monzo Max?

Monzo Max comes with a pretty impressive set of benefits, but the key consideration is whether you’ll use them enough to make the monthly fee worth paying. Remember, too, if you want to include insurance cover for your family members, the monthly fee is even higher.

When you consider that the Nationwide FlexPlus packaged account charges a similar monthly and includes worldwide travel insurance and mobile phone insurance for the whole family, plus breakdown cover for all the vehicles you own, Monzo Max starts to look less competitive.

But on the other hand, you might feel the fee is worth paying if you are likely to make full use of all the other benefits, including the rail card, Greggs treat and Uber One subscription.

Frequently asked questions

• Can I open a joint Monzo account?

  Monzo does offer a joint bank account but you won’t be able to open Monzo Max as one. The joint account is a separate account for those who want to manage household bills, and you’ll both need a personal Monzo account to qualify.

• Is Monzo a fully authorised bank?

  Yes, Monzo is authorised by the Prudential Regulation Authority (PRA) and is regulated by the Financial Conduct Authority (FCA). Your money is protected up to £120,000 under the Financial Services Compensation Scheme (FSCS).

• What's the best Monzo account for me?

  It all boils down to personal choice. You might be happy to have a straightforward, fuss-free bank account that charges no monthly fee, in which case the Monzo Free account is a good bet.

  Alternatively, if you’re happy to pay a monthly fee to enjoy additional account perks, consider which of Monzo’s paid-for accounts comes with the benefits you’re most likely to use.

To make sure you get accurate and helpful information, this guide has been edited by Kate Steere as part of our fact-checking process.

Written by

Rachel Wait

Writer

Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio