Is Monzo Perks worth it?

What is Monzo Perks?

Monzo Perks is an account offered by Monzo that gives you a range of benefits in return for a monthly fee. Monzo has 4 different accounts to choose from, including a free option, and Monzo Perks is the 3rd one on the list. So not the most expensive but not the cheapest.

Monzo Perks comes with all the benefits of the Extra account (which has a smaller monthly fee), including:

• Virtual cards
• Custom categories
• Credit score insights
• Fee-free spending abroad
• Advanced roundups
• Billsback (a chance to get your bills covered by Monzo, up to £150)

But you also get a load of other perks on top.

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You can read our full review of Monzo here.

What are the benefits?

The key benefits of the Monzo Perks account are as follows:

• Annual Railcard

  You’ll be able to choose a Railcard each year which will save you a third or more on eligible train journeys. These railcards usually cost around £35 a year, so this could be a very handy feature if you regularly travel by train.

  However, remember you’ll be paying more than this for your account each year, so you’ll need to use the other account benefits to make it worthwhile. Also keep in mind that not everyone will qualify for a railcard, so if you’re thinking of getting this account for this particular perk, be sure to check first. Qualifying criteria depends on factors such as your age, where you live and the train network you use.

• Weekly Greggs treat

  This benefit entitles you to a free sausage roll, regular sized hot drink, doughnut or muffin each week at Greggs.

  It’s a nice little perk if you love Greggs and pop in regularly. Plus, you could easily make your money back on the account fee – a regular cappuccino, for example, costs around £2, so you will more than cover the monthly fee if you claim this perk each week.

• Free cinema ticket

  Keen cinema goers will be pleased to know the account also offers a free standard cinema ticket each month at Vue. Plus, you’ll get 10% off food and drink orders.

  If you have a Vue cinema local to you, this could prove to be a brilliant benefit – less so if you don’t.

• Annual Uber One subscription

  This is the latest addition to the Monzo Perks benefits. Your annual Uber One subscription (worth £4.99 a year) gives you free delivery on eligible food and grocery orders on Uber Eats, plus you earn 5%-10% credit back on eligible Uber rides and 10% credit back when you book trains, flights or hire a car in the Uber app.

  To qualify, you must use your Monzo card for all payments.

• Higher savings rate

  If you open an instant access savings account with Monzo, you’ll earn a higher rate of interest if you have a Perks account compared to the Free and Extra accounts.

• Higher fee-free foreign withdrawals limit

  You’ll also benefit from a higher fee-free withdrawal limit when you use your Monzo card abroad. With the Free and Extra accounts you have unlimited fee-free withdrawals in the UK and EEA and £200 fee-free every 30 days everywhere else. But with Perks, you still benefit from unlimited fee-free withdrawals in the UK and EEA and also get £600 every 40 days elsewhere.

• 3 fee-free cash deposits

  Monzo Perks allows you to make 3 fee-free cash deposits each month at Post Office branches and UK PayPoints.

• Discounted investment fees

  If you use Monzo investments, you’ll also benefit from reduced platform fees.

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

Frequently asked questions

• Can I open a joint Monzo account?

  Yes, you can open a joint Monzo account but you’ll both already need to hold your own personal account with Monzo. The joint account is a separate account to help you manage household finances – you won’t be able to open Monzo Perks as a joint account.

• 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?

  That really depends on what you’re looking for. If you’re happy with a straightforward, fuss-free bank account with no monthly fee, take a look at the free account. But if you’d like a little extra with your account, and you are happy to pay a fee each month, take a look at the paid-for accounts to see whether any of the benefits appeal.