Monzo Plus review

Monzo Plus is back! The digital challenger bank has re-launched its premium account with a new pricing structure and new features.

4.3 ★★★★★ (130 reviews) Write a review

Digital challenger bank Monzo first launched a premium version of its current account back in April 2019, but that got canned in September of the same year after poor customer uptake.

But now it’s back – with new features and a new structure. Still called Monzo Plus, there’s just one version of this premium account now available, compared to the previous three packages you could sign up for.

Re-launched in mid-July 2020, we have a look at what this take on a premium current account has to offer.

The differences between Monzo and Monzo Plus

MoznoMozno Plus
NameMonzoMonzo Plus
Card ColourHot coralYou can choose from ‘midnight sky’ or ‘blue lagoon’ as well as its distinctive ‘hot coral’ design.
FeesUsing monzo account day to day is free – charges apply when you withdraw more than £200 cash a month abroad or with an overdraft.£5 a month
UK ATMsAll UK cash withdrawals and payments are free of charge and the daily ATM withdrawal limit is £400 in the UK.All UK cash withdrawals and payments are free of charge and the daily ATM withdrawal limit is £400 in the UK.
Foreign ATMs£200 fee-free cash wihdrawals abroad every 30 days.£400 fee-free cash withdrawls abroad every 30 days.
Savings interest rateUp to 1.50% /(AER/Gross fixed) interestEarn 1.00% AER/Gross (variable) interest on your account balance and money in regular Pots (not including Savings Pots) up to £2,000. You will be paid the interest at the end of each month.
Virtual cardsNoYes
Free cash deposits at PayPoints across the UKNo – £1 charge for every cash depositFree once a month
Other accounts in MonzoNoAdd other bank accounts and credit cards to monzo to see your balances and transactions, and move money around with easy bank transfers.
Spending categories12 set categories for your spendingYes. Custom categories for all your spending
FSCS protectionYour eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (FSCS) up to a value of £85,000 per person.Yes. Up to £85,000
Credit scoreNoIn-built credit tracker to see your TransUnion credit score and track how it changes each month. With helpful info about what a credit score and how to improve yours.
Rewards programNoOffers such as 15% off Patch plant and plant pot orders over £50. As well as 25% off a Fiit home workout membership and 20% off an annual subscription to Babylon Health.

What is Monzo Plus and how much does it cost?

Monzo Plus is the premium version of Monzo’s current account. Unlike the standard account, it charges a monthly fee, and in return you get a bunch of extra features (which are in addition to all the stuff you’d get with a free Monzo current account).

The fee for Monzo Plus is £5 per month, and you have to sign up for a minimum 3-month term.

What are the features of Monzo Plus?

Monzo Plus comes with the same features as the challenger bank’s standard current account, such as savings “pots”, spending review tools and free UK bank transfers and ATM withdrawals.

And it also includes all of these extra features:

  • See all your bank accounts in one place. There’s the opportunity to get full visibility of your finances, with the ability to view your other bank accounts and credit cards, and move money between them.
  • More free cash withdrawals abroad. You can take out up to £400 per month for free at overseas ATMs, compared to the £200 free limit with the standard Monzo account.
  • Advanced roundups. As usual, you can round up your payments to the nearest pound and put the spare change into a regular or savings “pot”. The new option means you can multiply this spare change by 2, 5 or 10 and put it into a separate “pot”.
  • Additional spending breakdowns. Create your own categories to view your spending habits, plus divide single payments into multiple categories – like separating out your supermarket bill into food and drink.
  • One free cash deposit per month. Pay cash into your account for free once a month at any of the UK’s 28,000 PayPoints.
  • Slick new physical card. Not the usual coral colour this time round – the blue debit card for this account comes with a reflective holographic layer and the Monzo logo on “hot-stamped foil”. Your personal details are kept neatly on the back of the card for a minimalist design up-front.
  • Virtual card. There’s the option to use a “virtual card” to make online payments – with Monzo saying this is particularly handy for managing your online subscriptions.
  • Credit tracker. Check your TransUnion credit score every month from your account and see tips on how you can improve it.
  • Retail offers. You get access to discounts from brands like Fiit (home workouts), Patch (plants) and Babylon Health (online medical services).

How do I sign up to Monzo Plus?

To apply for a Monzo Plus bank account, you’ll need to have the latest version of the Monzo app on your phone.

New customers can then apply for this premium account through the app, plus anyone who has a standard Monzo account can upgrade to Monzo Plus.

The verdict

Monzo Plus could be the answer if you want more control over your finances and are happy to pay £5 a month for it. Seeing all your finances in one place, and the opportunity to move money between accounts directly in the app, is great. As is being able to track your credit score, and the fact you can take out up to £400 a month for free at overseas cashpoints – double that of a standard Monzo account.

The virtual card is also a nice perk, but do consider whether you’ll really make the most of the extra features to justify the monthly £5 fee. Some might even be available for free with other apps, so use our reviews to shop around and find an account that best suits your needs.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

More guides on Finder

  • Chase vs Starling

    We look at how bank accounts from Chase and Starling compare.

  • Chase vs Monzo

    Use our guide to compare the free current accounts from digital challenger banks Chase and Monzo.

  • Chase vs Revolut

    We look at how current accounts from Chase and Revolut compare.

  • Juni business account review

    Learn more about Juni’s business account for ecommerce and online marketing entrepreneurs.

  • SumUp business account review

    Find out more about the SumUp business account, including its pros and cons.

  • Monzo review: Is it worth it?

    Is Monzo’s app-only current account the right option for you? Read our review to get the low-down on all of the features of the account, its card and the app.

  • Revolut Plus review

    Revolut Plus is the latest current account to be offered by digital banking brand Revolut – we take a look at its features and fees.

  • Novus bank account review

    New UK banking startup Novus says it will offer a digital bank account with a conscience. Here’s what we know about it so far.

  • Vybe bank account review

    The latest kid on the neobank block, Vybe is a free-to-use digital account that offers perks and discounts through its range of brand partners.

  • Monzo Premium account review

    Digital challenger bank Monzo has launched a new Premium tier for its current account. We take a look at the cost and what’s on offer.

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site