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
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.
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.
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