Monzo burst onto the digital banking scene in 2015, going on to launch its slick mobile app and hot coral coloured card.
The “Plus” version of its original current account went live in summer 2020 and now the “Premium” version has also hit the UK market.
As we outline below, Premium is a “packaged account” – a paid-for, beefed-up version of the basic Monzo current account, coming with benefits such as phone insurance and travel insurance. But as the name suggests, you will be paying quite a premium for all of these extra services.
You’ll get all of the account features that come with standard Monzo, such as savings Pots and categorised spending.
And these are the extra benefits that you’ll receive with Monzo Premium:
So on to what you all want to know… just how much will Monzo Premium set you back?
Well, the answer is £180 per year.
This will seem quite hefty if you’re used to the free version of Monzo, and is a significant step up fee-wise from the Plus account, which costs £60 per year.
However, Monzo says the phone and travel insurances alone are worth £256 a year and the discounted lounge access is worth an annual average of £91.
If you decide to go with Monzo Premium, you’ll have to sign up for a minimum of 6 months (at a fee of £15 a month).
Existing Monzo users will be able to upgrade, while new joiners can open an account through the Monzo mobile app.
The launch of Monzo’s Premium account comes just months after the challenger bank went live with its re-vamped Plus account offering, which costs £60 a year. Monzo Plus may lose some customers who want to upgrade to Premium, but the annual £180 fee could prove to be a big deterrent. However, the slick metal card, new interest rate, phone cover and decent travel insurance benefits will hold appeal for some banking users. But if you decide to sign up to Premium, make sure the phone and travel insurance polices that are included provide all of the insurance cover that you would normally want. Packaged accounts like this one are generally not worth it unless you’re going to use at least two of the benefits.
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