Much like their initial “hot coral” offerings, Monzo’s new holographic blue cards are sure to turn a few heads next time whenever they are used. Aside from an exclusive holographic card design, it offers a set of features catering mostly to Monzo power users who want to make the most of the app to manage their money. Is Monzo Plus worth the fee? Monzo says this mobile part is worth £97 a year, though I’m sure you can shop around and get it for less. Managed UK private client portfolios. However, there are whisperings that any future product launches could be Monzo Plus-exclusives, which could make the new service more attractive—for Monzo’s sake, let’s hope so. Connecting my other bank account didn’t go too smoothly either, as neither the balance of my account nor any transactions appeared in my Monzo app for a long while. Below, we will break down the extra features that are included if you decide to upgrade to a Monzo Plus account. What about the cost? This service is also available with Monzo Plus. Broke  Nearly everything offered with Monzo Plus can be accessed *for free* with other digital banking services. Worth it? Now as someone who initially turned their nose up at the thought of using a virtual card because I’d never personally had a card cloned, I’ve slightly changed my tune. This service is also available with Monzo Plus. As a bonus, transactions can even be split between each of the custom categories. If I can get everything that Monzo Plus offers me for free elsewhere, why would I pay for it? How Much Should You Spend On Rent And Utilities In The UK? However, it should be noted that a £5 fee is also charged to any new user who orders a blue, holographic card, regardless of when the account is cancelled. So whereas they are a bit flashy, in the end, Monzo’s new cards aren’t reason enough to upgrade to the premium platform. It includes worldwide family travel insurance (including winter sports) up to your 70th birthday, family smartphone insurance and UK and Europe breakdown cover for the account holder. No. It's now relaunched the account with new perks, but at £5 a month it's unlikely to be worth it for most, as many of the features it offers are available for free elsewhere. The fintech world was abuzz last week with news that Monzo had re-launched its previously failed attempt at a subscription service.. Back in April 2019, Monzo tried to introduce a subscription service, not dissimilar from the offerings of fellow challengers N26 and Revolut, but swiftly closed the endeavour, and the team responsible, after just five months. We built Monzo Plus to help you get a grip on your finances with features like other bank accounts, credit cards and your credit score in Monzo, custom categories for all of your spending, and virtual cards for safer online shopping. This app-exclusive UK bank account lets you spend, save, and … Monzo Premium may be a good option for those who have £2,000 of savings as they could benefit from a higher interest rate. 41 comments. You say you use Monzo as a secondary account, so no DD and only transfer spending money? (A Simple Guide), How Much Should You Have in Your Emergency Fund? Get Our Free Money Tips Email! Monzo Plus is back, this time with new features, a new-look holographic bank card and a new price of £5 a month. With Monzo Plus came the promise of a much higher interest rate on balances, including regular savings pots. The new incarnation is set to roll out gradually in the next week or so, initially to existing Monzo customers – but is it worth paying £60 a year for? save hide report. What Are The Fees & Charges when Banking with Monzo Plus? Woke  Still as easy-to-use as before and the new subscription comes with a great interest rate and a shiny new card. Here, the main benefit of a virtual card has everything to do with user security and convenience. Trendy bank Monzo has launched a new Plus account option, but while it will cost customers an extra £6 per month they must pay more on top to get perks such as travel insurance. So interest on balance over £2,000 isn’t applicable. In fact, we’ve covered a few alternatives before. Hey! But one thing to consider is that it only applies to a maximum of £2,000 … And, as I mentioned previously, it feels strange not having the iconic hot coral card in my wallet and the shiny new card just seems to blend in with the other cards in my purse, that being said, the colour of the card is pretty, feels nice and is still a talking point. To start, the platform allows for purchases to be sorted into custom categories, that allow account holders to see precisely where they are spending their money in a completely user-friendly way. As someone who’s an avid user of a bank not included in the lucky 13 (*cough* Starling), it makes the £5/month fee considerably less worth it. Currently Monzo Plus is limited to UK residents. Find out more on the FCA Register. Share. callback: cb One of the most noteworthy features of Monzo plus is the 1% interest earned on the first £2000 in your bank account. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. Monzo Plus – Monzo’s premium account. And, again, fee-free withdrawals up to £400 just isn’t as good as the limitless withdrawals I get with Starling, and I can even open a Euro account to make my life even easier when travelling to the continent. Monzo Plus comes with all the features of the regular Monzo account, but with some noticeable differences that the brand hopes will entice fee-paying customers. In April of 2019, Monzo launched “Monzo Plus” to extremely mixed reviews. Your email address will not be published. It’s really not. As Monzo Plus only costs £5 per month, this extra earned interest for trusting them with your savings can help pay for the other features. Three generations of Monzo. Of course, most financial theft is done virtually today, so having extra debit cards available are perfect in case user credentials are ever hacked. Monzo Plus is no doubt an attempt to challenge rival high street banks as well as the likes of Revolut, however, I feel like it needs to offer more original features to make it worth the £5 monthly charge. The company quickly made a splash with their “hot coral”coloured banking cards making a statement in many young consumer’s wallets. in return you’ll get up to £2,000 cover against theft, loss and accidental damage. Monzo Plus is for the kind of customer that either uses Monzo as their main bank, or is planning to make the switch in the very near future, and is willing to pay a small fee for what is essentially a software-as-a-service subscription. Any purchase made on a virtual card does have a little icon on the transaction to show that it was made using the virtual card. Is Monzo Plus worth it? Whereas 20 years ago, most people had a jar at home for their spare change, this feature allows for small bits of money to be saved with each card transaction. 1% AER interest up to £2,000; Monthly credit score updates; £400 fee-free international ATM withdrawals (previously £200) Of course, Monzo Plus has not launched any new features that can be considered “earth shattering.” Most reviews for the new platform are overwhelming average, without any glaring bonuses that set Monzo Plus apart from its competitors. 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