The standard (free) Monzo bank account already offers great features, so is it worth paying the extra £5 monthly (or £60 annual) fee for the extra services? Before we get to Monzo Plus, we’d like to introduce Monzo. Moving forward, the company, which is known for its transparency, welcomed feedback from the platform’s early adopters in order to create a better user experience. event : evt, Early adopters of the original Monzo Plus platform (back in 2019) are also entitled to two months of free access to the new software. Is Monzo plus worth it? Although the reintroduced platform is relatively new, Monzo Plus is already receiving a lot of feedback from around the UK’s financial community. MONZO has today launched a new premium account - Monzo Plus. Hey! For the simple fact that Monzo Plus's attractive interest rate is making me consider moving more money into my account, I can’t fault it. Monzo’s app has always been right at the top for me when it comes to challenger banks. Is Monzo Plus worth the fee? And it also includes all of these extra features: See all your bank accounts in one place. Managed UK private client portfolios. The whole signing up process was as easy and straightforward as one would expect—I’m pretty sure it took me all of two minutes to complete the process and become a fully-fledged premium member of Monzo. ), Crowdcube Review 2020 (Best UK Crowdfunding Platform? 41 comments. For travelers, Monzo Plus can be a valuable thing to have that may very likely pay for itself in the long run. Fintech and alternative finance headlines with an exclusive Editor's Note each week. 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. For UK residents, Monzo Plus is far from the only option available for digitally managing your finances. TransUnion will give you an update every month so you can see how your credit score is doing. For some, looking rich can be just as important as actually being rich (a separate debate for another day). Upon the release of the platform Monzo has illustrated open banking and external integration as one of the primary features of the premium service. (A Simple Guide), How Much Should You Have in Your Emergency Fund? Especially when you can get most of these perks and features elsewhere for … When I looked at it there didn’t seem anything that jumped out to make the fee worth it. 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. But one thing to consider is that it only applies to a maximum of £2,000 … In an ordinary Monzo account with the roundup feature can be activated, a £2.50 transaction will automatically deposit the remaining 50p into your savings account. … Monzo Plus allows users to quickly terminate any compromised accounts with a quick transition to a new digital card. There are several Monzo Plus features that I know I won’t use. Monzo has grown exponentially over the past 5 years, serving over 2 million customers. But I again ask the question of why would I pay for something that I get for free with my Starling account already? One application that is making waves in the fintech market is Monzo. 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. What are the Extra Features? Customers must consider what is valuable to them personally before ultimately choosing the best digital banking platform for their needs. As with Monzo Plus, you can get 15% off Patch Plants when you spend £50 and 25% of a FiiT home membership. With Monzo Plus, users can also make one free cash deposit a month, a perk that really isn’t designed for someone like me who is still yet to hold a new £20 note. Here, the main benefit of a virtual card has everything to do with user security and convenience. Features of the Monzo Plus Account. It very much feels like Monzo Plus wasn’t built for the everyday Monzo user, rather it's for diehard Monzo fans who are willing to pay the £5/month fee now in the hopes that the digital bank will expand the subscription in the future. Just like I said in the preview of Monzo Plus, the new Monzo card isn’t holographic—at best it’s iridescent, but really, it’s just metallic. This service is also available with Monzo Plus. This app-exclusive UK bank account lets you spend, save, and … If I don’t happen to have my card on me at the exact moment I’m trying to buy something and can’t remember my details, I can simply log into the Monzo app and see all the details I need to make my purchase. Monzo Plus came first onto the scene, rolling out in 2019, and costs £5 a month — with a minimum contract of three months. Woke Still as easy-to-use as before and the new subscription comes with a great interest rate and a shiny new card. Is Monzo Plus worth it? 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. Digital challenger bank Monzo has launched its premium current account Monzo Plus, but at a cost of £5 per month. Three generations of Monzo. In October 2020 Monzo announced the launch of its new packaged bank account Monzo Premium. While in a foreign country, Monzo Plus users can withdraw up to £400 in cash completely fee free. Once signed up, a fluttering of confetti appeared on my screen to welcome me into the paid service. When relaunching Monzo Plus, Monzo pushed the open banking integration feature to the forefront, however, only 13 banks are currently included on the list of supported institutions. Image source: Monzo Plus. Flash forward many long months later, and the new Monzo Plus was relaunched in the summer of 2020, taking a “dramatically different approach.” The new premium platform was released with many added features to help users take control of their finances. 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? With Monzo Plus, some user’s financial vanity dreams may be fulfilled with the company’s new holographic cards. Enter the new Monzo Plus bank account. Required fields are marked *. I’m sure that lots of die-hard Monzo fans will have been eagerly anticipating the launch of this function, but for someone who can do it for free elsewhere, I wasn’t so keen. 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. Fee-free cash withdrawals. In fact, we’ve covered a few alternatives before. So whereas they are a bit flashy, in the end, Monzo’s new cards aren’t reason enough to upgrade to the premium platform. 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. With Monzo Plus came the promise of a much higher interest rate on balances, including regular savings pots. As soon as you sign up for the subscription service, the card in the app changes to the new ‘holographic’ blue, as does Apple Pay, and the new features appear in the app, but that’s it. I’ve always liked the simple and easy-to-navigate app, with one of my favourite features being able to see both my card and savings pot balances with just a quick swipe. Delivered Monday at midday. For just £5 a month, users are given access to a ton of bonus features aimed to help control spending and increase savings. Monzo relaunches its Plus bank account with a holographic blue card and more budgeting tips - is it worth £5-a-month? Whereas the fintech industry is constantly changing, here are a few of alternatives to Monzo Plus: Obviously, every platform is going to have their own pros, cons, features and fees. After several hours, (and many refreshes), the transactions showed up, but overall I was unimpressed with Monzo’s open banking offering. Monzo says this mobile part is worth £97 a year, though I’m sure you can shop around and get it for less. Everything You Need To Know. 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. I had hoped that, with the premium service, the app might get a shiny new look to match the shiny new card, but no the app itself remains largely the same as before. The answer is clear, if I wasn’t doing a review I probably wouldn’t. You say you use Monzo as a secondary account, so no DD and only transfer spending money? The only part of the card that is holographic is the word ‘Monzo’ in the top right-hand corner and even then, you can only see it at certain angles. Share. 1% AER interest up to £2,000; Monthly credit score updates; £400 fee-free international ATM withdrawals (previously £200) A comprehensive review of the latest iteration of Monzo's subscription service. With Plus, Monzo account holders can place one free cash deposit per month. save hide report. I have Monzo and use a spreadsheet to keep on top of things so didn’t feel the Plus was worth it to me. Worth it? How Do Crypto Taxes Work in the UK? which is authorised and regulated by the Financial Conduct Authority. I’ve been an early Monzo user and crowdfunding investor so I’ve been following them closely. However Monzo Premium only offers 1.5% interest up to £2,000 and so the maximum return would be £3 per month. Below, we will break down the extra features that are included if you decide to upgrade to a Monzo Plus account. With Monzo Plus, this “spare change” can be automatically doubled or multiplied by five or ten. Monzo Plus subscribers now receive one per cent AER on their account balance up to £2,000, an interest rate considerably higher than most savings accounts on the market at the moment. 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