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. With Plus, Monzo account holders can place one free cash deposit per month. This is twice the amount available to ordinary Monzo customers (which is also fee free). MONZO has today launched a new premium account - Monzo Plus. Monzo initially launched Monzo Plus as a packaged account in May 2019, but it was scrapped just a few months later in September.. Nikos Melachrinos. Being able to have a separate card for online shopping, particularly for someone like me who is a self-confessed online shopaholic, can be useful. But one thing to consider is that it only applies to a maximum of £2,000 … However, to each their own, as you may feel differently. Monzo Premium. Here is a breakdown of Monzo Plus’s cancelation fees: With these cancellation fees so low, users can try Monzo Plus relatively risk-free. This is a new premium account that offers customers a range of new features in exchange for a £5 monthly fee. Although the company previously released a limited version of the app to US customers, Monzo Plus is not currently available to Americans. Alright, here are the juicy details. 55 Basinghall Street Now for someone who already uses the double round-up function for both their Starling account and Moneybox ISA, the idea of being able to use the feature was attractive to me. Monzo Premium is a subscription bank account that offers the same features as a Monzo … Find out more on the FCA Register. Even if you already love Monzo, you won’t get anything here that’s worth the £60 annual fee. Log … In April of 2019, Monzo launched “Monzo Plus” to extremely mixed reviews. For some UK residents, Monzo Plus has become the digital banking service of choice, leaving many to wonder, is it worth 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. Whilst that might seem pretty steep, Monzo claims that the account benefits are worth up to £256 a year. Especially when you can get most of these perks and features elsewhere for … Is Monzo Plus worth the fee? That’s £180 a year, or £90 if you only keep the account the minimum term. 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. To open a Monzo Plus Account, users must be 18 years of age. Once signed up, a fluttering of confetti appeared on my screen to welcome me into the paid service. The ‘holographic’ card scratches very easily and isn’t actually holographic, the open banking feature is downright disappointing, the advanced roundup feature can be accessed for free with other digital banks and there simply aren’t enough perks to justify the £5/month price tag. 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. Monzo Plus is back. 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. } Just looking at the perks of the plus account so popped in here to see what folks were saying. Find out more, 6th Floor, City Place House All-in-all, it was an incredibly easy process that can’t be faulted. 50% Upvoted. Also, strangely enough, my card was delivered partially opened (just like many other users its seems), although I can’t exactly blame Monzo for that one as it could have happened during delivery. 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. The features on offer with a Monzo Premium account are similar to those offered by other high street bank accounts but the … } 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. Out of your wallet and into your phone, Monzo Plus gives users the chance to utilize up to five completely digital debit cards from within their account. 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. They’ll either repair or replace damaged phones, and replace lost or stolen phones. After only a few months filled with numerous customer complaints, the company decided to suspend Monzo Plus, which the founder addressed on their website. This service is also available with Monzo Plus. With Monzo Plus, some user’s financial vanity dreams may be fulfilled with the company’s new holographic cards. There is a lot of overlap, but Monzo Plus perks are dialled down compared to Monzo Premium. 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. Is it good value? However, fans of Monzo’s ordinary platform are sure to enjoy the new features if an extra £5 isn’t too much each to ask for each month. What about the cost? It’s really not. How Does Monzo Plus Work? As with Monzo Plus, you can get 15% off Patch Plants when you spend £50 and 25% of a FiiT home membership. } In October 2020 Monzo announced the launch of its new packaged bank account Monzo Premium. callback: cb With its relaunch, Monzo Plus’s largest changes were created to help users budget and save money. on: function(evt, cb) { The new service has generally been received well with many critics citing the company’s transparency and customer-driven improvements as factors contributing to a better overall user experience. In fact, we’ve covered a few alternatives before. Broke  Nearly everything offered with Monzo Plus can be accessed *for free* with other digital banking services. TransUnion will give you an update every month so you can see how your credit score is doing. I had a look at Monzo Plus, as they have started offering travel insurance. Woke  Still as easy-to-use as before and the new subscription comes with a great interest rate and a shiny new card. For those looking to save more money, this feature relieves some of the guilt when purchasing snacks or a fancy coffee drink. 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. ), Crowdcube Review 2020 (Best UK Crowdfunding Platform? … Monzo originally launched an account called Monzo Plus in April 2019 before scrapping it in September of the same year following poor customer feedback. Fintech and alternative finance headlines with an exclusive Editor's Note each week. For existing users that want to take more control of their finances, an upgrade to Monzo Plus is definitely worth it. Image source: Monzo Plus. 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. Currently Monzo Plus is limited to UK residents. Also, unlike physical cards, Monzo’s virtual cards last for five years, instead of the normal three. On top of that, there are also a few digital banks that offer similar, greater, or unlimited cash withdrawals abroad. The one you’re looking at is Monzo Plus, Monzo Premium is the metal card with phone and travel insurance included. Unfortunately, adding outside bank accounts is currently limited to a select amount of verified institutions and users report difficulty and excess lag-time in seeing all of their information within the Monzo Plus app. 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. 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. You say you use Monzo as a secondary account, so no DD and only transfer spending money? For UK residents, Monzo Plus is far from the only option available for digitally managing your finances. listeners: [], Worth it? I must admit I really like the ability to create my own spending categories with Monzo Plus. With Monzo Plus, this “spare change” can be automatically doubled or multiplied by five or ten. EC2V 5DU, Digital Banking State of the Market Report, Digital Wealth State of the Market Report, Alternative Lending State of the Market Report, Monzo is “struggling” to avoid the same fate as Xinja, analyst warns, Chubb and Revolut join forces to provide wider coverage to the fintech’s customers, TransferWise reportedly appoints Goldman Sachs and Morgan Stanley to steer it through LSE float. Fully qualified CISI Investment adviser for 5 year. which is authorised and regulated by the Financial Conduct Authority. 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. Monzo Plus subscribers also can withdraw up to £400 fee-free abroad, but (unsurprisingly) I haven’t left the country recently and don’t exactly plan to any time soon. How Much Should You Spend On Rent And Utilities In The UK? Current Monzo users can easily upgrade to a Plus account through the smartphone app in a matter of minutes. 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. By Aisling Finn on Thursday 6 August 2020. Monzo’s app has always been right at the top for me when it comes to challenger banks. If I can get everything that Monzo Plus offers me for free elsewhere, why would I pay for it? 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. In addition, AltFi runs major industry events around the world. Discounts on spending. For travelers, Monzo Plus can be a valuable thing to have that may very likely pay for itself in the long run. in return you’ll get up to £2,000 cover against theft, loss and accidental damage. 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. For more background about the company, feel free to read our in depth review on banking with Monzo. 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? Is Monzo Plus worth it? Nearly as soon as Monzo re-released its premium service, I’d signed up to it and began compiling a review on this newest challenger banking service—you might’ve spotted my early preview last month. Monzo Premium’s rate is an eye-popping 1.5% annually — up from 1% with Monzo Plus — but it’s only offered on up to £2,000 of your balance. How Do Crypto Taxes Work in the UK? The 1% matches (or slightly beats) most of the top paying easy access savings accounts available right now. (UK), Monzo vs Revolut vs Starling: Head-To-Head Comparison (2020), How to Choose The Best Business Bank Account (UK). 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. Upon the release of the platform Monzo has illustrated open banking and external integration as one of the primary features of the premium service. Any additional cash deposits are subject to ordinary fees. This service is also available with Monzo Plus. Here, the main benefit of a virtual card has everything to do with user security and convenience. Automation and technological advancements opened up new possibilities in the finance industry. July 29, 2020. Monzo Plus allows account holders to experience a significant upgrade from the company’s base-level platform. window.mc4wp.listeners.push( For some, looking rich can be just as important as actually being rich (a separate debate for another day). This is twice the amount available to ordinary Monzo customers (which is also fee free). For travelers, Monzo Plus can be a valuable thing to have that may very likely pay for itself in the long run. 41 comments. What are the Extra Features? check out our guide on generating passive income here, Average Rental Yields (UK, Broken Down by Area), Roundup: 6 Best UK Crowdfunding Platforms, Seedrs Review 2020 (Best UK Crowdfunding Platform? Is Monzo Premium worth it? Bonus Features for Budgeting & Saving Money. Digital challenger bank Monzo has launched its premium current account Monzo Plus, but at a cost of £5 per month. While in a foreign country, Monzo Plus users can withdraw up to £400 in cash completely fee free. 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. Fee-free cash withdrawals. 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. With Monzo Plus came the promise of a much higher interest rate on balances, including regular savings pots. Early adopters of the original Monzo Plus platform (back in 2019) are also entitled to two months of free access to the new software. Three generations of Monzo. I have Monzo and use a spreadsheet to keep on top of things so didn’t feel the Plus was worth it to me. Is Monzo plus worth it? Mobile applications designed for payment, banking, and managing money are on the rise and are set to revolutionize traditional banking means. 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. Everything You Need To Know. Though everything is a nice extra, I wouldn’t pay for any of them. 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. This is only for the account holder’s phone. And it also includes all of these extra features: See all your bank accounts in one place. 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. Monzo Plus? Your daily 7am download of all things alternative finance and fintech. Customers must consider what is valuable to them personally before ultimately choosing the best digital banking platform for their needs. In order to help people save money, Monzo Plus also offers a great roundup feature for users to automate the process of stowing extra cash away. 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. Of course, this feature may not be that important to those who do not spend a lot of time in different countries. But I love Starling and what Anne Boden and the team are up to, so I persevere. With Monzo Plus came the promise of a much higher interest rate on balances, including regular savings pots. Share. What Are The Fees & Charges when Banking with Monzo Plus? While in a foreign country, Monzo Plus users can withdraw up to £400 in cash completely fee free. Beyond that, there are little to no hidden fees or extra paid features, aside from cancellation fees, that customers will need to take into account. } 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. The account offers customers the opportunity to earn one percent interest on balances up to £2,000 - … Woke Still as easy-to-use as before and the new subscription comes with a great interest rate and a shiny new card. I see several of you are saying you cancelled after a few months. 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. Monzo Plus offers the same service. Below, we will break down the extra features that are included if you decide to upgrade to a Monzo Plus account. 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. Our top-pick account, from Nationwide, costs £13/mth. Required fields are marked *. Monzo relaunches its Plus bank account with a holographic blue card and more budgeting tips - is it worth £5-a-month? Discounts on spending. The company quickly made a splash with their “hot coral”coloured banking cards making a statement in many young consumer’s wallets. 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. That being said, the new subscription does have some nice perks, like a favourable interest rate, but outside of that, it’s not that different to Monzo’s free account—or other digital bank accounts for that matter. There are no logos next to each transaction, the names aren’t always displayed properly and you can’t expand for more details like you can with a purchase made on a Monzo card. Delivered Monday at midday. For instance, premium users get a monthly credit check, but, as someone who is not too focused on their credit score and gets theirs elsewhere (like most people I imagine) I don’t see the point. 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. So whereas they are a bit flashy, in the end, Monzo’s new cards aren’t reason enough to upgrade to the premium platform. They say this also includes cracked screens. Who is/was on it and how do you rate it? I’ve spent the last few weeks testing out as many features as I could but, in my opinion, the £5/month fee is just not worth it. One of the most noteworthy features of Monzo plus is the 1% interest earned on the first £2000 in your bank account. Although this rate isn’t extraordinary, it is handy in earning a small amount of risk-free passive income (check out our guide on generating passive income here). Lumio is registered as a Payment Services Directive Agent of Moneyhub Financial Technology Ltd, One application that is making waves in the fintech market is Monzo. A spokesperson for the bank told AltFi that this is down to which banks support the Open Banking Standard. Unlike traditional banks, many digital banking platforms (including Monzo) take a small fee from any cash deposit that users put into their bank account. 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. Today, there are 1,001 ways to store, save, and use your money. 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. But I again ask the question of why would I pay for something that I get for free with my Starling account already? Monzo says this mobile part is worth £97 a year, though I’m sure you can shop around and get it for less. I’ve been an early Monzo user and crowdfunding investor so I’ve been following them closely. Pros and Cons Of Personal Loans. I’m Nikos, co-founder of Quirk and as a true Optimizer I’ve probably tried out every digital bank and money app out there so I want to share my personal take on the new Monzo plus account after using it for 2 weeks. Whereas many of these features can be found on other competing platforms, Monzo makes it easy for their existing customers to upgrade to a premium account. What Are The Benefits Of Banking with Monzo Plus? Importantly, however, this interest is only applied with a verified credit score. 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? To start, a button appeared in the app with the signature Monzo Plus blue/green colour, urging me to ‘Get Monzo Plus.’. Monzo has relaunched it's paid for premium current account - Monzo Plus. And secondly, no one can physically steal your card. I can see why Monzo’s biggest fans will love Monzo Plus, I imagine many will wear the new ‘holographic’ card as a badge of honour, but for someone that can access most of the features for free elsewhere, it doesn’t appeal to me. Before we get to Monzo Plus, we’d like to introduce Monzo. To get started with Monzo Plus, there is an £60 annual fee (£6 a month). Not even an hour after getting it and only using it once, scratches began to appear from general wear and tear that you wouldn’t notice on a normal card. Also, even a connected bank’s feed (in my case HSBC), doesn’t look like the Monzo account’s feed, which is a big thumbs down from me. As a bonus, transactions can even be split between each of the custom categories. event : evt, If you are not a current Monzo customer, simply download the Monzo App to get started. Previous iterations of Monzo Plus were quite frankly confusing and arguably not cost-efficient leading to it being scrapped after negative customer feedback. Don’t get me wrong, Monzo Plus isn’t terrible, I’m just not sure how long someone like me will pay for a service and features that other digital banks already offer me without a £5/month price tag. After several hours, (and many refreshes), the transactions showed up, but overall I was unimpressed with Monzo’s open banking offering. I received an email early last Thursday from Tom Blomfield offering me access to the newly re-minted Monzo Plus. The main reason that I have docked points for the card, however, is that it is very easily scratched. The new Monzo Plus was heavy on travel perks, but with travel restrictions and lockdown policies in much of the world, product-market fit was abruptly left wanting. Features of the Monzo Plus Account. Monzo Plus. 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 Plus also costs less: £5 per month for a minimum of 3 months. AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. There are several Monzo Plus features that I know I won’t use. 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. The ill-received Plus account costs £5 a month, Premium raises this to £15 a month, and includes a six month minimum term. As with Monzo Plus, you can get 15% off Patch Plants when you spend £50, and 25% of a FiiT home membership. Oh, and I can do it for free with Starling. My only gripe with the virtual card function is that you can’t see exactly how much you’ve spent on each virtual card; I’m guessing this is because it just comes out of the main account. However, everyone loves a trier, and Monzo Plus is back at £5-a-month bundled with features such as the ability to view all your accounts in one app and a brand new blue shiny card. forms: { 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. The interest rate is certainly competitive. So interest on balance over £2,000 isn’t applicable. Okay, first let’s start with a little bit of background. ); Broke Nearly everything offered with Monzo Plus can be accessed *for free* with other digital banking services. We keep a close eye on all of the developing trends in personal finance, and focus on providing unbiased assessment of the myriad of products and services available to consumers today. 1% AER interest up to £2,000; Monthly credit score updates; £400 fee-free international ATM withdrawals (previously £200) The answer is clear, if I wasn’t doing a review I probably wouldn’t. Hey! Just go down the feature list and see if it’s worth the £5pp. Although the reintroduced platform is relatively new, Monzo Plus is already receiving a lot of feedback from around the UK’s financial community. Ok, so room for improvement. Monzo Plus came first onto the scene, rolling out in 2019, and costs £5 a month — with a minimum contract of three months. A comprehensive review of the latest iteration of Monzo's subscription service. })(); Your email address will not be published. After all, that surely is the reason for the attractive rate. 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. 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. In this article, we will take an in-depth look at Monzo Plus and its features in order to help you decide whether or not it is right for your finances. Monzo Premium may be a good option for those who have £2,000 of savings as they could benefit from a higher interest rate. This app-exclusive UK bank account lets you spend, save, and … Unlike most premium cards, Monzo Plus’s holographic blue cards are still made of plastic (rather than metal). As soon as my new account was ready, I created a category for coffee and set about going through my past transactions and sorting them into the new category. Monzo Plus – Monzo’s premium account. 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 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. 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. The bank went back to the drawing board on a packaged account last year With Monzo Plus you get a blue holographic Monzo card, the variable interest rate on the first £2,000 in your account is a bit lower (1%), and fee-free withdrawals abroad drops to £400. 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. Image source: Monzo Plus. (function() { save hide report. In addition, Monzo Premium offers discounted access to LoungeKey, which is worth an average of £91. window.mc4wp = window.mc4wp || { Now, having been a Monzo customer for coming up two years now, I can’t quite remember if this occurs when you sign up for a regular account, but it’s a nice gimmick nevertheless. Managed UK private client portfolios. When I looked at it there didn’t seem anything that jumped out to make the fee worth it. For those of you who are unfamiliar, Monzo is an app-based bank that was formed in the UK during 2015. 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. ), The 8 Best Money Management Apps Of 2020 (UK). Beyond that, users can even use the variety of accounts in order to compartmentalize and organise spending on utilities, subscriptions, digital purchases and more. share. 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. However Monzo Premium only offers 1.5% interest up to £2,000 and so the maximum return would be £3 per month. Monzo Plus allows users to quickly terminate any compromised accounts with a quick transition to a new digital card. The ‘holographic’ card scratches very easily and isn’t actually holographic, the open banking feature is downright disappointing, the advanced roundup … For just £5 a month, users are given access to a ton of bonus features aimed to help control spending and increase savings. Your email address will not be published. I often refer to Humans in the loop, and this proved it - plus worth its weight in gold. 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. { (A Simple Guide), How Much Should You Have in Your Emergency Fund? Plus, it's also worth comparing Monzo's offering to traditional packaged bank accounts. Despite this, I had hoped that with Monzo Plus the app would be given a whole new look, unfortunately, I was wrong. 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Industry events around the world cards last for five years, instead of the Plus.... T get anything here that ’ s virtual cards last for five years, instead of the platform Monzo grown. T doing a review I probably wouldn ’ t is monzo plus worth it faulted also costs less £5. So the maximum return would be £3 per month for a £5 monthly fee this for.