What does Monzo Plus offer and is it worth it?
The new Monzo Plus costs £ 5 / month and offers several features that the free Monzo account does not. Many will like it, but you can easily match or beat many of its features for free …
- 1% AER interest up to £ 2,000. For comparison, NS&I’s most accessible savings account today pays 1.16% AER on £ 500 up to £ 1million. No-charge bank accounts pay up to 2.02% on £ 1,000.
- Increased free withdrawal limits at ATMs abroad. You will be able to withdraw £ 400 from ATMs each month abroad, which is double Monzo’s standard allowance of £ 200 / month. However, that doesn’t match our favorite foreign debit card from Starling, which offers free unlimited spending and withdrawals worldwide under its free account.
- The ability to view and move money to different bank and credit card accounts in the Monzo app. This is an Open Banking feature, and you can add Barclays, HSBC, Lloyds, and Nationwide accounts, among others. However, many other banks now also give you the option to view other providers’ bank account and credit card information in their apps, although few of them so far allow you to transfer money. money between accounts.
- Monthly credit score updates. This gives you your TransUnion credit score. However, you can get your TransUnion credit score and report for free elsewhere. Full details on how to check your credit reports for free, including through MSE’s Credit Club.
Other features of Monzo Plus include:
- Up to five virtual cards. Each has their own unique details. These are available with other fintechs, but tend to be only available at a cost, or on other accounts that have monthly fees.
- More budgeting features, including custom categories. Monzo says this was the number one feature requested by its users. Many apps now automatically sort your expenses into categories (and allow you to reclassify expenses), but few have the ability to add your own custom categories.
- Offers and discounts. The initial offers available include 15% off patch plant orders over £ 50 and 25% off the FiiT home workout subscription. Some of these discounts are available online or from other companies.
- A holographic blue card. As pictured above.
While the features don’t seem worth paying £ 60 a year for us, what Monzo fans love is its technology, and this new account has bespoke features like virtual debit cards and personalized budgeting, which many will evaluate. Additionally, Monzo tops the customer service rankings in our latest survey, with 93% of its customers rating it as “excellent”.