Monzo Perks | An Account with Added Benefits | £7 a month (2024)

FAQs

Monzo Perks | An Account with Added Benefits | £7 a month? ›

Monzo Plus costs £5 per month with a minimum term of 3 months. The monthly payment will come on the anniversary of signup, so if you signed up on the 12th July, the next payment will be on the 12th August.

Monzo Plus costs £5 per month with a minimum term of 3 months. The monthly payment will come on the anniversary of signup, so if you signed up on the 12th July, the next payment will be on the 12th August.

All you need to do is head to the app, and add your salary, loan or benefits. Tap 'Add Money' to get started.

You can cancel in the app. If you cancel Perks you'll lose access to its benefits, but we'll keep your Monzo current account open. We'll ask you to order a regular Monzo card as a replacement for your Perks card. If you sign up to a plan and cancel multiple times we may stop you from signing up again.

So, Monzo gives you a standard savings pot of 4.1% and is free. Monzo Plus gives you a pot of 4.6% and is £5p/m. I've been trying to work out how much money you'd need to put into a Monzo Plus pot, before the £5 fee is essentially negated by interest, and you are making more than 4.1% interest on your money.

On top of our best money management tools, you'll get a weekly Greggs treat, an annual Railcard, 4.35% AER (variable) interest on Instant Access Savings Pots and more.

The Monzo Plus account offers slightly more benefits, including higher interest rates (1.00% AER variable up to £2,000), brand offers, advanced round-ups to help set money aside and one free cash deposit a month (as Monzo aren't a high-street bank, you'll need to go to designated Paypoints to cash money in).

You'll pay a monthly fee of £5 for Monzo Plus. Initially, there's a 3 month minimum term which means you'll pay the monthly fee of £5 for a minimum of 3 months. After 3 months, Monzo Plus continues as an ongoing contract which you can cancel at any time without paying a cancellation fee.

Monzo is mobile banking that puts you in control of your money. With our intuitive spending and saving account and no overdraft fees you can optimize your budget, manage payments and subscriptions, and save money.

Is it safe to keep money in Monzo? ›

We're authorised and regulated by the Financial Conduct Authority. We're also a member of the Financial Services Compensation Scheme (FSCS), so your eligible deposits are protected up to a value of £85,000 per person. We apply UK laws and have a team of experts to fight financial crime too.

Take cash out with a Monzo card, just like any other bank. You can use your Monzo card at any Mastercard ATM. If you're using Monzo abroad, you don't have to tell us and there's no charge for spending on your card or making online payments in another currency.

Make free cash withdrawals

If Monzo is your main bank account, make unlimited fee-free cash withdrawals abroad in the European Economic Area (EEA), and up to £200 every 30 days for free outside the EEA. After that, we'll charge 3%.

Opening a Monzo account and using it day-to-day is free. If you have an overdraft, we'll charge you when you use it. And we also charge if you withdraw more than £200 of cash when you're abroad.

When you upgrade your Monzo account to Max or Max Family, you agree to keeping it for at least 3 months. This is called the minimum term.

Your Premium plan includes worldwide travel insurance provided by Zurich, powered by Qover. Your policy covers you and your family for flight delays, medical treatment, lost baggage and winter sports for trips under 45 days.

The Monzo Plus account offers slightly more benefits, including higher interest rates (1.00% AER variable up to £2,000), brand offers, advanced round-ups to help set money aside and one free cash deposit a month (as Monzo aren't a high-street bank, you'll need to go to designated Paypoints to cash money in).

We've teamed up with AXA to offer worldwide travel insurance exclusive to Monzo Premium. Your policy covers you and your family for flight delays, medical treatment, lost baggage and winter sports for trips under 45 days. With £50 excess.

You and your guests can enjoy access to over 1,500 airport lounges worldwide, all at a discounted rate. To get started, head to the Monzo app and tap on the Max tab at the bottom. Scroll down the list of benefits and tap 'Discounted airport lounge access'. You'll then be taken to their site to get setup.

You can earn cashback on eligible card purchases you make on your personal account or joint account. That includes Plus, Premium and Flex Credit Card. You'll also earn cashback if you check out using Apple Pay and Google Pay. You can't earn cashback on business account spending.