Your email address will not be published. Fintech and alternative finance headlines with an exclusive Editor's Note each week. Although the company previously released a limited version of the app to US customers, Monzo Plus is not currently available to Americans. Although the reintroduced platform is relatively new, Monzo Plus is already receiving a lot of feedback from around the UK’s financial community. 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. With Monzo Plus came the promise of a much higher interest rate on balances, including regular savings pots. MONZO has today launched a new premium account - Monzo Plus. With Monzo Plus came the promise of a much higher interest rate on balances, including regular savings pots. If I can get everything that Monzo Plus offers me for free elsewhere, why would I pay for it? Monzo Plus. 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. 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. 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. With its relaunch, Monzo Plus’s largest changes were created to help users budget and save money. 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. 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. There is a lot of overlap, but Monzo Plus perks are dialled down compared to Monzo Premium. 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. ), The 8 Best Money Management Apps Of 2020 (UK). Monzo Plus? I often refer to Humans in the loop, and this proved it - plus worth its weight in gold. The features on offer with a Monzo Premium account are similar to those offered by other high street bank accounts but the … ); Ok, so room for improvement. 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. Whilst that might seem pretty steep, Monzo claims that the account benefits are worth up to £256 a year. Monzo says this mobile part is worth £97 a year, though I’m sure you can shop around and get it for less. forms: { Who is/was on it and how do you rate it? Monzo Plus came first onto the scene, rolling out in 2019, and costs £5 a month — with a minimum contract of three months. 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. 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. 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. 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. window.mc4wp.listeners.push( I received an email early last Thursday from Tom Blomfield offering me access to the newly re-minted Monzo Plus. Unlike traditional banks, many digital banking platforms (including Monzo) take a small fee from any cash deposit that users put into their bank account. 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. 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. The bank went back to the drawing board on a packaged account last year 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. Monzo Plus allows account holders to experience a significant upgrade from the company’s base-level platform. Delivered Monday at midday. Is Monzo Plus worth it? 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. The one you’re looking at is Monzo Plus, Monzo Premium is the metal card with phone and travel insurance included. Just looking at the perks of the plus account so popped in here to see what folks were saying. } Plus, it's also worth comparing Monzo's offering to traditional packaged bank accounts. 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. 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. Monzo has relaunched it's paid for premium current account - Monzo Plus. But I again ask the question of why would I pay for something that I get for free with my Starling account already? { What are the Extra Features? In addition, Monzo Premium offers discounted access to LoungeKey, which is worth an average of £91. So interest on balance over £2,000 isn’t applicable. Image source: Monzo Plus. Broke Nearly everything offered with Monzo Plus can be accessed *for free* with other digital banking services. Of course, this feature may not be that important to those who do not spend a lot of time in different countries. Features of the Monzo Plus Account. I must admit I really like the ability to create my own spending categories with Monzo Plus. Find out more, 6th Floor, City Place House 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. 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 Premium is a subscription bank account that offers the same features as a Monzo … Three generations of Monzo. What Are The Benefits Of Banking with Monzo Plus? (A Simple Guide), How Much Should You Have in Your Emergency Fund? Monzo Plus offers the same service. share. With Monzo Plus, this “spare change” can be automatically doubled or multiplied by five or ten. 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. 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. Monzo Plus allows users to quickly terminate any compromised accounts with a quick transition to a new digital card. 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. which is authorised and regulated by the Financial Conduct Authority. I see several of you are saying you cancelled after a few months. Monzo Premium may be a good option for those who have £2,000 of savings as they could benefit from a higher interest rate. As with Monzo Plus, you can get 15% off Patch Plants when you spend £50 and 25% of a FiiT home membership. 1% AER interest up to £2,000; Monthly credit score updates; £400 fee-free international ATM withdrawals (previously £200) The main reason that I have docked points for the card, however, is that it is very easily scratched. 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. } This is a new premium account that offers customers a range of new features in exchange for a £5 monthly fee. For those looking to save more money, this feature relieves some of the guilt when purchasing snacks or a fancy coffee drink. 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. Monzo Premium. For travelers, Monzo Plus can be a valuable thing to have that may very likely pay for itself in the long run. For UK residents, Monzo Plus is far from the only option available for digitally managing your finances. I have Monzo and use a spreadsheet to keep on top of things so didn’t feel the Plus was worth it to me. Find out more on the FCA Register. 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. However, to each their own, as you may feel differently. Despite this, I had hoped that with Monzo Plus the app would be given a whole new look, unfortunately, I was wrong. Our top-pick account, from Nationwide, costs £13/mth. 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. 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. Once signed up, a fluttering of confetti appeared on my screen to welcome me into the paid service. } When I looked at it there didn’t seem anything that jumped out to make the fee worth it. Current Monzo users can easily upgrade to a Plus account through the smartphone app in a matter of minutes. For those of you who are unfamiliar, Monzo is an app-based bank that was formed in the UK during 2015. Fully qualified CISI Investment adviser for 5 year. Save my name, email, and website in this browser for the next time I comment. Monzo relaunches its Plus bank account with a holographic blue card and more budgeting tips - is it worth £5-a-month? Holders can place one free cash deposit per month scrapped just a digital... 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