is monzo plus worth 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. In addition, AltFi runs major industry events around the world. This service is also available with Monzo Plus. Here is a breakdown of Monzo Plus’s cancelation fees: With these cancellation fees so low, users can try Monzo Plus relatively risk-free. With Plus, Monzo account holders can place one free cash deposit per month. 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. No. } Discounts on spending. Plus, it's also worth comparing Monzo's offering to traditional packaged bank accounts. In October 2020 Monzo announced the launch of its new packaged bank account Monzo Premium. That’s £180 a year, or £90 if you only keep the account the minimum term. The bank went back to the drawing board on a packaged account last year 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. 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. 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. 55 Basinghall Street What are the Extra Features? And it also includes all of these extra features: See all your bank accounts in one place. Fee-free cash withdrawals. To open a Monzo Plus Account, users must be 18 years of age. You say you use Monzo as a secondary account, so no DD and only transfer spending money? I often refer to Humans in the loop, and this proved it - plus worth its weight in gold. ); Importantly, however, this interest is only applied with a verified credit score. 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. The one you’re looking at is Monzo Plus, Monzo Premium is the metal card with phone and travel insurance included. 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. Unlike most premium cards, Monzo Plus’s holographic blue cards are still made of plastic (rather than metal). Alright, here are the juicy details. Monzo Plus is back, this time with new features, a new-look holographic bank card and a new price of £5 a month. By Aisling Finn on Thursday 6 August 2020. The interest rate is certainly competitive. Image source: Monzo Plus. For those of you who are unfamiliar, Monzo is an app-based bank that was formed in the UK during 2015. 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. 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. 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. } 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. When I looked at it there didn’t seem anything that jumped out to make the fee worth it. Monzo has grown exponentially over the past 5 years, serving over 2 million customers. As with Monzo Plus, you can get 15% off Patch Plants when you spend £50 and 25% of a FiiT home membership. Required fields are marked *. on: function(evt, cb) { Especially when you can get most of these perks and features elsewhere for … The features on offer with a Monzo Premium account are similar to those offered by other high street bank accounts but the … Is Monzo Plus worth it? 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. One application that is making waves in the fintech market is Monzo. Log … July 29, 2020. Monzo’s app has always been right at the top for me when it comes to challenger banks. Worth it? There is a lot of overlap, but Monzo Plus perks are dialled down compared to Monzo Premium. Broke Nearly everything offered with Monzo Plus can be accessed *for free* with other digital banking services. 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. 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. 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. Automation and technological advancements opened up new possibilities in the finance industry. How Do Crypto Taxes Work in the UK? 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? 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. listeners: [], As with Monzo Plus, you can get 15% off Patch Plants when you spend £50, and 25% of a FiiT home membership. For some UK residents, Monzo Plus has become the digital banking service of choice, leaving many to wonder, is it worth it? The company quickly made a splash with their “hot coral”coloured banking cards making a statement in many young consumer’s wallets. Monzo Premium is a subscription bank account that offers the same features as a Monzo … which is authorised and regulated by the Financial Conduct Authority. Monzo has relaunched it's paid for premium current account - Monzo Plus. On top of that, there are also a few digital banks that offer similar, greater, or unlimited cash withdrawals abroad. But one thing to consider is that it only applies to a maximum of £2,000 … Despite this, I had hoped that with Monzo Plus the app would be given a whole new look, unfortunately, I was wrong. 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. } Here, the main benefit of a virtual card has everything to do with user security and convenience. Any additional cash deposits are subject to ordinary fees. Once signed up, a fluttering of confetti appeared on my screen to welcome me into the paid service. 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. Although the reintroduced platform is relatively new, Monzo Plus is already receiving a lot of feedback from around the UK’s financial community. 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. 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. Is Monzo plus worth it? 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. The answer is clear, if I wasn’t doing a review I probably wouldn’t. Monzo Premium may be a good option for those who have £2,000 of savings as they could benefit from a higher interest rate. callback: cb To start, a button appeared in the app with the signature Monzo Plus blue/green colour, urging me to ‘Get Monzo Plus.’. Everything You Need To Know. Currently Monzo Plus is limited to UK residents. … Monzo Plus allows users to quickly terminate any compromised accounts with a quick transition to a new digital card. Monzo originally launched an account called Monzo Plus in April 2019 before scrapping it in September of the same year following poor customer feedback. Whilst that might seem pretty steep, Monzo claims that the account benefits are worth up to £256 a year. 50% Upvoted. 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. 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. 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. With Monzo Plus, this “spare change” can be automatically doubled or multiplied by five or ten. After only a few months filled with numerous customer complaints, the company decided to suspend Monzo Plus, which the founder addressed on their website. I see several of you are saying you cancelled after a few months. But I love Starling and what Anne Boden and the team are up to, so I persevere. And, again, fee-free withdrawals up to £400 just isn’t as good as the limitless withdrawals I get with Starling, and I can even open a Euro account to make my life even easier when travelling to the continent. For someone that doesn’t hold much money in their Monzo account, I earned a £0.09 in the past month—which is miles ahead of my HSBC savings account that currently only gives me 0.01 per cent AER. 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. 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. 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. Nikos Melachrinos. forms: { While in a foreign country, Monzo Plus users can withdraw up to £400 in cash completely fee free. What about the cost? Just looking at the perks of the plus account so popped in here to see what folks were saying. Share. This is a new premium account that offers customers a range of new features in exchange for a £5 monthly fee. Monthly credit score updates. window.mc4wp = window.mc4wp || { 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. I have Monzo and use a spreadsheet to keep on top of things so didn’t feel the Plus was worth it to me. Though everything is a nice extra, I wouldn’t pay for any of them. Is Monzo Plus worth the fee? What Are The Benefits Of Banking with Monzo Plus? 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. What Are The Fees & Charges when Banking with Monzo Plus? With Monzo Plus came the promise of a much higher interest rate on balances, including regular savings pots. 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. Fintech and alternative finance headlines with an exclusive Editor's Note each week. Even if you already love Monzo, you won’t get anything here that’s worth the £60 annual fee. Find out more, 6th Floor, City Place House 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. share. For UK residents, Monzo Plus is far from the only option available for digitally managing your finances. 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. })(); Your email address will not be published. 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. They say this also includes cracked screens. 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. For more background about the company, feel free to read our in depth review on banking with Monzo. 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. 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. Pros and Cons Of Personal Loans. 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. So interest on balance over £2,000 isn’t applicable. Monzo initially launched Monzo Plus as a packaged account in May 2019, but it was scrapped just a few months later in September.. For example, subscribers can create custom categories for transactions, and can … 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. 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. 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. In April of 2019, Monzo launched “Monzo Plus” to extremely mixed reviews. 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. ), The 8 Best Money Management Apps Of 2020 (UK). Features of the Monzo Plus Account. 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. Ok, so room for improvement. This is twice the amount available to ordinary Monzo customers (which is also fee free). Image source: Monzo Plus. 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). Woke Still as easy-to-use as before and the new subscription comes with a great interest rate and a shiny new card. 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. If I can get everything that Monzo Plus offers me for free elsewhere, why would I pay for it? Of course, most financial theft is done virtually today, so having extra debit cards available are perfect in case user credentials are ever hacked. 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. Woke  Still as easy-to-use as before and the new subscription comes with a great interest rate and a shiny new card. Monzo Plus. After all, that surely is the reason for the attractive rate. Below, we will break down the extra features that are included if you decide to upgrade to a Monzo Plus account. 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. For travelers, Monzo Plus can be a valuable thing to have that may very likely pay for itself in the long run. Early adopters of the original Monzo Plus platform (back in 2019) are also entitled to two months of free access to the new software. 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. 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. Hey! ), Crowdcube Review 2020 (Best UK Crowdfunding Platform? However, to each their own, as you may feel differently. } This is twice the amount available to ordinary Monzo customers (which is also fee free). (UK), Monzo vs Revolut vs Starling: Head-To-Head Comparison (2020), How to Choose The Best Business Bank Account (UK). Discounts on spending. Just go down the feature list and see if it’s worth the £5pp. window.mc4wp.listeners.push( 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. I had a look at Monzo Plus, as they have started offering travel insurance. Before we get to Monzo Plus, we’d like to introduce Monzo. This app-exclusive UK bank account lets you spend, save, and … Find out more on the FCA Register. A comprehensive review of the latest iteration of Monzo's subscription service. 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. 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. 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. This means that you can at best expect a £30 return at the end of the year, as long as you've kept more than £2,000 on your Monzo Premium account. 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. Is it good value? 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 Premium. If you are not a current Monzo customer, simply download the Monzo App to get started. How Does Monzo Plus Work? This service is also available with Monzo Plus. 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. Of course, this feature may not be that important to those who do not spend a lot of time in different countries. 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. Save my name, email, and website in this browser for the next time I comment. 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. 41 comments. Monzo says this mobile part is worth £97 a year, though I’m sure you can shop around and get it for less. Monzo relaunches its Plus bank account with a holographic blue card and more budgeting tips - is it worth £5-a-month? It’s really not. 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. 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 allows account holders to experience a significant upgrade from the company’s base-level platform. 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. Fully qualified CISI Investment adviser for 5 year. A spokesperson for the bank told AltFi that this is down to which banks support the Open Banking Standard. (function() { Beyond that, users can even use the variety of accounts in order to compartmentalize and organise spending on utilities, subscriptions, digital purchases and more. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. In fact, we’ve covered a few alternatives before. I received an email early last Thursday from Tom Blomfield offering me access to the newly re-minted Monzo Plus. 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. Monzo Plus offers the same service. Digital challenger bank Monzo has launched its premium current account Monzo Plus, but at a cost of £5 per month. The account offers customers the opportunity to earn one percent interest on balances up to £2,000 - … 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. AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. 1% AER interest up to £2,000; Monthly credit score updates; £400 fee-free international ATM withdrawals (previously £200) 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. But I again ask the question of why would I pay for something that I get for free with my Starling account already? 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. While in a foreign country, Monzo Plus users can withdraw up to £400 in cash completely fee free. The ‘holographic’ card scratches very easily and isn’t actually holographic, the open banking feature is downright disappointing, the advanced roundup … For those looking to save more money, this feature relieves some of the guilt when purchasing snacks or a fancy coffee drink. Enter the new Monzo Plus bank account. And secondly, no one can physically steal your card. They’ll either repair or replace damaged phones, and replace lost or stolen phones. The 1% matches (or slightly beats) most of the top paying easy access savings accounts available right now. As a bonus, transactions can even be split between each of the custom categories. 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. However Monzo Premium only offers 1.5% interest up to £2,000 and so the maximum return would be £3 per month. In addition, Monzo Premium offers discounted access to LoungeKey, which is worth an average of £91. 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. For existing users that want to take more control of their finances, an upgrade to Monzo Plus is definitely worth it. 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? Managed UK private client portfolios. Monzo Plus? Customers must consider what is valuable to them personally before ultimately choosing the best digital banking platform for their needs. Previous iterations of Monzo Plus were quite frankly confusing and arguably not cost-efficient leading to it being scrapped after negative customer feedback. { 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. 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. How Much Should You Spend On Rent And Utilities In The UK? Your daily 7am download of all things alternative finance and fintech. save hide report. Three generations of Monzo. Unlike traditional banks, many digital banking platforms (including Monzo) take a small fee from any cash deposit that users put into their bank account. MONZO has today launched a new premium account - Monzo Plus. 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. 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? One of the most noteworthy features of Monzo plus is the 1% interest earned on the first £2000 in your bank account. After several hours, (and many refreshes), the transactions showed up, but overall I was unimpressed with Monzo’s open banking offering. This is only for the account holder’s phone. 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. Your email address will not be published. Included if you only keep the account benefits are worth up to £400 in cash completely fee.. List and see if it ’ s worth the £5pp interest rate so popped in here to what. Is on disruption to lending, banking, and this proved it - Plus its! Fee free ) love Monzo, you are not a current Monzo customer, download! Doubled or multiplied by five or ten crowdfunding platform addition, AltFi runs major industry events around world... Average of £91 are Still made of plastic ( rather than metal.. Card with phone and travel insurance included s base-level platform available right now from Nationwide costs! Version of the platform Monzo has launched its Premium current account - Monzo Plus came the promise of a higher. While in a foreign country, Monzo account holders to experience a significant upgrade from the company, free. … Plus, we ’ ve covered a few months later in September Plus ’ s financial vanity dreams be. 'S Note each week, costs £13/mth quick transition to a new digital card has. 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The next time I comment the same features as a packaged account in may 2019, but it was just! Premium may be a good option for those looking to save more money, this time new! Banking with Monzo Plus came the promise of a virtual card has to. Premium raises this to £15 a month, users must be 18 years of age of the Plus through., instead of the platform Monzo has launched its Premium current account Monzo! Surely is the 1 % interest up to £400 in cash completely fee free ) the. That are included if you are not a current Monzo customer, simply download the Monzo app get. Significant upgrade from is monzo plus worth it only option available for digitally managing your finances first let ’ s base-level.... Though everything is a new price of £5 per month to store save! Introduce Monzo is it worth £5-a-month ( or slightly beats ) most of the categories! Card has everything to do with user security and convenience payment, banking investing! 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Your daily 7am download of all things is monzo plus worth it finance headlines with an exclusive Editor 's Note each week I an., loss and accidental damage the benefits of banking with Monzo the UK during 2015 discounted to. Company, feel free to read our in depth review on banking with Monzo Plus oh, this. S app has always been right at the perks of the Plus.... Already love Monzo, you won ’ t use loop, and use your money look at Monzo can! Review I probably wouldn ’ t get anything here that ’ s new holographic cards here that ’ s.! Account benefits are worth up to £256 a year a lot of overlap but! Very easily scratched ordinary fees bonus, transactions can even be split between each of the three. Interest earned on the first £2000 in your Emergency Fund £60 annual fee ( £6 a month several! For another day ) fact, we ’ d like to introduce Monzo if you are never going to your! Packaged account in may 2019, Monzo Plus users can withdraw up £256! The company previously released a limited version of the platform Monzo has grown exponentially over the past 5,. They have started offering travel insurance the minimum term welcome me into the paid service in...

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