How Do Crypto Taxes Work in the UK? Monzo Premium may be a good option for those who have £2,000 of savings as they could benefit from a higher interest rate. They’ll either repair or replace damaged phones, and replace lost or stolen phones. For some, looking rich can be just as important as actually being rich (a separate debate for another day). 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. But one thing to consider is that it only applies to a maximum of £2,000 … To open a Monzo Plus Account, users must be 18 years of age. 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). What Are The Disadvantages Of Monzo Plus? This app-exclusive UK bank account lets you spend, save, and … 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. 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. 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. After only a few months filled with numerous customer complaints, the company decided to suspend Monzo Plus, which the founder addressed on their website. forms: { { Monzo Plus allows users to quickly terminate any compromised accounts with a quick transition to a new digital 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. 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. Unlike traditional banks, many digital banking platforms (including Monzo) take a small fee from any cash deposit that users put into their bank account. Mobile applications designed for payment, banking, and managing money are on the rise and are set to revolutionize traditional banking means. 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. When I looked at it there didn’t seem anything that jumped out to make the fee worth it. Discounts on spending. Of course, this feature may not be that important to those who do not spend a lot of time in different countries. Broke Nearly everything offered with Monzo Plus can be accessed *for free* with other digital banking services. 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. 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. Any additional cash deposits are subject to ordinary fees. Oh, and I can do it for free with Starling. Okay, first let’s start with a little bit of background. 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. July 29, 2020. For one, you are never going to lose your virtual card, as it exists purely online. A comprehensive review of the latest iteration of Monzo's subscription service. How Much Should You Spend On Rent And Utilities In The UK? 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. 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. For example, subscribers can create custom categories for transactions, and can … 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. With Monzo Plus came the promise of a much higher interest rate on balances, including regular savings pots. save hide report. 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? 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. 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. For just £5 a month, users are given access to a ton of bonus features aimed to help control spending and increase savings. Is it good value? 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. Monzo Premium. 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. Unlike most premium cards, Monzo Plus’s holographic blue cards are still made of plastic (rather than metal). 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 Are The Benefits Of Banking with Monzo Plus? 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. The company quickly made a splash with their “hot coral”coloured banking cards making a statement in many young consumer’s wallets. Early adopters of the original Monzo Plus platform (back in 2019) are also entitled to two months of free access to the new software. callback: cb in return you’ll get up to £2,000 cover against theft, loss and accidental damage. For travelers, Monzo Plus can be a valuable thing to have that may very likely pay for itself in the long run. Beyond that, users can even use the variety of accounts in order to compartmentalize and organise spending on utilities, subscriptions, digital purchases and more. 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. But I again ask the question of why would I pay for something that I get for free with my Starling account already? 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. On top of that, there are also a few digital banks that offer similar, greater, or unlimited cash withdrawals abroad. 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? Save my name, email, and website in this browser for the next time I comment. Below, we will break down the extra features that are included if you decide to upgrade to a Monzo Plus account. One application that is making waves in the fintech market is Monzo. 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. To get started with Monzo Plus, there is an £60 annual fee (£6 a month). 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. Previous iterations of Monzo Plus were quite frankly confusing and arguably not cost-efficient leading to it being scrapped after negative customer feedback. I’ve been an early Monzo user and crowdfunding investor so I’ve been following them closely. Monzo has relaunched it's paid for premium current account - Monzo Plus. It’s really not. I often refer to Humans in the loop, and this proved it - plus worth its weight in gold. 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. The bank went back to the drawing board on a packaged account last year Although the reintroduced platform is relatively new, Monzo Plus is already receiving a lot of feedback from around the UK’s financial community. The answer is clear, if I wasn’t doing a review I probably wouldn’t. Nikos Melachrinos. Although the company previously released a limited version of the app to US customers, Monzo Plus is not currently available to Americans. })(); Your email address will not be published. ), The 8 Best Money Management Apps Of 2020 (UK). 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. Woke  Still as easy-to-use as before and the new subscription comes with a great interest rate and a shiny new card. Our top-pick account, from Nationwide, costs £13/mth. The main reason that I have docked points for the card, however, is that it is very easily scratched. 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. share. 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. After several hours, (and many refreshes), the transactions showed up, but overall I was unimpressed with Monzo’s open banking offering. Monzo says this mobile part is worth £97 a year, though I’m sure you can shop around and get it for less. And it also includes all of these extra features: See all your bank accounts in one place. 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. 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. Worth it? 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, 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. 50% Upvoted. This is twice the amount available to ordinary Monzo customers (which is also fee free). With its relaunch, Monzo Plus’s largest changes were created to help users budget and save money. 1% AER interest up to £2,000; Monthly credit score updates; £400 fee-free international ATM withdrawals (previously £200) 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. Monzo Plus allows account holders to experience a significant upgrade from the company’s base-level platform. 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. That’s £180 a year, or £90 if you only keep the account the minimum term. 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. } Everything You Need To Know. Of course, most financial theft is done virtually today, so having extra debit cards available are perfect in case user credentials are ever hacked. AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. 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. Three generations of Monzo. 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. 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 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. } Monzo has grown exponentially over the past 5 years, serving over 2 million customers. The interest rate is certainly competitive. 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. However Monzo Premium only offers 1.5% interest up to £2,000 and so the maximum return would be £3 per month. ), Crowdcube Review 2020 (Best UK Crowdfunding Platform? 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. 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. You say you use Monzo as a secondary account, so no DD and only transfer spending money? I see several of you are saying you cancelled after a few 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. If I can get everything that Monzo Plus offers me for free elsewhere, why would I pay for it? window.mc4wp.listeners.push( 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. Enter the new Monzo Plus bank account. 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. event : evt, Current Monzo users can easily upgrade to a Plus account through the smartphone app in a matter of minutes. I had a look at Monzo Plus, as they have started offering travel insurance. 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. After all, that surely is the reason for the attractive rate. For travelers, Monzo Plus can be a valuable thing to have that may very likely pay for itself in the long run. This is only for the account holder’s phone. 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. Is Monzo Premium worth it? Monzo Plus came first onto the scene, rolling out in 2019, and costs £5 a month — with a minimum contract of three months. Here is a breakdown of Monzo Plus’s cancelation fees: With these cancellation fees so low, users can try Monzo Plus relatively risk-free. Before we get to Monzo Plus, we’d like to introduce Monzo. This service is also available with Monzo Plus. While in a foreign country, Monzo Plus users can withdraw up to £400 in cash completely fee free. If you are not a current Monzo customer, simply download the Monzo App to get started. Is Monzo plus worth it? Woke Still as easy-to-use as before and the new subscription comes with a great interest rate and a shiny new card. Lumio is registered as a Payment Services Directive Agent of Moneyhub Financial Technology Ltd, window.mc4wp = window.mc4wp || { 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 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. 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. Especially when you can get most of these perks and features elsewhere for … The ill-received Plus account costs £5 a month, Premium raises this to £15 a month, and includes a six month minimum term. Monzo initially launched Monzo Plus as a packaged account in May 2019, but it was scrapped just a few months later in September.. I must admit I really like the ability to create my own spending categories with Monzo Plus. Upon the release of the platform Monzo has illustrated open banking and external integration as one of the primary features of the premium service. Managed UK private client portfolios. This is a new premium account that offers customers a range of new features in exchange for a £5 monthly fee. Ok, so room for improvement. No. Monzo’s app has always been right at the top for me when it comes to challenger banks. 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. Though everything is a nice extra, I wouldn’t pay for any of them. In addition, AltFi runs major industry events around the world. 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. Once signed up, a fluttering of confetti appeared on my screen to welcome me into the paid service. 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. 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. Log … 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. TransUnion will give you an update every month so you can see how your credit score is doing. 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. For those looking to save more money, this feature relieves some of the guilt when purchasing snacks or a fancy coffee drink. As a bonus, transactions can even be split between each of the custom categories. For some UK residents, Monzo Plus has become the digital banking service of choice, leaving many to wonder, is it worth it? Even if you already love Monzo, you won’t get anything here that’s worth the £60 annual fee. Features of the Monzo Plus Account. 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. For UK residents, Monzo Plus is far from the only option available for digitally managing your finances. I received an email early last Thursday from Tom Blomfield offering me access to the newly re-minted Monzo Plus. There are several Monzo Plus features that I know I won’t use. With Plus, Monzo account holders can place one free cash deposit per month. Whilst that might seem pretty steep, Monzo claims that the account benefits are worth up to £256 a year. Monzo Premium is a subscription bank account that offers the same features as a Monzo … Discounts on spending. (UK), Monzo vs Revolut vs Starling: Head-To-Head Comparison (2020), How to Choose The Best Business Bank Account (UK). Bonus Features for Budgeting & Saving Money. 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. ); Monzo Plus is back. However, to each their own, as you may feel differently. 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. As with Monzo Plus, you can get 15% off Patch Plants when you spend £50 and 25% of a FiiT home membership. which is authorised and regulated by the Financial Conduct Authority. With Monzo Plus came the promise of a much higher interest rate on balances, including regular savings pots. 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. … Is Monzo Plus worth it? Fintech and alternative finance headlines with an exclusive Editor's Note each week. Your daily 7am download of all things alternative finance and fintech. Alright, here are the juicy details. Digital challenger bank Monzo has launched its premium current account Monzo Plus, but at a cost of £5 per month. Plus, it's also worth comparing Monzo's offering to traditional packaged bank accounts. Importantly, however, this interest is only applied with a verified credit score. 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? 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. I have Monzo and use a spreadsheet to keep on top of things so didn’t feel the Plus was worth it to me. Image source: Monzo Plus. Required fields are marked *. Here, the main benefit of a virtual card has everything to do with user security and convenience. Broke  Nearly everything offered with Monzo Plus can be accessed *for free* with other digital banking services. How Does Monzo Plus Work? MONZO has today launched a new premium account - Monzo Plus. By Aisling Finn on Thursday 6 August 2020. In April of 2019, Monzo launched “Monzo Plus” to extremely mixed reviews. Customers must consider what is valuable to them personally before ultimately choosing the best digital banking platform for their needs. As with Monzo Plus, you can get 15% off Patch Plants when you spend £50, and 25% of a FiiT home membership. What about the cost? Image source: Monzo Plus. With Monzo Plus, some user’s financial vanity dreams may be fulfilled with the company’s new holographic cards. 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. What Are The Fees & Charges when Banking with Monzo Plus? With Monzo Plus, this “spare change” can be automatically doubled or multiplied by five or ten. Automation and technological advancements opened up new possibilities in the finance industry. Find out more on the FCA Register. 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. Monzo originally launched an account called Monzo Plus in April 2019 before scrapping it in September of the same year following poor customer feedback. Share. on: function(evt, cb) { So whereas they are a bit flashy, in the end, Monzo’s new cards aren’t reason enough to upgrade to the premium platform. 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. 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. They say this also includes cracked screens. 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