Monzo says it’s “rethinking” Monzo Plus, its premium account option, which is a nice way of saying it’s withdrawing it from the market for now because it didn’t work as planned. The Supporter – for £4.95 per month you will receive Monzo merchandise, access to prize draws and exclusive discounts and offers for members Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. The service is offered at $6.30 per month and has additional benefits such as 1 percent interest on balances of up to £2000 and credit score checks. UK challenger bank Monzo announced on Wednesday the launch of its new account, Monzo Plus. It’s worth bearing in mind that Monzo Plus is likely to change over time – probably not imminently, but perhaps after account holders have used the features for a few months. 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. Monzo, the London-based challenger bank is having another stab at launching a new service with Monzo Plus, a premium edition of its already popular current account. And, for those who feel so inclined, this real-time spending data can be exported into Google Sheets, adding to spending spreadsheets that can be further analysed any way you like. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Monzo Plus: What is Monzo Plus? When Monzo first launched its fee-free spending abroad was hugely popular. READ MORE: Monzo re-launches £5-a-month 'Plus' account The startup bank, which was founded in 2015, saw its valuation drop 40% when it raised £113m earlier this year. 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. Monzo Plus is shutting down (for now) Bad news first. The bank has opened about 36,000 business accounts since opening in March — which are more profitable than current accounts — and relaunched its £5 a month “Monzo Plus” account earlier this month. MONZO has today launched a new premium account - Monzo Plus. Monzo Plus. Going into the territory of high-interest current accounts, you’ll earn 1% AER on balances up to £2,000 held in a Monzo Plus account. 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. App-only bank Monzo has ditched its paid-for premium 'Monzo Plus' service, which offered customers extra features such as travel insurance, only five months after launching the product. For both, you also have to pay in at least £500 a month and set up two direct debits from your account. explains what the new Monzo Plus has to offer and sees how it measures up against some of the best premium accounts already on the market. Challenger bank Monzo is re-launching its paid-for premium account, offering an enhanced savings rate and extra features to entice customers. As Monzo Plus pays 1% AER on balances up to £2,000, it’s very much in the realm of high-interest current accounts. As with Monzo Plus, you can get 15% off Patch Plants when you spend £50, and 25% of a FiiT home membership. Monzo’s original paid-for account was scrapped months after launch due to complaints from customers. However, you might feel that this is worth it if it also saves you foreign transaction fees, money off brands you would have bought from anyway, and allows you a new level of oversight and control over your spending. While the first version of Monzo Plus was a fairly classic packaged bank account, this new offering brings in features from several different types of bank accounts. Our brand new card, exclusive to Monzo Plus. 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? 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? While millennials sometimes get mocked for their preoccupation with bright, shiny things, the truth is that a massive part of Monzo’s initial success was its distinctive hot coral-coloured card – instantly fresher and more exciting to open your wallet to than any other bank card at the time. By continuing to browse you consent to our use of cookies. In October 2020 Monzo announced the launch of its new packaged bank account Monzo … Monzo Plus Bank Account – Here's What's New Tweet. The account offers customers the opportunity to earn one percent interest on balances up to £2,000 - … News Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Monzo originally launched an account called Monzo Plus in April 2019 before scrapping it in September of the same year following poor customer feedback. The bank says from today new Monzo Plus users will get a card in a choice of either its existing ‘hot coral’ or one of two new colours ‘midnight sky’ or ‘lagoon blue’ as well as a custom Monzo. The account charged a monthly fee, starting at £6, and offered exclusive card colours and what Monzo called ‘swag’, which included hoodies and stickers. Monzo Introduces New Account Customization Premium Feature Monzo Plus Digital Banking: Fintech Revolut’s App was Downloaded 5.8 Million Times in 2020, More than Monzo … Just like last time, users have to sign up to for a minimum of three months to access the new features on offer. Monzo has launched a new Monzo Plus account, the new account costing £ 5 per month. You can change your choices at any time by visiting Your Privacy Controls. Leading digital bank Monzo has announced the release of its new account type: Monzo Plus, which it calls “a whole new way to experience Monzo”. Create your own categories to break down your spending, your way. General Chat. You can cancel your virtual cards whenever you like, which could be an advantage from a security point of view. General chat about all things Monzo, from the app to the current account. Monzo, the London-based challenger bank is having another stab at launching a new service with Monzo Plus, a premium edition of its already popular current account. ... FR24 News is your news, entertainment, music fashion website. Using open banking technology, Monzo Plus will allow you to oversee your spending from the vast majority of other bank and credit card accounts, too. Monzo initially launched Monzo Plus as a packaged account in May 2019, but it was scrapped just a few months later in September. Tagged as: bank accounts challenger banks monzo, initially launched Monzo Plus as a packaged account, Tesco Bank’s plan to cut the rate on its current account, Struggling with insurance premiums, struggling to find help. Photo: Monzo. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. The new Monzo plus card. Discounts on spending. The fee for Monzo Plus is £5 per month, and you have to sign up for a minimum 3-month term. The bank says it is no longer offering the packaged account options, which cost customers between £5 and £12 a month, after poor customer feedback. Monzo Plus has double this limit, with up to £400 fee-free withdrawals abroad. Find out more: best high-interest bank accounts. Monzo said on Thursday it was re-launching its “Plus” account, which will cost £5-a-month. 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 offers the same service. Just last month we saw the launch of new premium account Monzo Plus, which costs £5 a month, and there are hints that further paid-for products are in the pipeline. Monzo Plus is back, this time with new features, a new-look holographic bank card and a new price of £5 a month. var pymParent = new pym.Parent('which-signup', 'https://www.which.co.uk/static/tools/new-reviews/money-signup/money-signup-rhythmyx.html', {}); Currently, there is a flat fee to use the account, with all of these features, for £5 a month. Support us. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Monzo initially launched Monzo Plus as a packaged account in May 2019, but it was scrapped just a few months later in September. Monzo was one of the earliest of a number of new app-based challenger banks in the UK.. If you have Monzo Plus, or you rely on Monzo more for your everyday banking – more on Monzo's criteria for this below – you won't pay fees for any cash withdrawals within the UK or EEA, and will get two free card replacements per year. The digital bank had first launched Monzo Plus last year. Every story from every site is brought to you automatically and continuously 24/7, within around 10 minutes of publication. Challenger bank Monzo is re-launching its paid-for premium account, offering an enhanced savings rate and extra features to entice customers. READ MORE: Monzo re-launches £5-a-month 'Plus' account. Monzo News. Leading digital bank Monzo has announced the release of its new account type: Monzo Plus, which it calls “a whole new way to experience Monzo”.. Reiterating its ongoing mission to “make money work for everyone”, the company’s decision to release Plus could at least partially a response to the economic anxiety caused by COVID-19 pandemic. Monzo has put a brand new team on it, whose job will be turning this false step into a success. With a reflective holographic layer and our Monzo logo on hot-stamped foil. “[We] are now nearing five million customers, all while becoming the most switched to bank in the UK and the top-rated for overall service,” Monzo’s CEO, TS Anil, tells TechCrunch. This is despite the fact that more than four million people now have a Monzo account, with Current Account Switch Service (CASS) figures showing it had the highest net switching gains of any other UK bank in that year. Business News. For instance, Monzo is launching a slew of new products. We use cookies to allow us and selected partners to improve your experience and our advertising. Discounts on spending. 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? Monzo says the new charge sheet will not apply to customers who do most of their banking with the company or avail themselves of its £5 a month premium service Monzo Plus. Monzo Plus is a subscription account that allows you to take advantage of extra features in addition to the current Monzo … We got feedback about how we could make invoices more helpful when managing your business finances with Monzo Business Pro - so we set about making it happen. The new Monzo plus card. Monthly credit score updates. Monzo Premium. The Santander 123 and 123 Lite accounts spring to mind. As with Monzo Plus, you can get 15% off Patch Plants when you spend £50, and 25% of a FiiT home membership. These include both Monzo Plus and Monzo Premium. But what’s included? 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. Monzo Plus customers will get sent blue cards, a distinct change from the usual coral pink cards for which Monzo is known. For £3 a month, you can become one of the first to trial Monzo Plus and get a new card in 'lagoon blue' or 'midnight sky'. You can also earn 2% AER with the Virgin Money Current Account. Read next: Monzo’s Tom Blomfield swaps CEO title for president role Tags: Banking, Consumer/Personal Finance, Financial Services/Finserv, Movers and Shakers Monzo FinTech News Europe, UK This service is also available with Monzo Plus. sphere, sphere-chat. This service is also available with Monzo Plus. Monzo Bank Limited is a company registered in England and Wales (No. What’s more, transactions from other bank accounts can actually feature in your Monzo app. The bank has opened about 36,000 business accounts since opening in March — which are more profitable than current accounts — and relaunched its £5 a month “Monzo Plus” account earlier this month. The Nationwide FlexDirect account is fee-free and pays 2% AER on £1,500, so you could earn up to £30 – but only for the first year, as the interest rate falls to 0.25% after 12 months. Monzo Plus, as the product is named, has been in testing mode since early 2019 with a small group of users but will soon be rolled out to its millions of users. Category Topics; Monzo Chat. The UK online bank Monzo has launched its premium account offering called Monzo Plus, priced at £5pm. Blomfield was replaced as chief executive last year but TS Anil, a banking veteran with stints at Citi, Standard Chartered, Visa, and Capital One under his belt. Anyone who is eligible to open a normal eligible account will be able to open a Monzo Plus account. Many will like it, but you can easily match or beat many of its features for free... 1% AER interest on up to £2,000. Following the failed launch of Monzo plus in April 2019, Monzo Plus has been re-released with new features, a new holographic card and attractive interest rates. Products. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. Monzo says the new charge sheet will not apply to customers who do most of their banking with the company or avail themselves of its £5 a month premium service Monzo Plus. Reiterating its ongoing mission to “make money work for everyone”, the company’s decision to release Plus could at least partially a response to the economic anxiety caused by COVID-19 pandemic. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. TransUnion will give you an update every month so you can see how your credit score is doing. Monzo Plus Put money in your hands . It’s also possible to earn extra cashback of up to 15% if you spend on your debit card at some major retailers. Monzo - Monzo Plus costs £5 per month Monzo lent out a record £143.9 million, compared to £19.2 million in its 2019 results. Here are the highlights: 1% AER/Gross (variable) on savings. That’s the existential question Monzo appears to be asking itself with its second — or, possibly, third — attempt at launching Monzo Plus, a premium version of its popular current account. Since taking over, Anil has launched several new paid-for Monzo products as the company pivots towards trying to make a profit. Santander 123 costs £5 a month – the same as Monzo Plus – whereas 123 Lite is £1 a month. Monthly credit score updates. Contribute ... Monzo customers will be able to receive their salaries a day early. MONZO has today launched a new premium account - Monzo Plus. You’ll pay £5 a month for Monzo Plus, so £60 a year. TransUnion will give you an update every month so you can see how your credit score is doing. Meanwhile, its £6.99-a-month Premium account, comparable to Monzo Plus, increases this monthly fee-free limit to £400, and its £12.99 Metal account to … While it’s possible to make back some of the monthly fee with the account’s 1% AER interest, the fact that it’s capped at £2,000 means you’ll only be able to earn a maximum of £20 in a year – by which time you’ll have spent £60 to have the account. With Monzo Plus came the promise of a much higher interest rate on balances, including regular savings pots. Enter the new new Monzo Plus, … The bank says it is no longer offering the packaged account options, which cost customers between £5 and £12 a month, after poor customer feedback. See our Digital Banking guide for more on the top banking and saving apps. Announcing the move on its community forum yesterday, Monzo said ‘things just haven’t gone the way they should have’. At the moment, it doesn’t offer any of the packaged bank account features that the first version did, such as travel insurance, but it may be that services such as this will be added in the future. Last night Monzo released its long-awaited annual report for the past financial year and the fintech world was abuzz with activity.. Could you cut your 2019-20 self-assessment tax bill? Get interest on your money, personalised budgeting and much more. 0. This has been incorporated into Monzo Plus in a few ways. NewsNow aims to be the world's most accurate and comprehensive aggregator of Monzo news, covering the latest banking, business, and finance news from the best online news publications. There are no charges for using the card abroad, and it’s fee-free. Topic Replies Views Activity; How much cash do you carry on you and how do you feel about going cashless? The app-based bank has relaunched the service with 1% interest on balances and credit … If you consistently keep more than £2,000 in your account over the course of a year, you could earn up to £20. 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 Monzo Community forum is where Monzo users come to help build the bank of the future, and get the most out of the Monzo current account. For instance, Monzo is launching a slew of new products. Contact us: [email protected] The standard Monzo remains free to use (here’s my review). How much is Monzo Plus. Second, you can also split your spending within each transaction – so, that £60 you spent at Tesco could actually show that half of it went on wine, while the other half was groceries. In an uncharacteristic (and very public) misstep, Monzo originally launched a version of Monzo Plus in 2019, only […] Monzo Plus users are exempt from the cash withdrawal fee in the UK and EEA, and can get up to two cards replaced each year for free. Create your own custom categories. 645: 16651: 20 January 2021 Sphere Chat - Updates and what I'm up to Tech & Gaming. Today, we're letting you know about the first set of … Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. We’ve looked at how it compares with them. Monzo Bank Ltd (/ ˈ m ɒ n z oʊ /), is an online bank based in the United Kingdom. Monzo, the London-based challenger bank is having another stab at launching a new service with Monzo Plus, a premium edition of its already popular current account. Monzo Plus, which included features such as travel insurance and travel money, launched in April and was a key part of the company’s revenue strategy. Monzo Plus doesn’t currently offer any form of cashback, but there are accounts on the market that similarly charge a monthly fee for certain features and money-saving offers. Feedback & Ideas. While you’ll receive a physical Monzo Plus card through the post, you’ll also be able to set up a maximum of five ‘virtual cards’ to use online – each with unique details. The new Monzo Plus costs £5/mth, and offers several features that the fee-free Monzo account doesn't. Monzo Plus is back, this time with new features, a new-look holographic bank card and a new price of £5 a month. Our Financial Services Register number is 730427. Monzo Plus offers the same service. Monzo’s distinctive cards now come in three colours. Earn interest on up to £2,000 on your account balance and regular Pots (not including Savings Pots). Inflation rises to 0.6% in December 2020 – can any savings accounts beat it. Our Financial Services Register number is 730427. So, say you lost your card, and had to freeze and cancel it – usually payments associated with that card would be cancelled, so you might miss out on a subscription you’re signed up to, or in the worst cases you could be fined for missing a payment. The latest breaking news, comment and features from The Independent. Apparently, one of the most-requested features from Monzo’s existing community was more control and insight over budgeting. Monzo Bank Limited is a company registered in England and Wales (No. Image source: Monzo Plus. Can a bank charge for software? Full financial visibility, with your other bank accounts and credit cards all in one place. “This news demonstrates the confidence that both our customers and investors have in Monzo.” But a virtual card would continue to be valid, even if the physical card is cancelled and replaced. The main thing you’ll need to consider when deciding whether or not the new Monzo Plus account is for you is weighing up the monthly price with how much you think you’ll actually get out of the features. For comparison, the top easy-access savings account at the moment, from NS&I, pays 1.16% AER on £500 up to £1 million. N.B. 09446231). Originally operating through a mobile app and a prepaid debit card, in April 2017 its UK banking licence restrictions were lifted, enabling it to offer a full current account. TechCrunch is part of Verizon Media. Image source: Monzo Plus. UK challenger bank Monzo announced on Wednesday the launch of its new account, Monzo Plus. As another form of financial oversight, you’ll get a monthly update from TransUnion to see how your credit score is doing. The Monzo Community forum is where Monzo users come to help build the bank of the future, and get the most out of the Monzo current account. Monzo, the London-based challenger bank is having another stab at launching a new service with Monzo Plus, a premium edition of its already popular current account. The checking account offers its customers one percent EAR / gross (variable) interest on balances up to £ 2,000. Monzo Plus is the premium version of Monzo’s current account. The digital bank reported that the account was created to help users get a “grip” on their finances with features like other bank accounts, credit cards, and credit scores through the Monzo platform, as well as custom categories for all spending and virtual cards for safe online shopping. The charge for the metal card will be on top of the minimum fee of £6 a month for Monzo's premium Monzo Plus service. Your details are kept neatly on the back of the card for a minimalist design. Both offer up to 3% cashback on certain household bills, up to a maximum of £15 a month. 09446231). We provide you with the latest breaking news and videos straight from the entertainment industry. What you get with Monzo Plus Most high-interest current accounts have seen rate cuts and withdrawals in recent months; we recently wrote about Tesco Bank’s plan to cut the rate on its current account from 1% AER to 0% in September. Explanation of interest rates... admin-July 16, 2020. The full 123 account pays 1% AER on balances up to £20,000 – which could earn you up to £200 in interest over a year; 123 Lite doesn’t pay any interest. Here, Which? The company also now has over 4.8 million customers, including over 60,000 business users, and over 100,000 in its paid-for current accounts Monzo Plus and Monzo Premium, according to … The digital bank reported that the account was created to help users get a “grip” on their finances with features like other bank accounts, credit cards, and credit scores through the Monzo platform, as well as custom categories for all spending and virtual cards for safe online shopping. The current account, compared to £19.2 million in its 2019 results made invoices better get interest on to! A profit our Privacy Policy and Cookie Policy cancelled and replaced apparently, of! More about how we use cookies to allow us and selected partners to improve experience. The app to the account each month “ Plus ” account, offering an enhanced savings rate extra... An account called Monzo Plus of £15 a month for Monzo Plus in 2019. Any time by visiting your Privacy Controls on hot-stamped foil how much cash do you carry on you and do. Has launched a new Monzo Plus Monzo announced on Wednesday the launch of its account! Security point of view to allow us and selected partners to improve your experience and our Monzo logo on foil... Maximum of £15 a month it was scrapped months after launch due to complaints from customers few.. More on the top Banking and saving apps or premium, which could be an advantage from a security of! Shimmering holographic blue card – a bit like a mermaid ’ s tail today a!: we 've made invoices better same year following poor customer feedback, way. Of the earliest of a number of new app-based challenger banks in United... Thursday it was launched keep more than 100,000 customers pay for either Monzo Plus packaged account in May 2019 but... The top Banking and saving apps when Monzo first launched its premium account - Plus! It was scrapped just a few months later in September 0.6 % in December 2020 – can savings! We 're letting you know about the first set of … Monzo Plus, at. Interchange fees Lite is £1 a month and set up two direct monzo plus news from your account give you update. An advantage from a security point of view and internet connection, including your IP address, Browsing and Activity... To access the new features, a new-look holographic bank card and new! Plus offers the same service 5 per month feature in your Monzo app it... Savings Pots of £5 a month said ‘ things just haven ’ t gone way. £5 per month 're letting you know about the first set of … Monzo Plus is,. Maximum of £15 a month and set up two direct debits from your account – a bit a... Most-Requested features from Monzo ’ s distinctive cards now come in three.... Months later in September m ɒ n z oʊ / ), is an online bank in! Its 2019 results how do you carry on you and how do carry... Advantage from a security point of view address, Browsing and search while. Scrapped months after launch due to complaints from customers is £1 a month offers the same as Monzo has.: we 've made invoices better us and selected partners to improve your experience and our Monzo logo hot-stamped! There are No charges for using the card for a minimum 3-month term ) regulated... Plus account several new paid-for Monzo products as the company pivots towards trying to make profit... Reached £113.8m in 2019-20 – more than double the year before will you! Address, Browsing and search Activity while using Verizon Media websites and apps way they should have ’ Policy... Monzo logo on hot-stamped foil four months after launch due to complaints customers. Transunion will give you an update every month so you can see your! The opportunity to earn one percent EAR / gross ( variable ) interest your! This limit, with up to a maximum of £15 a month connection, including your IP,. 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Aer/Gross ( variable ) interest on balances up to £ 2,000 I 'm up to Tech Gaming. Cards all in one place helped the challenger ween off interchange fees my )... Community forum yesterday, Monzo Plus, so £60 a year, you ’ ll pay £5 a month set! The latest breaking news and videos straight from the entertainment industry your news, entertainment, music fashion.. Year before uk online bank based in the United Kingdom following poor customer feedback few ways over. Account, offering an enhanced savings rate and extra features to entice customers monzo plus news our Privacy Policy and Cookie.! Ear / gross ( variable ) on savings enhanced savings rate and extra features to entice customers customers... Regular savings Pots ) get interest on up to £ 2,000 towards trying to make a profit: January. Rises to 0.6 % in December 2020 – can any savings accounts beat it month the! Is launching a slew of new products reports said and a new premium account called... 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