Monzo Plus: Review
Monzo is my go-to current account which I use for my everyday spending. It not only categorises my spending, but it also helped when transferring money to people in lockdown.
This week, they launched their Monzo Plus service. I was keen to learn more, and see what it had to offer.
Monzo launches new Monzo Plus account to give customers visibility and control over their money
- Monzo Plus customers will be able to view different bank and credit cards seamlessly in the Monzo app and shop online more securely with virtual cards
- Designed to help customers budget and save better with 1.00% AER/Gross (variable) interest and custom spending categories
- New current account will cost £5 a month and comes with an exclusive holographic blue card
Monzo launched Monzo Plus that’s designed to give customers full financial visibility and control over their money.
For the first time, customers will be able to view and move money from a different bank and credit card accounts seamlessly in the Monzo app, including HSBC, Barclays, Lloyds and Nationwide.
With more people shopping online than ever before. Monzo Plus users will be able to shop online and manage subscriptions even more securely with up to five virtual cards, each with their own unique details.
New advanced budgeting features such as custom categories, was the number one feature requested by Monzo’s community,
Monzo Plus customers will get:
- Monthly credit score updates with TransUnion
- 1.00% AER/Gross (variable) interest on balances of up to £2000
- Offers that users can enjoy right now such as 15% off Patch plants orders over £50, and 25% off FiiT home workout membership
- £400 fee-free withdrawals abroad
Monzo Plus new holographic blue card
Customers will be able to sign up for the account, which costs £5 a month, in seconds and will receive an exclusive holographic blue Monzo card in the post.
Monzo Plus was designed 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.
Benefits that stretch your pennies into pounds with 1.00% AER/Gross include (variable) interest on money in your balance and regular Pots up to £2,000.
Save on fees with £400 fee-free cash withdrawals abroad every 30 days, for when you can go away again. And pay cash into your account for free once a month.
Finally, you get a free holographic card, exclusive to Monzo Plus. And offers from brands, like a Fiit home workout membership and money off Patch plants and plant pots (conditions apply).
All of this, for £5 a month with a 3 month minimum term.
Mike Hudack, Monzo’s Chief Product Officer said:
“With this version of Monzo Plus, we went back to basics and re-examined how we built things. We thought really hard about why people love Monzo and listened to our customers and our community.
“Over and over again we heard that people love Monzo because it gives them more control and visibility over their money.
“So we’ve doubled down on that and created a premium product that we believe makes Monzo even better at managing your money, refocused on benefits that help customers today and in the future.”
10 Reasons to get a Monzo Card
Last March I wrote an article which gave 10 reasons to get a Monzo Card. Unfortunately their £5 Golden Ticket introductory offer is no longer valid, as they have grown to become so popular, they don’t need it.
I love the fact you can create pots of money, which I use to track my spending. As well as categorising spending, so you can see where your money is going and also catching any overspends.
Monzo Plus launches as a premium subscription: Review
It was only a matter of time before Monzo launched a premium service as part of its account.
How much is it?
Monzo Plus is £5 per month, with a 3 month minimum term
Get full financial visibility
You can add your other bank accounts and credit cards so they’re visible in the Monzo app. I like this feature as I have multiple current accounts. It’s the best way not to spend money for essentials such as rent and bills.
Various virtual cards for online payments
Monzo are offering a number of virtual cards for online payments. You can have up to 5 at a time. I have used Pleo for a number of years with work and find the virtual cards to be really useful. Saves trying to get them out of your wallet when trying to buy something!
Track your credit health
I joined MoneySavingExpert’s free credit club to monitor my credit score each month. It has been really helpful to improve my credit score. Monzo is now offering a credit score in the app which is powered by a company called TransUnion.
TransUnion acquired a company called CallCredit back in 2018, which was one of the UK’s largest credit reference agencies (CRA). In 2019 it opened an Open Banking platform which helps people and businesses make more informed lending decisions through targeted offers.
Offers – which brands are on the platform
Monzo is now offering consumers offers from brands designed to ‘treat yourself’. Let’s look at some of them below:
- Patch: 15% off all plant and plant pot orders over £50
- HelloFresh: £15 off each of your first 4 recipe boxes when you sign up
- Naked Wines: Over 50% off 6 bottles of wine when you sign up
- Babylon Health: 20% off an annual virtual GP subscription and free access to COVID-19 Care Assistant
- Fiit: 25% off a home workout membership.
- Busuu: 50% off a Premium or Premium Plus plan of language lessons
Conditions apply.
Monzo V Monzo Plus?
I do like the roll-out of new features, but I am not sure if I would pay £60 a year for the Premium service quite yet.
1.00% (variable) interest up to £2,000 is actually a competitive rate of interest in the market. A Virgin Money E-Saver Account will give you exactly the same interest, but at least this keeps everything within the app. Most banks and savings accounts have slashed their interest rates, which makes this a difficult market for savers right now.
The branded virtual cards are fun and are a great way of keeping everything online, and the Holographic card does look kinda cool!
The offers will expand over time I am sure, as this loyalty add-on will be in a trial period to understand what is popular among Monzo users.
The upside of this premium service is that it is not conditional on how much money you have in your account. Lloyds, for example, offers 6 movie tickets and an annual digital Gourmet Society membership with its Club Lloyds account, which is £3 a month. However, this is conditional on you paying in a minimum of £1,500 per month.