Monzo launch Monzo Premium
Today, Monzo have launched Monzo Premium, their newest account and comes with their first metal card for 18-69 year olds for £15 a month with a minimum 6 month term. The Monzo Premium card is made from a single 16g sheet of steel, complete with a precision-engraved logo and a white finish; with your details kept neatly on the back for a minimal design.
With Monzo Premium, phones worth up to £2,000 are protected against theft, loss and accidental damage – even a dreaded cracked screen as well as accessories under £300 are covered too, like headphones, chargers or cases. If you need to make a claim, you’d pay the first £75 as excess. Monzo Premium also enables users to have access to, AXA travel insurance that covers you and your family (including partners and dependent children up to 21 years old), anywhere in the world – because everyone needs a little security while travelling these days.
As well as the aforementioned travel insurance, Monzo Premium also covers medical bills up to £10 million, lost valuables up to £750, and cancellation costs up to £5,000. As well as flight delays of more than 4 hours and winter sports, including skiing and snowboarding. And if you had to make a claim, you’d pay the first £50 – again, that’s the excess.
Users of Monzo Premium can earn interest on up to £2,000 in your balance and regular Pots (not including Savings Pots), 1.50%/1.49% AER/Gross (variable) which means your money earns you money, simply by sitting in your account.
You’ll also be able out triple the amount of fee-free cash that you can take out with the free, original Monzo account, which is £200 more than you get with Monzo Plus – perfect for when we’re all able to move freely again. You can withdraw more than £600 from an ATM in a 30-day period, but Monzo will charge 3% on however much you withdraw after that.
What are the other features of Monzo Premium?
- Discounted airport lounge access, from LoungeKey – Access for you and whoever you’re travelling with to over 1,100 airport lounges worldwide, at £24 per person, per visit. All with social distancing measures in place for your safety.
- See your Amex and other bank accounts, in Monzo – Get a clear view of your finances by adding your other bank accounts and credit cards to Monzo. See your balances and transactions, and move money around with easy bank transfers. Make sure to read the terms and conditions before you add an account.
- Credit Tracker – See your TransUnion credit score and track how it changes each month. With helpful information about what a credit score is and how to improve yours.
- Custom spending categories – Create your own categories to break down your spending, your way. Plus, divide single payments into multiple categories, like separating your supermarket purchase into food and wine.
- Virtual cards – We’re all spending more online these days, so it’s important to protect yourself. Keep your physical card details safe by using virtual cards for online payments. The money you spend comes from your balance, just like with your physical Monzo card. It’s especially handy for managing online subscriptions.
- Offers – From brands we think you’ll love. Like 15% off Patch plant and plant pot orders over £50. As well as 25% off a Fiit home workout membership and 20% off an annual subscription to Babylon Health. These may change over time, and again – make sure to read the terms and conditions before claiming an offer.
- Auto-export transactions – If you want us to, we’ll add your transactions to a single Google Sheet as they happen, so you can get to know your money better. You can then add your own tables and graphs. And if you change your mind, you can turn auto-export off whenever you like.
- Advanced roundups – Put 2, 5 or 10 times as much spare change aside every time you spend to reach your savings goals faster. Whatever you buy, we round up the payment to the nearest pound and put the spare change in a Pot. With advanced roundups, we times the spare change by 2, 5 or 10.
- 5 free cash deposits a month – Pay in cash 5 times a month, for free. Just go to one of the 27,000 PayPoints across the UK to pay your money in. If you pay in cash more than 5 times a month, we’ll take our normal £1 fee from the money you pay in.
The features in Monzo’s free account are also included with the Monzo Premium account. This includes things like fee-free UK bank transfers, Pots for separating your money, instant spending notifications, customer support when you need it and more. And protection for your money, as your eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (FSCS) up to a value of £85,000 per person.