The Monzo Plus account will allow customers to view 13 different bank and credit cards in the app, including Barclays, HSBC, Lloyds and Nationwide.

For £5 a month, customers will be able to earn 1% AER (variable) interest on up to £2,000 and can make £400 fee-free withdrawals abroad every 30 days.

The standard Monzo current account offers users £200 fee-free withdrawals abroad.

They’ll also receive monthly credit score updates with TransUnion and can set up five virtual cards for shopping online, rather than using details from the physical card.

Users will also be able to set up custom spending categories so they’re able to break down spending into personalised groups.

There’s a minimum three-month term for the Monzo plus account after the initial 14-day cooling-off period.

Monzo’s chief product officer, Mike Hudack, 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.”