You are here: Home - Saving & Banking - News -

Monzo Premium launches for £15 a month

0
Written by: Emma Lunn
20/10/2020
The Premium account includes a metal debit card, mobile phone and travel insurance, £600 of fee-free withdrawals each month, and interest on credit balances.

Monzo claims the insurance policies alone on the £180-a-year account are worth £256 a year, and says this has been verified by market research group Consumer Intelligence.

The mobile phone insurance policy that comes as part of Monzo Premium is from Assurant and Monzo says it’s worth an average of £97 a year.

Phones worth up to £2,000 are protected against theft, loss and accidental damage, with accessories such as headphones, chargers and cases worth under £300 covered too.

Monzo Premium also comes with worldwide family travel insurance from AXA, which the bank says is worth an average of £159 a year.

It covers medical bills up to £10m, lost valuables up to £750, and cancellation costs up to £5,000. It also covers flight delays of more than four hours, and winter sports.

Travellers are covered for cancellation if they or a close relative falls ill with coronavirus or another infectious disease before travel. You’re also covered if the UK government says a person insured by your policy has to quarantine or self-isolate on the date you’re scheduled to leave the UK.

Monzo Premium members earn 1.5% AER interest on current account balances up to £2,000.

While Monzo customers with its basic account can only take out £200 in cash every 30 days before paying a 3% charge, Monzo Premium members can withdraw £600 fee-free each month.

What do I need to sign up?

Monzo Premium is the digital bank’s second paid for account. Monzo Plus launched in July and costs £5 per month.

Monzo Premium has a minimum term of six months. You need to be aged between 18 and 69 to sign up.

Anyone who has a Monzo or Monzo Plus account can upgrade to Monzo Premium via the Monzo app, if they are eligible.

Monzo customers who have Monzo Plus for less than three months can sign up to Monzo Premium without paying the Monzo Plus early cancellation fee.

Monzo has proved popular with millennials since its launch in 2015. It came top of the bi-annual personal banking service quality poll by Ipsos Mori on behalf of the Competition and Markets Authority (CMA) in August.

But, also in August, Monzo posted annual losses of £113.8m after its revenue was hit by the pandemic.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week