Introducing Monzo Premium

Hi everyone, Max here with some exciting news for you all! As you know, we were ready to launch a new product back in March, but – for obvious reasons – we went back to the drawing board.

In July we launched the new version of Monzo Plus – the account that puts money in your hands. We’ve been blown away by the reception to it, with more than 80,000 people signing up so far! If you’re one of those people, we hope you’re enjoying the account.

What you might not know is that we were originally planning to launch two new accounts back in March. The first being Monzo Plus, and the second being an account packed with everything you get with Monzo Plus, and more.

We decided to launch Monzo Plus in July and hold off on our second account, because the time just wasn’t right for the features we had. But now we’re ready, and so today we’re excited to announce the arrival of Monzo Premium.

Introducing Monzo Premium – banking that makes a statement

It comes with our hotly anticipated metal card, made from a single sheet of steel and with a crisp white finish. You also get extensive phone insurance, provided by Assurant, and worldwide family travel insurance, provided by AXA.

Not to mention 1.50%/1.49% AER/Gross (variable) interest on up to £2,000 in your balance and regular Pots (not including Savings Pots), £600 fee-free cash withdrawals abroad every 30 days, 5 free cash deposits a month and everything you get with Monzo Plus.

All for just £15 a month, with a 6 month minimum term.

I also need to say that you have to be aged 18–69 to sign up for Monzo Premium.

Here’s what’s included:

  • Metal card
  • Phone insurance, from Assurant
  • Worldwide family travel insurance, from AXA
  • Discounted airport lounge access, from LoungeKey
  • 1.50%/1.49% AER/Gross (variable) interest on up to £2,000
  • £600 fee-free cash withdrawals abroad
  • 5 free cash deposits a month
  • Other accounts, in Monzo
  • Virtual cards
  • Credit Tracker
  • Offers
  • Custom categories
  • Multiple categories per transaction
  • Advanced roundups
  • Auto-export transactions

:credit_card: Metal card

Made from a single 16g sheet of steel and in a crisp white finish. With your card details kept on the back for a minimal design. We don’t need to say too much on this one, we like to think it speaks for itself.

:telephone_receiver:Phone insurance, from Assurant

Worth an average of £97 a year*

Extensive insurance cover for your most prized possession, from Assurant.

We’ve all been there. That heart-in-your-mouth moment where you reach down to flip over the phone you dropped to the concrete. It’s a feeling we’d all rather avoid, and knowing your phone’s insured puts your mind at ease.

With Monzo Premium, phones worth up to £2,000 are protected against theft, loss and accidental damage – even the dreaded cracked screen.

Any accessories under £300 are covered too, like headphones, chargers or cases. If you had to make a claim, you’d pay the first £75 – typically called the ‘excess’.

Read the Assurant terms and conditions for full details. There’s also the Assurant Insurance Product Information Document (IPID) for a summary of the benefits, exclusions and other important information.

:earth_africa:Worldwide family travel insurance, from AXA

Worth an average of £159 a year*

We could all do with some added comfort and security when it comes to travel plans right now. So we’ve teamed up with AXA to give you multi-trip travel insurance for you and your family anywhere in the world. (By family, AXA means partners and dependent children up to 21 years old who are on a trip with you.)

It 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 a claim you made was successful, you’d pay the first £50 – again, that’s the excess.

As with any insurance policy, you should have a good look at the terms and conditions to make sure Monzo Premium and AXA’s cover are right for you. There’s also the AXA Insurance Product Information Document (IPID) for a summary of the benefits, exclusions and other important information.

:red_circle:Important coronavirus information

Before you sign up to Monzo Premium, make sure you read our coronavirus webpage for details on what would be covered and what wouldn’t.

We’ve listed them all on that page – not in this post – so we have one source of truth. That way we avoid having outdated information lying around in the forum, which would be misleading and no good for you, or us.

:clinking_glasses:Discounted airport lounge access, from LoungeKey

With Monzo Premium, you and whoever you’re travelling with get discounted access to over 1,100 airport lounges worldwide for a flat fee of £24 per person, per visit. All with social distancing measures in place for your safety.

Either swipe your Monzo card and mention that you’re on the LoungeKey programme, or show a QR code in the LoungeKey app.

:dollar: Interest on your balance and regular Pots

You’ll earn 1.50%/1.49% AER/Gross (variable) interest paid monthly on your account balance and money in regular Pots up to £2,000 (not including Savings Pots).

:atm: £600 fee-free cash withdrawals abroad every 30 days

Extra cash when you need it. For every 30 days that you’re away.

:link: Your other accounts, in Monzo

Get a clear view of your finances by adding other accounts and credit cards to Monzo, including Amex. See your balances and transactions, and move money around using easy bank transfers. Read more about how we’ve tested this with external cards in the past.

:lock: Secure online and in-app spending with virtual cards

Keep your physical card details safe by using virtual cards for online payments. Great for subscriptions and online shopping.

:eyes: Your credit score, in Monzo

We show you a monthly update of your TransUnion credit score, with the key factors and how they influence it. All with no long forms to fill in, and powered by TransUnion.

:shopping: Offers

The offers you get with Monzo Premium are the same as the ones you get with Monzo Plus. Here’s what’s currently available:

Patch
15% off all plant and plant pot orders over £50.

HelloFresh
Get £15 off each of your first 4 recipe boxes when you sign up.

Naked Wines
£24.99 for 6 top-rated bottles of wine (including delivery) when you sign up to a Naked Wines Angel subscription as a new customer.

Babylon Health
20% off an annual virtual GP subscription and free access to the COVID-19 Care Assistant.

Fiit
25% off one home workout membership.

Busuu
50% off a Premium or Premium Plus plan of language lessons.

Make sure you read the terms and conditions for an offer before claiming it.

:bank: 5 cash deposits a month for free

Got some cash you’d rather have sitting in your account? Pay it into your Monzo Premium account at over 27,000 PayPoints in the UK, absolutely free.

:money_with_wings: Powerful budgeting tools to see more and save more

  • Custom categories and transaction splitting: create custom spending categories and pick more than one for a single transaction to better understand your spending.
  • Advanced roundups: make your spare change go further by choosing to put aside 2, 5, or 10 times as much each time you spend.
  • Auto-export transactions: live sync all of your Monzo activity to Google Sheets. We’ll add your transactions to a Google Sheet as they happen, so you can do your analysis your way.

*The insurance policies alone are worth an average of £256 a year

For reference, at £15 a month, Monzo Premium with all its features costs £180 a year.

How did we get this valuation? We asked independent market research group Consumer Intelligence to see what it would cost if you bought these insurances policies on their own.

The results showed that the two policies are worth an average of £256 a year, and up to £343 a year (depending on the provider). And that’s for just two of the features you get with the account.

Read the full report.

We’re waiving cancellation fees if you move from Monzo Plus to Monzo Premium

If you’ve had our latest version of Monzo Plus for less than 3 months, technically you should have to pay the early cancellation fee if you moved to Monzo Premium. But, we’re waiving that and letting you get Monzo Premium without having to pay your early cancellation fee.

We’re also refunding the rest of this month’s Monzo Plus fee

We know that some of you might have only just signed up for Monzo Plus, and now you may want Monzo Premium instead. No problem, we’ll refund you for the rest of this month’s payment straight after you’ve signed up for Monzo Premium.

For example, if you’re halfway between monthly payments, we’ll put £2.50 (half of the £5 monthly payment) back in your account.

We’ll carry all your features across to Monzo Premium

Your custom categories, virtual cards and any bank accounts you added to Monzo Plus will all carry across to Monzo Premium. Ready for you to start using again, right away.

You don’t have to order a metal card, but if you do, your current card will keep working until you activate your metal one.

Monzo Premium isn’t available for joint accounts

We know this is something a lot of you will be asking, but sadly the new account is just for individual accounts. For now, anyway.

Tell us what you think

You’ll need to make sure you have the latest version of the app before you can sign up. We’re excited to build from here, and as always, we’d love your take on where to go next.

43 Likes

First

Good work and looking forward to further development

4 Likes

Does this mean it might be or is this just a line to cover off any questions?

3 Likes

Out of interest, what was changed other than adding a form of coronavirus element to the travel insurance?

What statement does it make?

6 Likes

Compared to protecting my phone with Loss cover too on Protect your bubble:

Makes premium seem worth it for me

16 Likes

Looks amazing, but can’t justify the move from my nationwide flex plus account…

17 Likes

Looks good, but think it would be worth considering optional extras, car rental insurance etc. Can get a lot more with likes of nationwide and Curve. Great idea though so fingers crossed.

2 Likes

Did I miss the maximum age to sign up?

It’s not just young people who travel

3 Likes

Yeah, needs to get back to Townsville and all, Mojo JoJo :smiley:

There is a sign up age limit of 69 but my guess is that’s to do with the travel insurance policy rather than the monzo product

1 Like

I guess it’s just morning and I’m cranky with a bad back but the Guardian article in the other thread kind of reads like “Travelling isn’t a big thing now but Monzo hope young customers will still pay for the extra stuff”

2 Likes

So I’m REALLY tempted on this but was looking through the mobile phone insurance part.

The only thing I think would be missing from my current insurance cover is that if you also own something like an Apple Watch or similar this isn’t covered under the accessories.

If there was a way, even if it added a little on the top, to add my Apple Watch as well as phone and accessories I travel or use everyday it’s a no brainer then.

8 Likes

Interesting list, a lot of things people have been asking for.

However, not for me unfortunately as I don’t need phone insurance, and travel insurance is not on my list any time this side of Christmas.

The card, being white, is not something I’ll be after either. I preferred the other colour card that was teased a while back.

Hopefully now plenty of people can get their metal card fix. :sweat_smile:

1 Like

One thing that would be nice to differentiate between plus and premium is additional virtual cards. 15 for premium would be just right.

6 Likes

Been waiting for this but it looks like the phone insurance won’t give enough accessory cover to also cover my smart watch (apple watch). Can this be looked at???

6 Likes

Just as a point of reference, here’s what it is with Curve metal. Also £15 a month. Except you get an 18g card

4 Likes

Is this link working for anyone? It doesn’t seem to do anything for me.

Edit: was just a niche browser issue…

So you were never the target market and would never be interested.

Glad you got that off your chest.

9 Likes

Is this going to be the same as other metal cards offered where it’s a metal plastic sandwich for contactless ?

Or pure metal.

Because I would like it to be pure metal with no contactless :joy:

2 Likes

Personally I think this is worse than Plus.

22 Likes