Introducing the new Monzo Plus

Kinda pissed that I paid to deposit cash yesterday lunchtime :man_facepalming:


How will we know what date the plus fee will be taken from us ? Will it show up in the subscriptions/standing order list ?

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If you max the interest offered on old plus it would cost you nothing and you gain money? Not sure what’s not to like about that personally.

The only thing that interests me personally on the new plan is the virtual cards, the rest of the features are offered free elsewhere.

I think that’s the thing. Much of this is available elsewhere but only if you’re prepared to use multiple accounts or services. For me, £5/month is worth it just to have things in one place:

  • Custom categories. Yes, I could manually export my data and then setup lots of rules on a spreadsheet to give me summaries that do the same thing. It’s not worth my time.
  • Credit score. Yes, also elsewhere. But the alternative services are constantly bombarding me with offers and prompts to login in exchange for it being free. Now I can cancel them.
  • Account aggregation. Yes, again available in different apps. But I want it in my main banking app as it gives me much greater visibility.
  • Multiple card numbers. Again elsewhere (but for free?). Handy having them in a place where my budgeting/subscriptions are already managed from.

1 free cash deposit? Isn’t there still like a £200 limit on this?

Isn’t this also a weird thing to be promoting, since every other bank will let you do this for free in branch?


Nice to see Monzo thinking of how to expand and grow. I can see how Monzo plus works for some, for me it doesn’t, but that’s ok. I’m happy sticking with the free current account.

As an idea of what Monzo Plus could do:

  • Move money between pots easier, rather than withdrawing to balance each time (this should be a feature in free current accounts as it’s usability improvement, not an added functionality so scrap this for Monzo Plus)

  • Monzo Plus could introduce higher overdrafts at lower rates for those interested

  • Monzo Plus could do something like free guaranteed entry to any public events they do (never been so not sure how it works)

  • Monzo Plus could do a colour swap of card to maybe black to show it’s exclusivity.

In general, Monzo’s current account needs to include a “payday to payday” option ie. Last working day of every month, to configure in the summary/budgeting overview analytics.

Great work though!

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Hey - I filed this in the bug reports section :slight_smile:

So apart from the virtual cards it looks like they have released near the exact same thing as before.

The interest on the account is a non starter if the interest able to be generated doesn’t even cover half of the subscription model. Nationwide do 2% on there current account without having to pay all the interest back due to monthly fees.

£400 fee free overseas withdrawals for £5 a month when I can get that for free to any amount with Starling.

1 cash deposit for free… what bank actually charges these days for cash deposits.

Offers - lets see what they actually are first and if there exclusive. I remember the old monzo plus one of the key offers was 10% off when that offer is readily available.

Basically its £5 a month to get basic banking, no thanks.


Is open banking limited to savings and current accounts? Freetrade integration would be nice, but that’s probably asking too much! :sweat_smile:


That is amazing, thanks! Getting singed up now :slight_smile:

Biggest meme going!

Monzo has my salary paid into it, and has done since November 2019. :rofl: :man_facepalming:

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My thoughts:

  • Sign Up Journey - Super simple. No problems here!
  • Design - The app looks great. Like others have said, this definitely feels like a fully market-ready Plus account, whereas the previous Plus was an MVP stab at it. Whereas the benefits of old Plus were actually quite difficult to find it app, here they’re front and centre and very easy to set up. The gradient background is a nice touch and will match up well with the holographic card (I’m still #TeamDarkMode though :wink: )
  • Features
  1. Other accounts, in Monzo - Think this is a really good feature. It’s nice to not only have your other balances in one place, but also all your list of transactions. Personally I rarely use my other cards, so not a huge benefit for me, but can definitely see this being a big thing for a lot of other people. One thing though: the list of transactions for these cards doesn’t look that nice. Will be a tricky one as I can appreciate how it might be a struggle to include icons and things next to the transactions from third-parties, but there’s other things like some transactions being all in lowercase, others just being the URL of the company I’m paying to. Can this be forced to a certain style to make it look a bit cleaner? Again, not sure how much free reign you have over this, but some food for thought.
  2. Interest on balance and regular Pots - Nice to see this back. Also great to see how much interest I’ve earnt this month and total.
  3. Custom categories - This is one of the main features for me that stood out. At first I assumed it just meant being able to give a transaction multiple categories, but the fact that you can then split how much you spent in that one transaction per category is going to be really useful to me. I will have to try and remember how much I spent in each though, so here’s to hoping we get more from Flux or some way of keeping e-receipts for transactions!
  4. Holographic card - Can’t speak too much on this obviously, but photos look great! Would have liked to have a choice of colour like old Plus. I rarely use a physical card anymore but looking forward to seeing what it looks like.
  5. Virtual cards - I’m still trying to get my head around the benefits of a virtual card if I’m honest. However, having the app find my regular transactions automatically to move over to a virtual card is a really cool feature.
  6. Advanced Round-Ups - Great feature. I’ve been using a similar feature in Moneybox and Plum. Love having more control over how much I’m putting away based on how I’m doing financially each month. Praying I’ll be able to use the 10x round-ups eventually!
  7. Credit Tracker - Oddly this feature isn’t working for me: it’s saying ‘You can’t be matched to a credit file’. Odd as I have multiple credit trackers set up that all work fine (including Credit Karma which I believe uses TransUnion?) Anyway, good feature. Wouldn’t really call it a premium given that I can get it for free elsewhere, but I suppose there will be customers who prefer to have everything in one place.
  8. Offers - Good start for the offers. I can definitely see myself using the Patch one in the future, but probably not the others. Would prefer these to be more like ‘x% cash back’ offers instead of discounts on signing up to subscription services.
  9. Auto-export transactions - Will look into this feature to see how this could benefit me. My main driver for coming to Monzo was so I could move away from my old spreadsheets. That was very manual though, so having live updates into Google Sheets might let me play around with setting up future budgets etc.
  10. 1 free cash deposit in a month - Very rarely use cash points any more, but good to know I have the option.
  11. Fee-free withdrawals abroad - Similar to above. I use my Halifax Clarity card whenever I go abroad, but nice to have the option without worrying about fees as a back-up.

Main takeaway from me: there’s some good stuff here and it’s presented a lot better than previous iterations. I can’t say for sure if it’s enough to make me stay on after my free trial period, but it’s early days. The thing I’m really after (other than things like travel benefits which is obviously an issue at the moment) is more complex spending/budgeting tools. I remember this was discussed a while back, and so I hope this could potentially be part of the tier above this version of Plus. Things like multiple categories and pre-existing features like salary sorter are all really useful, but I still would like to see smarter personalised insights into how I’m managing my finances.

Anyway, massive congrats to the whole team! I’m sure you’ve all been working like crazy during lockdown, and to be able to bring a product like this to market after the blow of having to halt the Plus rollout after Covid just shows the resilience of the team. Hope you all get to relax a bit and have some drinks this evening! :blush:


As this seems to reset on the 1st, it might be worth asking support to refund the fee as you have just paid for the 1st of July onwards.

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First World Monzo Plus problems :stuck_out_tongue:


Really pleased to see new Plus is a significant improvement on old plus.

Whilst it doesn’t have all features I’d want I think it has enough to justify the £5 a month.

Looking forward to seeing how it works.

Wife thought we had won the lottery when I cheered - she rolled her eyes and said but what’s the point of that?
She’s got a Monzo account and loves it but perhaps she doesn’t have the same enthusiasm as me,

I love the round up feature has been altered - it really makes a difference.

If it could go to joint accounts then I’d give it a massive cheer!

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Know it isn’t Monzo’s fault but excited for First Direct to stop having issues at some point today so I can connect my account :woman_facepalming:

I wanted to join in with some complaints, can’t be seen to just be happy around here :rofl:

My only annoyance is the roundup feature at 2x will lead to my main account not being a .00 amount now :sob:

Am I complaining correctly?


I dont agree, personally

The new plus has a lot of new features that never existed previously

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