Is premium worth it?

Is premium worth the upgrade? I have an expensive phone, I go on holiday a lot which includes hiring cars. I have enough in pots to benefit from the higher rate of interest to. So it’s tempting. What’s others thoughts

I think it’s great.

Phone insurance to cover my iPhone 12 Pro Max and the travel insurance cover is suited to me, as I hire cars in the UK too which Premium covers up to £3000 excess which makes the car hire cheaper too (not having to purchase their excess cover, or just take the risk without).

Not fussed over the interest as I don’t have my savings in a basic account (put in lifetime ISA).

The metal card is really nice, and looks better than the basic and plus cards, along with the better flex design.

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I’d say Nationwide Flex Plus is arguably better value. It’s cheaper, you get family travel insurance and family mobile phone insurance and breakdown cover.


It’s most likely a matter of convenience vs price.

If you look at separate insurance policies that meet all your needs and savings accounts which pay better interest it’s very likely you’ll end up saving quite a bit over any premium bank account, although it isn’t guaranteed.

Then again reading through insurance docs, searching sites, working out exactly what you need and then buying them each year and moving money around is a bit of work. I still think it’s the best approach, but for many I guess it’s easier just to go for a premium bank account with this stuff built in. L


Personally I’d still recommend the Nationwide over Monzo for 99% of people I speak to. I personally don’t think Premium is worth it for me, nor most people.

But it really always depends on your individual needs. Always with any bank account.


Not for me.

I haven’t been abroad in nearly 2 years and I wouldn’t let their insurer near my phone.

Yes. Premium is worth it to some because Monzo have plenty of customers who pay for it.

Whether it’s worth it to you, nobody here can answer that. You’ll just need to go through the list of features and work it out for yourself based on your personal circumstances.

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Well of course. I won’t be making any decision that I’m not fully bought into for myself.

Perhaps I should have titled it differently to be clear. I’m keen on getting view points of those who are using this service rather than those who aren’t. It’s always a sensible thing to ask those who are already using a thing to get a more pragmatic take on something rather than the pitch offered by any company and before I start researching the small print.


I considered this (I have plus) and the extra features, for me, were not worth it.

I do not have an expensive phone, and never would, I go on holiday a fair bit, but have never, ever hired a car - nor would I ever. I have enough in savings to benefit from the higher rate of interest but there are certainly better offers out there for the money I have - even with Monzo Premium on 1.5% pa (on a maximum £2,000) means a grand total of £30 pa. Woo, and indeed hoo.

So it’s a no from me. But it may work for others.

I can honestly see most neobanks going down the road of shutting down their free offer, in the blinkered view that most customers will grudgingly pay a fee. Not with these paltry offerings, I must say


Sum’s up both Plus & Premium tbh

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Maybe for you. But lots of people quite happily pay for the upgrades.

I’m sure there are, there wouldn’t be the market for them otherwise. But I don’t think the market will bear more than a select few

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Nearly every bank has a premium offering of some sort. So there’s plenty more than a select few.


I have plus and I don’t disagree. But I stand my post, the current plus offers are hardly groundbreaking, a set of features available for free elsewhere and options around cash back etc

I actually like plus, I like the trend lines and that plus the rest of the monzo app make it why I came back, BUT would be nice to see some options such as;

  • Better in-app offers
  • Cashback on purchases
  • Options to have different card colors/personalised cards
  • Better savings rates (not the 1pc on pots etc, but say 2-3pc upwards)
  • Bolt on’s such as insurance.

In other words, somewhere like the original plus way back

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March 2021, there were reported over 135,000 people using Plus & Premium, at the point in time meaning about 3% of users had taken out plus/premium. Generating in the range of 8 to 24million in revenue.

So yea, pretty sure it’s more successful than your message conveys :sweat_smile:


Has anyone actually used the additional features; phone insurance and travel insurance? What was your experience? Was it a quick simple easy process or did you come across any obstacles?

I had premium and used the phone insurance when my phone got damaged. I found that the sevice was fine for this and there wasnt any drama. I dont have premium now as I dont use enough of the other features to warrent it though.

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I check the offering regularly and see nothing worth upgrading for. In 2022 considering the ability to track other bank accounts a ‘premium’ feature is a joke.

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Good job that’s not the only feature then :wink:

Out of interest which other bank accounts allow you to connect other accounts to view spending?