New to Monzo Plus: interest on your money and exclusive discounts 🎈

UK Monzo Chat Monzo Plus
42

Great to see the improvement of the offering after a relatively short period of time. Don’t feel it justifies the monthly cost yet but a step in the right direction!

7 Likes
43

Hey Jamie! It’s set up for new customers in the app, but if you’re an existing customer, get in touch with their customer support directly and they’ll see what they can do :wink:

1 Like
44

Just to clarify - is the ÂŁ3/mo indefinite for those of us who signed up early? Or will we be switched to ÂŁ6/mo after 12 months is up?

45

It’ll be £6 after the year

1 Like
47

Hey Thomas! The early bird pricing of ÂŁ3 is for your first 12 months :blush:

3 Likes
48

Good question - they work like referral links, so you won’t be able to combine your Monzo Plus offer with any others you’ve seen. Hope that helps!

1 Like
49

image
37F8ED53-89E4-4CAC-91EE-42F071FE7979.png750×1334 68 KB

50

Where can I find the interest view shown on the blog post? I can’t seem to find it anywhere but I did get the notification about interest being enabled on my account.

52

Hey! This should appear towards the end of the month, once you’ve earned some interest :+1:

1 Like
53

I assume that if you had more then £4000 in your accounts. It wouldn’t mean that you don’t get interest that month, just interest up to the £4000 mark. Silly questions but for my sanity I thought I’d ask :sweat_smile:

54

Ignore me

1 Like
55

Yep, that’s right!

1 Like
56

Feels weird “downgrading” from a savings pot to a normal pot to earn a higher interest rate :sweat_smile:

20 Likes
57

Yep :joy:

58

OK so I called customer services for the partner, and they told me the code is only valid for new customers to their service.

Is that right? Or did the partners confirm to the Plus team they’d sort out existing customers?

5 Likes
59

The interest element alone is going to make Monzo Plus worthwhile for me now. At ÂŁ3 a month with the ability for me to earn ÂŁ6 a month in interest without having to put it into one of the third party pots.

60

Do you mean ÂŁ5 a month or?

2 Likes
61

My question is : are you gonna have to pay tax after the interest ?? I mean . It is not worth to have a cash isa with monzo anymore , that gives you 1.14%. Hmmm

62

Yeah, my bad, ÂŁ5 per month. Still, pays the ÂŁ3 a month fee.

63

If you’re a 20% tax payer you can get £1,000 per annum interest without paying any tax on it.

It’s £500 for a 40% tax payer.

So you won’t pay any tax on the interest from Monzo plus.

8 Likes