Hey everyone I’m Ross, one of the new marketers working on Monzo Plus and Premium and I’m here with an update!
From 7 September 2023, Monzo Plus and Premium customers will have access to our new and exclusive interest rate of 4.50% AER (variable) on balances up to £100,000 in a Personal Instant Access Savings Pot (instead of 4.00% AER variable with a regular Monzo account)
We made these changes based on feedback from our customers - including conversations with our customer service, thoughts you’ve shared on this forum, and a survey we recently ran with Monzo subscriptions customers to gain a better understanding of your likes and dislikes about Monzo Plus and Premium.
Customers told us they valued better interest rates
Preferential interest rates ranked high on the list of features people told us they valued. But we also heard the way you earned interest with Plus and Premium was confusing.
So we’ve looked to improve our preferential savings rate, making it clearer, easier to understand and increased the rate to 4.50% AER (variable).
Plus and Premium customers will now earn an exclusive, higher rate
If you’re a Plus or Premium customer, you’ll get an exclusive interest rate of 4.50% AER (variable) on balances up to £100,000 in a Personal Instant Access Savings Pot. If you have the regular Monzo Current Account, you’ll carry on getting 4.00% AER (variable) with an Instant Access Savings Pot.
Plus and Premium customers will no longer earn interest on the Current Account and Regular Pots
Plus and Premium customers will no longer earn 1.00% Gross AER/Gross (variable) or 1.50% AER/1.49% Gross (variable) (for Plus and Premium, respectively) on the combined balance of up to £2,000 in your Current Account, Regular Pots and Personal Instant Access Savings Pot.
How to get started
If you’re an existing Plus or Premium customer with a Personal Instant Access Savings Pot, lookout for the Monzo email with more information on how to get started.
If you’re an existing Plus or Premium customer without a Personal Instant Access Savings Pot, you’ll need to open one to get this new benefit.
See more information on Instant Access Savings Pots.
As a reminder, Monzo Plus and Premium have lots of other benefits:
- Get more financial visibility - Add your other bank accounts and credit cards so they’re visible in the Monzo app
- Stay safe online with virtual cards - Keep your physical card details safe by using virtual cards for online payments
- Track your credit health - See your credit score in the app and how it changes each month, powered by Transunion
- Monzo Premium comes with a range of additional benefits including phone insurance, worldwide family travel insurance (when travelling with the cardholder) from Zurich, powered by Qover and a premium metal card
And so much more!
Monzo Plus is £5 per month • 3 month minimum • Must be aged 18+ • Ts&Cs apply
Monzo Premium is £15 per month • 6 month minimum • Must be aged 18-69 • Ts&Cs apply
Phone insurance by Assurant with £75 excess • Exclusions apply
Travel insurance by Zurich, powered by Qover with £50 excess • Exclusions apply
By family, Zurich means spouse or legal partner (a couple in a common law relationship living permanently at the same address) and unmarried, legally and financially dependent children up to 19 years old (or 21 if in full time education) living in the country of residence. They’re only covered if they’re travelling with you.
The information in this post was correct at the time of publication.