Our new exclusive interest rate for Plus and Premium customers

Hey everyone :wave:t2: 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) :tada:

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.


There are many, many accounts available elsewhere with rates in excess of 4.50% AER for which no fee is payable.

Not worth shouting about imo.


That’s pretty good. I might switch over, as it beats what Zopa are giving me tbf! :eyes:

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The rate is better, if you’re a one-stop-shop kind of person when it comes to banking. Else, I agree with the above.


So you’re taking away something that works with the google sheets export and replacing with yet another new product that doesn’t? (I assume it doesn’t, nothing else new seems to)

The whole point of the export is that it’s accurate, without the interest from pots (or virtual card from a pot etc etc) working, this is completely pointless.

This change is going to mean that Plus costs me the full £5 each month in order to keep my account accurate.



Surely for people under the £2,000 level, that’s taking a 1% or 1.5% bonus interest, and turning it into a 0.5% bonus.

I’m also disappointed that it’s getting rid of an advantage (however small) of premium over plus.

Edit: Question - does this also apply to the Safety Net Instant Access pots, or only to the standard ones?


Just saw the email come in but didn’t read it yet, shame it’s for Plus and Premium accounts.

I assume this doesn’t include the Safety Net pot now then? If so, that is disappointing, and feels like it goes against Monzo’s aim of money organisation


Not sure how I feel about this change to be honest…

On the one hand, having interest build up in a single place instead of 2 different ones makes sense
On the other, it’s essentially a loss of interest for me as I have low savings currently.

I’m glad I can defer this until November.


I cannot haz even though I’m a Plus subscriber :joy:

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I think it’s a much simpler way of showing how we earn interest and I think a positive change. Lots of negativity here unfortunately. People complained the interest when how it was earned wasn’t clear or simple… Monzo simplified it and they complain they want the old way. No pleasing some people. Unwarranted in my opinion. If of course someone is so unhappy with earning 4.5% interest, there are other, although not many, account where you might earn slightly more. Nothing is stopping people from switching, that’s the nature of being in a competitive banking environment. Complaining over losing a fraction of interest on certain balance types is splitting hairs :upside_down_face: fully expect this will offend someone on here

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I was thinking yesterday that the saving account interest seems low compared to lots of others.
Basically just looks like a decrease of 0.5 or 1.0%
Not great.

I wonder if now I have the email, it’s automatic?

Edit: it’s not. Still no access, but I can’t do anything until Saturday anyway

Guess you gotta see if £60/£180 removed from your annual interest rate is worthwhile. Probably not in the majority of instances (unless you already subscribe then can probs make it worthwhile if you want everything in one place).

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Hi. Sounds great. I realise the answer to this is probably ‘No’ but as a Plus customer, can I create a pot in my joint account with the preferential rate?

Hey :wave:

Sorry about that, if you scroll down a little to the learn more section you should be able to opt-in if you want :see_no_evil:

Edit: This has been resolved there will only be one now

Thanks for the heads up @andrew_fishy :star:


Remove the Plus/Premium barrier and this is a great move.

People aren’t really going to upgrade this with subpar benefits of the sub plans.


No many from banks that provide current accounts though. Perhaps only 2 or 3 other current-account-providing banks have easy access savings accounts with rates that match or exceed this (am referring to savings accounts without a relatively low cap on the amount you can earn interest on).

I’ve just opted in, it’s still 0.5% lower than my Barclays savings but the convenience of having it all in one place probably balances out that 0.5% difference. I still feel like plus could get 4.5% and premium could get 5% but free money is free money