Value added accounts /premium accounts

Different drinks for different people, but packaged accounts works wonders for us.

  • 2 iPhones covered (useful when you have a 4 and 2 year old!)
  • Travel insurance
  • Breakdown cover

We would want all of these anyway, and paying £12 a month is great value for money - considering the cost to insure one phone. (I know the pros and cons of insuring phones has been done to death in another thread!).

For this reason, we’ll be keeping our Halifax account going and using the - hopefully soon to be released - Monzo joint account for day to day spending.

I wonder if paid accounts are on the way? Is a customer cost £15 a year? Cos I would pay that as a fee.

That would depend on whether you want a massive drop off in customers again I suspect. In any case, charging, as said elsewhere on the forum, goes against a number of the accessibility targets that Monzo are aiming for.


Well it would be a paid tier I guess although what it includes who knows

If that’s the case i’d move back to legacy. They are catching up with Monzo fairly quickly in some respects and nothing is locked behind a paid account with them. So I personally wouldn’t pay for a Monzo account

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There’s nothing in this story (where today’s posts were moved from) to suggest paid accounts are on the way & I don’t think there’s much point in restarting this discussion from the beginning. As this topic already exists (please read the earlier posts in that thread to avoid repeating any ideas), I’ve moved these posts here so that you can continue the discussion.


I used to pay £19/month to NatWest for a platinum account with Car Breakdown Cover, phone insurance, travel insurance, Cashback and a load of other things.

They should offer something like this.

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Since when, care to post something to back it up. I have similar deal with coopbank and it’s great,used it multiple times, used the breakdown cover 4 times in about 6months no issues do the combined package is pretty darn cheap.
Be nice if monzo offered this and made a bit out of it to cover cost of accounts.

If you don’t think it’s good value don’t purchase it, don’t see what the complaints are about, or how it goes against monzo ethos.

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To be fair, they’re not being sued because of not providing the cover they appear to. As with all insurance policies, the devil is in the detail, and buyers should always read the schedule and Ts&Cs.

Some banks are being sued because accounts were upgraded without the knowledge of account holders, or customers were given the impression that in order to obtain a service (eg. an overdraft) they had to upgrade to an added–value account.

This misselling is by no means as widespread as the PPI scandal though, despite what the Daily Mail would have you believe. A lot of claimants have been told by the Financial Ombudsman that their claims are invalid.

All banks have checks in place where customers can see if the cover they pay for is still appropriate, and these checks have been in place long enough to now cover the statute of limitations on claims.

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On and off there has been some discussion about Premium accounts and should Monzo have them or not.

Original thread: Premium current account

It has also been mentioned in a variety of posts and Monzo, while not initially planning on it was also interested to see what we (the users thought).

So without further ado… I raise the topic again… hopefully with a bit more traction :smiley: (both for and against).

I’m largely in favour of it. I currently have one with RBS which provides a few benefits (£20 a month)

  • Travel insurance
  • Mobile phone insurance
  • Breakdown cover
  • Taste card
  • National trust for Scotland passes (going to be removed soon)
  • Travel discount (also going to be removed soon)
  • 2% cashback on certain direct debits

We also see that N26 offers, which it charges (soon to be around) 10 euro’s a month (for black, haven’t touched on metal))

  • Mobile phone theft protection,
  • Travel Insurance
  • ATM theft protection (not really sure what this is)
  • Extended Warranty, Purchase Protection

Other banks offer these accounts… largely with the same features.

But should Monzo do it? If the price is right… I think so, i’d be interested. As a mobile, internet only bank, having mobile phone insurance would be common sense for the user. It could also be another way for Monzo to make a little bit of extra revenue.

If there was an option for a metal card (that isn’t Hot Coral) i’d be willing to sign up to that as well…

But this is just me… what does everyone else think? :smiley:

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Hi @anon61087081 ,

I’ve moved your post here as there was a previous discussion. Hopefully you find it of some interest :slight_smile:

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Yeah… this didn’t come up as a suggested thread :wink:

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I think for the moment we’d like to focus on becoming profitable per customer in ways that don’t hugely change the availability of features or add-ons.

So while a simple add-on or two might be something that could happen, I wouldn’t expect an all-singing, all-dancing premium account that does loads of stuff that the non-paying customer is locked out of.


I get that, becoming profitable first is obviously the goal… I can’t argue with that. It’s the goal to Monzo’s survival.

It’s good to see that Monzo are open to the idea. I wouldn’t expect a premium account to do stuff a non paying user would be locked out of. Infact the opposite, the core function of the account should be the same for everyone.

I’ll use my RBS account as an example… at the face of it… it’s just a regular account… I pay for travel insurance/mobile phone insurance/breakdown etc. All the actual functions of the account are exactly the same.

RBS will obviously be making money on this, probably swap providers each year to increase their margins.


I would certainly be interested and finally switch away from Nationwide.

Mobile phone protection for a fintech company that only offers full functionality via a Smartphone? Pretty important I would think!

Excellent travel functionality and rates? Travel insurance would be great!

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Wouldn’t getting revenue from people willing to pay a monthly premium help in becoming profitable?


This is my view on how Monzo would do it:

Maybe they would then get a referral fee from selling it or a % of the monthly cost.

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Yep, of course, but I think we’d like to be profitable without doing that first.

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Wouldn’t having customers paying a supplement for their current account help with profitability? :wink:

I know this has been mentioned a lot before, but it really is the only thing missing for me.

Just moved to Nationwide, due to Halifax’s prices going up. Man alive, joining a legacy bank really highlights just how good the likes of Monzo and Starling are! I don’t even know if Nationwide lets you see pending transactions!

£13 for family phone cover, travel and breakdown cover I just can’t get get close to as in individual thing. Although, admittedly they don’t have any other restrictions (like having x amount of direct debits), however they do have 3% on balances up to £2500 which is pretty nice!