Monzo Further Improve Plus Offering

In April 2019, Monzo announced their Monzo Plus service. This extra set of paid features gives customers a variety of benefits for a cost starting at just £6 per month (£3 per month if you signed up to the early access programme).

At the time of announcing the incentive, Monzo promised that it was just the start of what was to come. And, at the beginning of July 2019, they announced the latest additions. We’ve got the lowdown on the new features, as well as what else you can expect to come in the future.

What is Monzo Plus?

If you’re not yet familiar with the Monzo Plus scheme, we’ve outlined the main features to get you up to speed. Those who pay for the service get: 

• A Monzo Plus card. The same great Mastercard as with the standard account, but in the choice of three exclusive colours. This includes Midnight Sky, Hot Coral, and Lagoon Blue.
• A custom username. You can customise your Monzo.me username making it easier for your friends to find you.
• Interest on your in-credit balance. You can earn 1.5% interest on your balance and regular Pots up to £4,000.
• Exclusive discount offers. You can get a free three-month membership to Jack’s Flight Club as well as discounts at Tidal and Zipcar.

The last two features on that list are the two new additions, and both come at no extra cost. There are also extra add-ons you can choose from:

• Travel Insurance. This feature costs an extra £4 per month. You’ll get 12 months of family travel insurance from AXA (providing you’re eligible).
• Travel Money. For an extra £3 per month, you can increase your monthly withdrawal rate abroad to £400.

New Features in Detail

Perhaps the most exciting (and cost-effective) addition is the in-credit interest. Monzo Plus members earn 1.5% interest (AER) on their balance, up to £4,000. This feature applies to money held in regular Pots, not that in Savings Pots.

Interest is earned daily and paid monthly. For those who don’t want to earn interest (for religious reasons, for example), there’s an option to opt-out.

Members of Monzo Plus also get exclusive deals with companies including:

• Jack’s Flight Club. 3-month Premium membership.
• Tidal. 15% off monthly subscriptions. 
• MealPal. 40% off first month. 
• HelloFresh. 10% off every order. 
• Cornerstone. 10% off every order. 
• Pact. £5 off new orders, £1 off every subsequent.
• Hotels.com. 10% off bookings. 
• Zipcar. £36 credit for new customers. 

Monzo claims that they’ll add more companies and bonuses in the coming months.

The Future of Monzo Plus

According to the Monzo blog, there’s still a lot to come from Monzo Plus. This includes features such as metal cards, contents and mobile insurance, access to airport lounges, and cashback offers. All of these are scheduled to come in 2019. We’ll keep our readers updated of any new additions.

Existing Monzo customers can sign up for a Plus account today via the app.