Monzo was founded in the UK in 2015. It quickly became a top name in mobile banking, with over seven million customers by 2024. Monzo stands out by using apps instead of old-school banking methods. The Monzo Premium account is a top choice, costing £15 a month and requiring a six-month commitment.
The Monzo Premium account comes with many perks for today’s banking needs. You get no fees on withdrawals up to £600 abroad, worldwide travel, and phone insurance. Plus, you get a premium metal card. These benefits fit well with the growing demand for digital banking, making it easy to manage your finances on your phone.
Monzo’s rivals, like Revolut, also offer high-end plans. But Monzo’s unique features, like no fees for spending abroad and FSCS protection, make it stand out. Yet, Monzo charges a 3% fee for ATM withdrawals over £400 in the UK and EEA, unlike Revolut’s 2% fee on withdrawals over £200 a month.
Monzo Premium is a strong player in the financial services world, despite some downsides. It’s key to know what Monzo Premium offers and its limits to get the most out of it.
Understanding Monzo Premium
Monzo Premium offers more than just banking. It comes with Monzo Premium perks that make managing money easier. You get a metal card, can withdraw more money abroad, and earn 1.5% interest on your savings. The Monzo app makes banking easy and convenient.
The Monzo app features send instant notifications. This keeps you updated on your money. Monzo is safe, thanks to the Financial Conduct Authority and Prudential Regulation Authority. Your money is protected up to £85,000.
Monzo Premium also offers investment services for retail customers. You can choose from Stocks and Shares ISA or General Investment Account (GIA). The ISA is tax-free, while the GIA might have taxes. This lets you pick what fits your investment goals and tax strategy.
Monzo is very popular, with 98% of customers recommending it. There are different Monzo Premium tiers, each with its own benefits. You can get interest on savings, free cash withdrawals, and insurance. It’s all about getting a banking experience that fits you.
| Feature | Extra | Perks | Max |
|---|---|---|---|
| Monthly Fee | £3 | £7 | £17 |
| Interest on Savings | 4.60% AER | 4.60% AER | 1.50% |
| Travel Insurance | None | Discounted | Worldwide |
| Phone Insurance | None | Optional Add-on | Included |
| Withdrawal Limits Abroad | Higher | Higher | Highest |
Monzo’s investment products are for those looking to grow their wealth over five years. The GIA and Stocks and Shares ISA are flexible, with the ISA being tax-free. Monzo is clear about its fees and offers benefits for different financial needs. It stands out in the digital banking world.
Guide to Monzo Premium Benefits
Monzo Premium brings a range of features for easy international banking and financial management. It started in 2015 and now has about five million users in the UK. The premium service costs £15 a month and offers benefits for both personal and business accounts.
One key benefit is the free £600 international cash withdrawal limit. This is a big improvement over Monzo Lite’s €200 limit and the three percent fee on extra transactions. It’s great for those who travel a lot.
Monzo Premium also helps with financial planning. It lets you set budget limits and savings goals right from your mobile. Plus, it offers a 1.5% interest on balances, more than Monzo Plus’s 1% on savings up to £2,000.
The account also includes worldwide travel insurance worth £159 a year and mobile phone insurance for £97 annually. These add security for international banking and travel. But, Monzo’s £30 fee for international transfers might not be as good as services like Wise.
But, Monzo Premium has more to offer. It includes five free monthly cash deposits and access to airport lounges for £24 per person per visit. Monzo says these benefits are worth up to £256 a year. It’s a solid choice for those who want a full mobile banking experience with financial and travel benefits.
For business accounts, Monzo offers tax pots, integrated accounting, and multi-user access. This shows Monzo’s dedication to meeting different banking needs. It’s a great option for entrepreneurs and small businesses.
Even though Monzo Premium’s international transaction rates might not be the best, it has a lot to offer. It’s focused on improving financial planning and providing great Monzo banking benefits.
Comparing Monzo Premium with Other Services
The digital banking world has many options. It’s key to compare Monzo Premium with others like Revolut and Starling Bank. When you compare Monzo Premium, some standout features are clear. For example, Monzo Premium costs £15 a month and offers great insurance, higher ATM limits, and a 4.60% AER savings rate.
Travelers might like Monzo’s global travel and phone insurance. But, Monzo’s exchange rates might not be as good as Revolut’s real interbank rates.
Revolut is known for its real interbank exchange rates, making international money transfers cheaper. It also has multi-currency accounts for easy financial management across different places. This is great for those who travel a lot or do business internationally. Yet, Revolut’s fees and complex plans might not appeal to everyone.
Starling Bank focuses on business banking tools and multi-currency accounts, areas Monzo Premium might not cover as well. Starling’s low international transfer rates and clear plans make it a strong choice for those who value these features. Plus, Starling might have an edge in some areas, but Monzo’s great customer service and app keep it popular.
It’s clear that no one service fits all needs perfectly. As digital banking grows, Monzo Premium shows its value when paired with other specialized banks. Users should do a deep dive into each service’s benefits before picking the best mobile banking for their needs.
