British challenger Monzo bank has relaunched its premium ‘Monzo Plus’ account with a £5/month fee.
Monzo Plus is designed to help the customer deal with finances through the app with features like open banking, credit cards, viewing your credit score in Monzo, custom categories for all of the customer’s spending, and virtual cards for safer online shopping.
Monzo Plus was launched previously but was eventually scrapped in September 2019 by the firm due to complaints from customers. As mentioned, now it provides the customer with a better open banking integration with other bank and credit card accounts like HSBC, Barclays, and Lloyds.
It has also launched with some other benefits like a 1.00% AER/Gross (variable) interest on money in your balance and regular Pots up to £2,000. Other features include £400 fee-free cash withdrawals abroad every 30 days.
The customer who orders Monzo Plus is able to cancel it for free within the first 14 days. After that, they are signed up for a minimum of three months. The customer will also receive a brand new holographic card, exclusive to Monzo Plus, and offers from brands like a Fiit home workout membership and money off Patch plants and plant pots.
“With this version of Monzo Plus, we went back to basics and re-examined how we built things. We thought really hard about why people love Monzo and listened to our customers and our community,” said Monzo’s chief product officer Mike Hudack.
“Over and over again we heard that people love Monzo because it gives them more control and visibility over their money. So we’ve doubled down on that and created a premium product that we believe makes Monzo even better at managing your money, refocused on benefits that help customers today and in the future,” he added.