Monzo launches new premium account
Several months after launching Monzo Plus, the digital bank is at it again with Monzo Premium – its second paid-for account. Monzo Plus, which goes for £5 a month and saw 50,000 sign up in the first month, offers a limited range of features compared to the new offering that charges users £15 a month and comes with insurance benefits.
Aside from a fancy metal card, users who sign up for the new account will have phone insurance from Assurant and worldwide family travel insurance from AXA.
In a blog post, Monzo highlights the affordability of Monzo Premium by telling users that the two insurance policies alone would cost an average of £256 a year, and up to £343 a year, while the new account includes these and more for £180 a year.
“For £15 a month you’re getting travel insurance, phone insurance, you can see all of your other accounts within Monzo, you get the metal card, really powerful budgeting tools, a push notification every month with your credit score, offers, cash deposits, interest on your balance, virtual cards and a higher fee-free cash withdrawal overseas,” said Mike Hudack, Monzo’s chief product officer, who also stated that metal cards and insurance were among the most requested features by customers.
The digital bank has gone through layoffs and a significant valuation drop in recent months and it is now looking to turn into a sustainable company that’s here for the long haul.