large image

Trusted Reviews is supported by its audience. If you purchase through links on our site, we may earn a commission. Learn more.

Monzo’s charging £180 a year for its premium service: Here’s what you get

The digital bank took to Twitter to unveil Monzo Premium today, offering customers a shiny metal card – if they’re willing to hand over £180 a year.

The announcement took place after Monzo tweeted a preview of a new product yesterday afternoon. The image (which was not shelves) turned out to be a photo of the exclusive Monzo Premium white metal card.

You can see this morning’s announcement below:

Related: Everything you need to know about the Apple Card

To be fair on Monzo, the bank is offering quite a bit on top of a flashy, engraved-steel card. Monzo Premium account holders will also benefit from a variable interest of 1.50%/1.49% AER/Gross on up to £2,000 on their balance and regular Pots, an increased £600 per month limit when withdrawing cash abroad and both phone and worldwide travel insurance.

The phone insurance, which comes via Assurant, is worth an average of £97 a year. It protects against theft, loss and accidental damage including cracked screens on phones worth up to £2,000, so you can remain calm next time you lose your grip on your expensive, new smartphone.

Related: Best phone

The insurance also applies to accessories under £300, including headphones, chargers and cases, though there is an excess of £75 to pay first.

Premium account holders can also take advantage of AXA travel insurance, which covers you and your family on medical bills of up to £10 million, loss of valuables up to £750 and cancellations up to £5,000. There’s also protection for flight delays of more than four hours and winter sports, including skiing and snowboarding. The excess on travel insurance is £50.

Monzo Premium is priced at £180 year, or £15 a month, with a six month minimum term. You must be between the ages of 18 and 69 and have the latest version of Monzo on your phone to open a Monzo Premium account.

Why trust our journalism?

Founded in 2004, Trusted Reviews exists to give our readers thorough, unbiased and independent advice on what to buy.

Today, we have 9 million users a month around the world, and assess more than 1,000 products a year.

author icon

Editorial independence

Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.

author icon

Professional conduct

We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.