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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:

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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.

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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.

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