UK-based digital bank Monzo rolls out new Premium account

By Megha Bhattacharya

Monzo today announced the launch of Monzo Premium. The new account comes with a metal card and is expected to offer phone insurance and worldwide travel insurance to customers. Along with this, the new account will also provide 1.50%/1.49% AER/Gross (variable) interest on up to £2,000 in the user’s balance and regular Pots, for £15 a month, with a 6-month minimum term. Users have to be aged 18–69 to sign up for Monzo Premium.

The company will allow £600 fee-free cash withdrawal in a 30-day period, with a 3% charge on the amount withdrawn after that. It will also offer AXA travel insurance that covers users and their families (including partners and dependent children up to 21 years old), anywhere in the world. It covers medical bills up to £10 million, lost valuables up to £750, and cancellation costs up to £5,000. As well as flight delays of more than 4 hours and winter sports, including skiing and snowboarding.

Monzo stated the account comprises of features including discounted airport lounge access from LoungeKey, unified dashboard to view bank accounts, credit tracker, custom spending categories, virtual cards, auto-export transaction, 5 free cash deposits a month along with other features of a free account.

Fee-free UK bank transfers, Pots for separating your money, instant spending notifications, customer support, protection for money, as a user’s eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (FSCS) up to a value of £85,000 per person.

Customers, aged 18 to 69, with a Monzo or Monzo Plus account can upgrade to Premium in minutes, if eligible.