The latest breaking news, comment and features from The Independent. UK challenger bank Monzo announced on Wednesday the launch of its new account, Monzo Plus. UK challenger bank Monzo announced on Wednesday the launch of its new account, Monzo Plus. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Monzo said on Thursday it was re-launching its “Plus” account, which will cost £5-a-month. As Monzo Plus pays 1% AER on balances up to £2,000, it’s very much in the realm of high-interest current accounts. When Monzo first launched its fee-free spending abroad was hugely popular. ... FR24 News is your news, entertainment, music fashion website. Many will like it, but you can easily match or beat many of its features for free... 1% AER interest on up to £2,000. If you have Monzo Plus, or you rely on Monzo more for your everyday banking – more on Monzo's criteria for this below – you won't pay fees for any cash withdrawals within the UK or EEA, and will get two free card replacements per year. Monzo has teamed up with some popular brands to give money off when you spend with a Monzo Plus card, including 15% off Patch Plants when you spend more than £50 and 25% off a Fiit home workout membership. While the first version of Monzo Plus was a fairly classic packaged bank account, this new offering brings in features from several different types of bank accounts. Image source: Monzo Plus. Monzo Plus. explains what the new Monzo Plus has to offer and sees how it measures up against some of the best premium accounts already on the market. Monzo News. Whatsapp. The bank says it is no longer offering the packaged account options, which cost customers between £5 and £12 a month, after poor customer feedback. This return isn’t too far off the current top instant-access savings rate (1.16% AER) – but, obviously, you can earn interest on much more money than £2,000 in a savings account. The newest version of Monzo Plus costs less than the first time around, back in April 2019 users paid £6 to access the subscription service compared to the £5 it costs today. Meanwhile, its £6.99-a-month Premium account, comparable to Monzo Plus, increases this monthly fee-free limit to £400, and its £12.99 Metal account to … Last night Monzo released its long-awaited annual report for the past financial year and the fintech world was abuzz with activity.. General chat about all things Monzo, from the app to the current account. You also have to pay in at least £1,000 to the account each month. sphere, sphere-chat. The checking account offers its customers one percent EAR / gross (variable) interest on balances up to £ 2,000. As with Monzo Plus, you can get 15% off Patch Plants when you spend £50, and 25% of a FiiT home membership. The Santander 123 and 123 Lite accounts spring to mind. READ MORE: Monzo re-launches £5-a-month 'Plus' account. The bank says it is no longer offering the packaged account options, which cost customers between £5 and £12 a month, after poor customer feedback. The new Monzo Plus costs £5/mth, and offers several features that the fee-free Monzo account doesn't. This was restricted in December 2017, so that you can now only withdraw up to £200 every 30 days without a fee – anything more results in a 3% charge. This service is also available with Monzo Plus. Inflation rises to 0.6% in December 2020 – can any savings accounts beat it. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. Our Financial Services Register number is 730427. 645: 16651: 20 January 2021 Sphere Chat - Updates and what I'm up to Tech & Gaming. Monzo Premium. Monzo, the London-based challenger bank is having another stab at launching a new service with Monzo Plus, a premium edition of its already popular current account. Find out more: best high-interest bank accounts. The new Monzo plus card. Unlike the standard account, it charges a monthly fee, and in return you get a bunch of extra features (which are in addition to all the stuff you’d get with a free Monzo current account). Here, Which? App-only bank Monzo has ditched its paid-for premium 'Monzo Plus' service, which offered customers extra features such as travel insurance, only five months after launching the product. Monzo - Monzo Plus costs £5 per month Monzo Bank Limited is a company registered in England and Wales (No. The new incarnation is set to roll out gradually in the next week or so, initially to existing Monzo customers – but is it worth paying £60 a year for? App-only bank Monzo has ditched its paid-for premium 'Monzo Plus' service, which offered customers extra features such as travel insurance, only five months after launching the product. Most high-interest current accounts have seen rate cuts and withdrawals in recent months; we recently wrote about Tesco Bank’s plan to cut the rate on its current account from 1% AER to 0% in September. But a virtual card would continue to be valid, even if the physical card is cancelled and replaced. Full financial visibility, with your other bank accounts and credit cards all in one place. The Nationwide FlexDirect account is fee-free and pays 2% AER on £1,500, so you could earn up to £30 – but only for the first year, as the interest rate falls to 0.25% after 12 months. Second, you can also split your spending within each transaction – so, that £60 you spent at Tesco could actually show that half of it went on wine, while the other half was groceries. Using open banking technology, Monzo Plus will allow you to oversee your spending from the vast majority of other bank and credit card accounts, too. The bank has opened about 36,000 business accounts since opening in March — which are more profitable than current accounts — and relaunched its £5 a month “Monzo Plus” account earlier this month.