UK challenger bank Monzo announced on Wednesday the launch of its new account, Monzo Plus. The digital bank reported that the account was created to help users get a “grip” on their finances with features like other bank accounts, credit cards, and credit scores through the Monzo platform, as well as custom categories for all spending and virtual cards for safe online shopping. Monzo further revealed:
“We’ve also included benefits that stretch your pennies into pounds with 1.00% AER/Gross (variable) interest on money in your balance and regular Pots up to £2,000. Save on fees with £400 fee-free cash withdrawals abroad every 30 days, for when you can go away again. And pay cash into your account for free once a month. Finally, treat yourself to our new holographic card, exclusive to Monzo Plus.”
Monzo also noted that the account costs £5 a month with a 3-month minimum term. Monzo added:
“We want to feel in control of our finances. We’d like to know where our money’s going and how we can help it go further – ideally ending each month with a little more cash than the one before. We built Monzo Plus to do exactly that. For £5 a month, you get everything that comes with our free, original Monzo account, plus all these benefits.”
