Media criticized restart of paid mono account

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Popular Mobile Bank Launches Premium Account

The media criticized the resumption of Munzo’s paid account. Photo: monzo.com

The British Neobank Monzo has returned the Monzo Plus Premium account. This is the bank’s second attempt to attract ordinary customers to use “customer services” with monthly fees. At the moment, the financial company has a pro plan for the business, which costs 5 pounds per month (a little over $ 6).

In 2019, Monzo left paid accounts due to negative customer reviews. Monzo Plus, which lasted only five months, offered a range of services including travel and accommodation insurance, increased cash withdrawal limits at ATMs, and access to airport lounges. The cost of Manzo Plus services ranged from 5 to 12 pounds (about $ 6 to $ 15), depending on the tariff plan.

New monzo plus

The new Monzo Plus for £ 5 a month aims to help customers with their finances. The user can, in particular, combine all their bank accounts and cards into one account, creating their own expense categories and tracking expenses. Other features:

  1. Adding and tracking credit ratings;
  2. Virtual card;
  3. Holographic physical map;
  4. 1% on account balance (up to 2 thousand pounds);
  5. Discount from bank partners;
  6. Free withdrawals up to £ 400 at ATMs overseas, etc.

British Special Edition Finextra Monzo Plus criticized the restart, noting that most banks offer the task of combining different bank accounts for free in one application.

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It was previously reported that Monzo has applied for a US banking license and is preparing to open an office in San Francisco. A banking license would allow a financial startup to offer deposit accounts and loan products to Americans. At the same time, it may take two years to obtain a license from US Currency Control.

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