The new Monzo Plus has launched

Monzo Plus has launched, enjoying it so far. What do you think?

Moved all my money back there from Chip for now until I can get a better rate here. Conscious it’s £5 a month, but will be using the other features anyway and prefer having everything in one app.

Yeah I have join as well and also thought about moving my money back there as it’s paying 1% but as you say you have to pay the £5 fee. Plus I believe it’s only on balances up to £2000?
Would’ve liked to have been able to link more accounts, currently not that many supported. Also was hoping for there to be access to airport lounges as there was last time they launched plus.

Yeah that’s right, just up to £2000 for now but that covers my use case currently.

From their explanation, they had all that ready (travel insurance etc) but with the pandemic hitting those didn’t make sense to launch with anymore. Imagine they’ll be adding things like that again in the future.

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Yeah that makes sense to be fair, currently I don’t feel it’s worth the £5 a month. I just wanted to test it out for 3 months to see what it was like, will most probably cancel until more features are added.

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The headline offer sounds intriguing but I quickly realised there isn’t enough substance to it nor much that is unique. Account aggregation is available free from several providers and the list of supported banks is very limited. I would prefer a tiny cashback on general card spend rather than the very niche retailer discounts.

I thought the same… not worth the 5£ really. You get 20£ interest per year for 60£ fee.
Effectively your are giving the 40£ for aggregating transactions and providing virtual cards (which is available for free in many other accounts /apps)

I don’t believe they can afford to have travel/mobile insurance and access to lounges for5£ per month. They might need Monzo plus plus and probably will end up charging in excess of 10£ if they ever did come up with bundled current account.