Monzo Premium

£15 a month for

  • Metal card
  • Travel insurance, covers family (£50 excess)
  • Mobile insurance (£75 excess)
  • 1.5% interest on up to £2000 balance

and other bits and bobs that you can typically get elsewhere free of charge.

Pretty punchy pricing to say the least, but if they can make it work will be nicely profitable.

  • Metal card
  • Travel insurance, covers family (£50 excess)
  • Mobile insurance (£75 excess)
  • 1.5% interest on up to £2000 balance

*Destroys a nice wallet.
*Grounded at the moment, also available for about 20 quid.
*Covered by home insurance
*Effective interest -7.5% best case.

I’m out.


Aren’t other premium accounts less than that and offer more?

It’s a maximum of £30 of interest but those accounts that give cashback on bills would top that (never mind that you can get half that interest elsewhere so it works out as about one free month). Travel insurance is moot at the moment.

So £15 a month for a metal card and mobile insurance or am I missing something?


I get the feeling they’re targeting young unmarried Londoners again.

No car insurance
No family cover for mobile insurance
Cheap status symbol card

Monzo fans will sign up, I’m not sure how successful it will be with the larger population though


I don’t get packaged/premium accounts in general and I have no need for ‘wallet bling’ metal cards.

The concept of paying more for the privilege of receiving a higher rate of interest - which will always be lower than what I have pain in raises a wry smile.

So for me its all about the travel insurance and the mobile insurance. I see the benefit, but I am not sure I am not sure of the value for money at £15/mo.

Each to their own, but not for me.


I think it’s a pretty decent offering if you want and value the insurance products here. It’s fair value, but only if you need both.

It’s not for me though, and although the travel insurance seems decent given the current climate, I don’t plan to travel any time within the next 12 months, possibly longer, so that component would be a waste.

Mobile insurance is much more comprehensive than what I have currently, so that would be tempting. But if we assume £5 of the value comes from the base plus features, it’s not something I’d want to pay an extra £10 per month for.

Interesting hypothesis. I expected the opposite after finding the leaked documents last night. Sure enough some people are just blind and will love anything Monzo give them. But there are a few Monzo loyalists that are vocalising their dislike for the product, almost like people we disagree are just as fair in their logic and reasoning too, we just make the mistake at time of confusing subjectivity for bias.

Though bias will always exist, and I suspect disgruntled plus members unhappy with the pace of improvements (in that they are non-existent) possibly biases them against another premium offering building off that same foundation too.

Even if the insurance offerings net you £10 worth of value, the base plus doesn’t make up for the other £5.

They managed 80k for plus.
I wonder what their target for plus was?
What numbers do they think premium will gather?

It could have been better for me with car breakdown cover.
Although I can now go to deposit my cash 5 times a month!
I love the world of sales and what they try to sell as a positive.

I’d be very interested to hear if this includes cancellations. If they figure does come after the fact some people cancelled on the 16th, then it’s quite impressive for what little is on offer.

Would be nice to know how many have cancelled too.

Family travel insurance is £100 / yr, but a bit of a nice case that families are travelling to the US more than once a year. But if you are paying that to a third party, and want mobile insurance, then the Premium offer from Monzo is decent value.

If your customers are prepared to give you £15/month for a metal card, sell it to them!

Meanwhile for me travel insurance is £100 a year just for myself lmao

love that

Only if you have pre-existing conditions, or need extreme cover, in which case Monzo’s isn’t helping! It’s incredibly cheap from the comparison sites if you’re young and healthy, especially if you consider the risk of getting knocked over in the US and running up a huge healthcare bill!

It’s not a bad package. Still nowhere near the value of FlexPlus though. The fact it covers all the phones in the household makes it incredible value for me. Two Pixels and an iPhone would cost at least £20-£25 per month elsewhere. With the travel insurance and breakdown cover, nothing comes near it for £13/month.


Given that they’re a mobile first (and only for now) bank, I would have liked to have seen them compete more with nationwide here. Covering all phones in the household would have sold me on it, most likely.


Without Breakdown cover… not for me.
And Nationwide offers Family Phone cover… clear winner


I think for me it’s pointless, I can’t travel at the moment whatsoever and even when I could I don’t even have a passport at the moment.

I’ve a simple smartphone (which does everything I need) costing less than the entire price of the Premium package per year.

I guess the card is nice but it’s certainly not £180 pounds per year nice when the rest of the package is essentially useless to me.

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Mmm, mobile phone insurance. Funny old thing, in the 2 decades plus that I’ve owned mobile phones, of which there have been many, I’ve never once lost one, dropped one to the point of destroying it or had one stolen. And yet, there appear to be plenty of people who claim this happens fairly regularly to them :roll_eyes:

You just know, that some Monzo customers will sign up just for the tacky metal card :roll_eyes: I mean, really? The hooray Henry’s flashing their bling, ahh, where exactly? pubs closed etc. Or perhaps they’ll pretend that they’re ‘Oddjob’ and hurl it across a room to see it it will cut through brickwork :laughing:

Banks need to make money, so I guess if Monzo gets a few of it’s most loyal Monzonites to sign up to this package, with little prospect of a great deal of travel at the moment, or they have plenty of people with a healthyish balance so they can make a teeny weeny bit of interest on it, then fair play. Oh and of course, those that seem susceptible to something terrible happening to their phone, may well benefit from the insurance.

I would like to point out, I do pay for the Nationwide packaged account, but to be fair, pre-covid, the travel insurance aspect on mine and 'er indoors 3 or 4 long haul holidays a year, seemed good value. Shame they decided to alter the cover to basically negate Advanced Open Water divers and above from dipping below 18 metres thereby forcing me to take out separate dive insurance cover. Never used the breakdown aspect and neither of us have ever had a mobile phone claim

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Think you might just take really good care of your gear… And fair play to you, I wish I was as careful.

You see plenty of smashed to hell iPhones out there in the wild. I’ve knackered my fair share of phones too.

But even though I can be a bit clumsy, I’ve never really considered mobile phone insurance.

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Yup, when I walk into an Apple Store and spend 800 quid buying a phone outright, I do tend to take care of it.


Its all down to how you value each component and how much you pay for each component.

Mobile Phone insurance for my phone is £15.00 per month
My annual travel insurance is £8 per month
Fee free withdrawals abroad will come in handy when i start travelling for work again
Lounge access - £25 is worth it for peace and quiet if flying on my non statused airlines, and I usually end up travelling last minute so I cant always book in advance.
I dont need breakdown insurance as covered through different means
The offers are crap to me.

So for me its cheaper than paying seperately.

I don’t bank with Nationwide so the comparison is moot to me, should be on what services you use and need and how much you value each one, as all packaged accounts have pros and cons

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What phone are you insuring for 15 quid a month? That seems like an outrageous amount.