Monzo Supercharges Subscriptions Offering With New Benefits Including Greggs, Railcards and Breakdown Cover

Today, the UK’s largest digital bank, Monzo, has expanded its subscriptions with the launch of Extra, Perks and Max, which include additional benefits that offer customers better value and more choice.

Monzo has worked with customers to select these new offers, speaking to more than 45,000 customers to understand what works best for them, alongside research into their everyday spending habits. Hearing from customers that they want to get more from their everyday spend, Monzo has selected new offers that subscribers can benefit from daily. The plans also keep the most-valued benefits of our existing subscriptions, such as comprehensive travel and phone insurance, top Instant Access Savings rates of 4.6% AER and discounted investment fees (save up to 17%).

One of the new benefits on offer is a free weekly hot drink or snack at Greggs – where 2.3 million customers together spent over £70m on their Monzo cards in 2023. With Perks and Max, customers can save themselves an average of £88 each year just by making the most of the new Greggs offer – saving more than the yearly cost of the Perks plan**.

Another new benefit available to Perks and Max subscribers is railcards in partnership with Trainline. Monzo customers made 13 million transactions using the travel company last year, spending a total of £244m. Monzo customers could save themselves £167 each year with the new Trainline railcard offer***.

Customers wanting the ultimate family insurance cover can now upgrade their Max plan to protect what matters most. For just £5 extra a month, the add-on includes travel, phone and UK and European breakdown cover for all the family – even when they’re not travelling together.

At just £3 a month, Extra offers customers the best of Monzo’s money management tools, helping them to better manage their finances and make their money work harder. Customers can make every pound and penny count with Monzo’s advanced roundups feature. Extra also includes a new credit insight tool, virtual cards, and visibility of their other banks and credit cards all in the Monzo app.

Customers using the current subscriptions – Plus and Premium – will be invited to switch to any of the new plans, however they will be able to continue using them should they wish.

Fernando Fanton, Chief Product Officer at Monzo, said:“Whether it’s Monzo’s top savings rates, a weekly treat from Greggs, travel insurance, breakdown cover or even more tools to supercharge your budgeting, we’re on a mission to make every pound and penny go further for our customers. We’ve designed Extra, Perks and Max with their feedback, hearing what matters most to them – and we know they’re partial to a sausage roll given they spent a collective £70 million at Greggs last year!”

The three subscription plans include:

MONZO EXTRA (costs £3 per month):

• Advanced roundups, enabling users to pocket up to 10 times as much spare change for every pound they spend into a dedicated Pot
• Virtual cards with their own unique details so users can make purchases online without using their real card’s details, making spending online even safer
• Connected banks and credit cards, enabling users to get a clear view of their finances by adding other bank accounts and credit cards to Monzo
• New credit insights for dual visibility of Equifax and TransUnion credit scores, insights to help improve your scores, and the ability to track how it changes over time
• Custom categories, allowing customers to personalise how merchants are categorised for better budgeting
• Auto-spreadsheet, which uploads transactions into a Google spreadsheet called ‘Monzo Transactions’, which is updated in real time and enables customers even more visibility over their spending

MONZO PERKS (costs £7 per month):

All the benefits of ‘EXTRA’, plus…

• Boosted savings rates, with 4.6% AER interest (variable)
• Discounted investments fees, save 17% on investment fees
• Annual railcard, giving eligible users a third off their travel around the country
• Weekly regular hot drink or snack exclusively from Greggs, perfect for that morning coffee, sausage roll fix, or afternoon sweet treat
• New card design, in Bold Coral

MONZO MAX (costs £17 per month):

All the benefits of PERKS, plus…

• Worldwide travel insurance provided by Zurich, powered by Qover, perfect for jetsetters
• Worldwide phone and accessory insurance, with Assurance
• UK and European breakdown cover with RAC
• New card design, in Burnt Coral

MONZO MAX + OPTIONAL FAMILY UPGRADE (costs £22 per month,)

• Full family cover, including travel insurance for partners and any financially dependent children 21 or younger, UK & Europe car breakdown, and phone and accessories

Extra, Perks and Max will be available to all customers on Tuesday 23rd April. To find out more, visit: https://monzo.com/current-account/plans