🔥 Monzo Plus Review: Pros and Cons of the Premium Banking Plan

Monzo Plus offers an enhanced banking experience for those looking for additional features and benefits beyond the standard Monzo account. One of the most notable advantages is the access to premium features like advanced budgeting tools, the ability to set spending limits, and comprehensive insights into your financial habits. Monzo Plus also allows users to open savings accounts with higher interest rates and access travel-related perks, such as the ability to withdraw cash abroad without additional fees. This makes it an appealing option for individuals who want a more robust and flexible banking solution, especially for those who travel frequently or are looking to save more effectively.

However, Monzo Plus does come with a monthly fee, which may not be justified for all users. While the added benefits can be appealing, the fee can seem unnecessary for those who are content with the basic features provided by Monzo’s free plan. Additionally, the interest rates on savings accounts, although competitive, are still lower compared to other high-interest savings accounts available in the market. For users who are mainly looking for an interest-earning account, Monzo Plus may not offer the most attractive options in comparison to other banks or fintech providers.

Another significant benefit of Monzo Plus is the ability to add multiple “pots” for different savings goals, allowing users to easily manage their finances by separating money for specific purposes, such as rent, travel, or emergency funds. The app also offers priority customer service, which can be a game-changer for those who value prompt assistance. This feature is particularly valuable for users who want more direct and faster access to support, especially when dealing with time-sensitive financial issues. The Monzo Plus app’s user interface remains intuitive and easy to navigate, maintaining the streamlined experience that Monzo is known for.

Despite the premium features, some users may find that Monzo Plus doesn’t offer enough tangible benefits to justify the monthly fee. The lack of additional financial products, like loans or insurance, means that it might not meet the needs of users looking for a more comprehensive financial package. Furthermore, Monzo Plus' international features, such as travel insurance and fee-free international payments, could be considered limited when compared to other premium banking options. Overall, Monzo Plus offers solid advantages for certain users, but those on the fence should carefully consider whether the extra costs align with their banking needs.