UK neobank Monzo has launched a new version of its premium offering and is keeping the fingers cross that it will last longer than the old offering, which had to be scrapped after just a few months.
Monzo unveiled the first iteration of Monzo Plus in April 2019. However, it shut down the premium accounts in September after facing a smattering of customers complaints. The challenger bank did note at the time that it was hoping to relaunch the premium offering once all the kinks had been ironed out.
Now the digital lender is taking another shot by presenting the world to its new and updated version of Monzo Plus.
The new account will cost £5 per month and users must sign up to a three-month minimum term. People who originally signed up for Monzo Plus will get two months free.
While other challenger banks like Revolut and N26 offer metal premium cards, the new Monzo Plus card is blue and is covered by a holographic foil. This is a distinct step away from the iconic coral-coloured cards Monzo is known for.
The revamped model of Monzo Plus comes with a few fresh bells and whistles, including a 1% interest on balances up to £2,000, £400 fee-free cash withdrawals abroad for 30 days and the ability to pay cash into the accounts for free once a month.
Monzo Plus account holders also get opportunities to enjoy offers such as home workout memberships from Fiit.
Customers will also be able to enjoy the ability to check the balance of non-Mono accounts, create custom categories to keep abreast of spending, virtual cards, credit trackers and all the things they would enjoy with a regular account.
The Monzo Plus launch comes after a tough year for the digital bank. In the past few months it has had to make several hundred employees redundant as it tries to survive the impact of Covid-19 and has suffered a down round that stripped 40% of its valuation.