Monzo introduces 3 new accounts: Extra, Perks and Max

Monzo has shaken up its current accounts and added 3 paid ones with different benefits.

Monzo has introduced 3 new paid-for accounts with benefits including an annual railcard and a weekly Greggs pick-me-up.

The digital bank has also ditched its Plus and Premium accounts – new customers won’t be able to sign up for these although existing customers will be able to keep them indefinitely.

The bank said it was making the changes because it was now catering to a wider range of people and wanted to meet their “wants and needs”, which appear to be cheaper rail travel (if you qualify for a railcard) and free sausage rolls, in return for a monthly fee.

Monzo’s new accounts

The new “packaged” (paid-for) accounts are called Extra, Perks and Max. Each account builds on the next, offering more features and benefits, for a higher monthly fee. Here’s an overview of each account:

• Monzo Extra. This is a step up from the bank’s free current account. For a £3 monthly fee, you’ll get extra money management features like the ability to connect other bank accounts and credit cards to your Monzo app, giving you a full view of your finances. Other features include virtual cards and the option to create your own spending categories. Meanwhile, a stand-out benefit is a weekly credit report, complete with simple tips on how to improve your score.
• Monzo Perks. Next up is Perks, which builds on Extra but adds in rewards. Here is where you’ll find your weekly Greggs treat and annual Trainline railcard. Perks also offers higher interest rates on Monzo savings accounts, and discounted fees if you choose to use Monzo Investments. Its fee is slightly higher at £7 a month.
• Monzo Max. The top-tier plan. And with a monthly fee of £17, the most expensive. Here you’ll get worldwide travel insurance, mobile phone insurance and car breakdown cover. But don’t worry, for those Greggs enthusiasts out there, Max offers everything Perks does plus the insurance coverage.

Is Monzo a good bank?

Monzo’s free account is one of our highest-rated accounts, achieving a Finder score of 4.6 out of 5. It scored well for its range of extra features such as Savings Pots and cashback.

It’s also a favourite with customers. In Finder’s 2024 customer satisfaction survey, 98% of Monzo customers said they’d recommend it to a friend. Plus, it topped the Competition and Market Authority’s most recent overall service quality league table.

Are Monzo’s new accounts worth it?

Monzo is known for its innovative features and benefits. These new account plans offer a little something extra.

Monzo has obviously targeted its existing customer base and tried to offer features that will appeal to them, such as the credit check service and annual railcard. And yes, the weekly Greggs perk.

However, as with any account with a monthly fee, you’ll need to work out if it makes sense for you and your lifestyle. If you very rarely frequent bakery chains or travel abroad (or by train), and don’t intend to take advantage of Monzo’s savings accounts, then ask yourself whether you want to pay each month for services you may not use.

If you’re interested in Monzo’s new accounts, it’s always a good idea to compare them against what else is out there. Take a look at our best banks in the UK guide.