Monzo relaunches premium account

Monzo has relaunched its premium Monzo Plus service, which will charge customers £5 for features including account aggregation and savings pots.

The challenger bank has relaunched Monzo Plus after it pulled an earlier attempt to charge £13 for a range of premium account services in September last year following negative customer feedback.

The relaunch which comes as the company seeks to boost revenues, offers advanced budgeting tools and the option to round-up savings on purchases, along with interest on deposits and savings pots of 1.00 % AER/Gross (variable).

Customers will be able to use Open Banking account aggregation within the app for “full financial visibility” in one place, a service which is offered by rivals as part of standard account packages.

The Monzo Plus service will also enable customers to view their credit score, make FX withdrawals of up to £400 while abroad and also comes with a holographic card and secure virtual cards for online purchases.

Payments splitting and automatic uploads of account statements are also available within the service’s budgeting tools.

A blog posted to Monzo’s website said: “Monzo Plus is a Monzo current account that comes with powerful tools that give you visibility over your money and help you budget better.”

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