Monzo Plus, as the product is named, has been in testing mode since early 2019 with a small group of users but will soon be rolled out to its millions of users.
The bank says from today new Monzo Plus users will get a card in a choice of either its existing ‘hot coral’ or one of two new colours ‘midnight sky’ or ‘lagoon blue’ as well as a custom Monzo.me link and exclusive access to Monzo Plus events.
Monzo is offering a discounted monthly rate of £3 for these core features but this will change to £6 a month later this year.
Users will later be able to choose to pay more to add custom features. These include travel insurance, larger travel money allocations (up to £400 fee-free withdrawals abroad and emergency cash.
In a blog post, Luba Chudnovets, product manager at Monzo said: “It’s super early days for Monzo Plus. We wanted to get something out sooner rather than later so we can start getting feedback on it. But in time, we want it to be a bigger, more customisable extension of your main Monzo account that takes away the stress and hassle of your finances.”
“Finding and choosing the right deals and tariffs can be confusing and take up a lot of your time. So we’ll scout the market to offer you competitive tariff and plans. And we don’t just mean money-saving deals. We’ll actively work with providers who offer things like market-leading customer service and eco-friendly energy too.”
“We’ll make it simple to sign up and switch to a new service provider or plan direct from your Monzo app and with just a few taps.”