Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
‘FREE’ Railcards and Greggs with Monzo
Reading Time: 2 minutesMonzo is switching everything up with its paid accounts – and there’s a LOT on offer, with the newest paid option just £3 per month with some money-saving perks.
Previously, Monzo had two paid-for plans: Plus and Premium, at £5 and £15 respectively. Paid bank accounts might not suit everyone, but they can offer a number of perks that save you more than the monthly fee each month. To acknowledge that not everyone wants (or can afford) a higher-cost £15 account, Monzo now has Monzo Extra which is just £3 per month.
Monzo Extra comes with a number of features on the banking app, such as connecting your other bank accounts and credit cards for an easy overview of your finances (and quick transfers), a spreadsheet feature to export transactions with ease, and advanced roundups for easy saving.
The new mid-tier option is the £7-a-month Perks Plan, which replaces the previous Plus £5 plan. But there are more benefits to this one: a free weekly hot drink or snack from Greggs and a free Railcard from Trainline are two of the top ones. Monzo say that someone taking advantage of the Greggs benefit alone will save money, as the plan costs £88 per year compared to £84 per year for a weekly Greggs treat.
A new benefit to celebrate is fee-free unlimited cash withdrawals in the UK and Europe. Previously, there were limits on both the amount and frequency for cash withdrawals, and some fees. This is a huge step forward!
You can also access a savings account with a 4.6% interest rate (at time of writing) compared to Monzo’s usual 4.10% rate. Subscriptions above the Extra tier can also benefit from discounted investment fees.
The top tier subscription is now called Max and costs £17 a month. It might sound pricey but you could save hundreds of pounds a year with the benefits. As well as all the Greggs, Trainline, and Monzo Extra benefits, Max customers will have worldwide travel and phone insurance as well as breakdown cover in the UK and Europe. Those with dependants under the age of 21 can also opt to pay an extra £5 per month to include their family on the insurance cover.
If you’re already on a Monzo Plus or Monzo Premium plan, you can opt to switch to a new plan or stay on the current one. But new customers can’t apply for a Plus or Premium plan. Monzo also still offers its basic bank account which is free and does not come with perks (but also has no monthly fee).
Find out more about the Monzo subscription bank accounts here.
What kind of railcard is it?
Hi David, our understanding is that it will be whichever railcard you qualify for. Their website Ts and Cs say:
“Railcards available: Network Railcard, 16-25 Railcard (for aged 18+ only), 26-30 Railcard, Family & Friends Railcard, Two Together Railcard and Senior Railcard.”