Monzo Plus vs Premium 2026 — Which Is Worth It? (Plus Today's Alternatives)

Important update (checked September 2026): Monzo Plus and Premium have been closed to new customers since April 2024. If you already hold one of these plans, you can keep it — this page explains what you’re getting and whether it’s worth continuing. If you’re a new customer looking to sign up today, skip to today’s alternatives — Extra, Perks, and Max are the plans Monzo currently sells.

Part of the Monzo hub — detailed guides covering every aspect of Monzo’s accounts, fees, limits, and features. For a full account verdict, see the Monzo Review 2026.

Monzo Plans at a Glance (September 2026)

*Closed to new customers since April 2024. Prices shown are for existing subscribers and are rising from 14 October 2026.

Interest rates on Pots change with the market and Monzo’s own pricing decisions — treat any specific AER figure as indicative only and confirm the current rate in the app before making a decision based on it.

Monzo Plus — Is It Worth Keeping at £5–£6/Month?

Plus currently costs £60/year, rising to £72/year from 14 October 2026.

The ATM Argument

The free account gets £400 fee-free every rolling 30 days in the UK and EEA (unlimited if Monzo is your main bank account), then 3% applies above that (see Monzo’s full fee schedule for all charges). If you regularly exceed £400/month in UK/EEA cash withdrawals and Monzo isn’t your main bank, Plus’s unlimited allowance removes that 3% fee entirely.

The Interest Argument

Plus pays a higher interest rate on Pot balances than the free account — the exact AER changes over time, so confirm the current rate in the app rather than relying on a fixed figure. Weigh the expected annual interest against the £60–£72/year cost.

The Virtual Cards Argument

Virtual cards let you create temporary card numbers for online shopping — useful for free trial sign-ups, reducing fraud risk, or managing subscriptions. If you value this for security, it adds to the case for keeping Plus.

Verdict on Plus: Worth keeping if you regularly use UK/EEA ATMs beyond the free account’s £400/30-day allowance, or value virtual cards and credit tracking. If you’re considering switching away from it, remember you can’t sign back up later — compare against Chase or Starling for unlimited free ATM access, or against Monzo’s current Extra/Perks plans.

Monzo Premium — Is It Worth Keeping at £15–£17/Month?

Premium currently costs £180/year, rising to £204/year from 14 October 2026. The headline addition over Plus is the travel insurance and phone insurance bundle.

The Travel Insurance Argument

Premium includes worldwide travel insurance — for ATM limits and how Monzo works abroad, also see Monzo Abroad. Coverage typically includes:

• Medical expenses abroad
• Trip cancellation and curtailment
• Baggage loss/delay
• Personal liability

Confirm exact coverage and any exclusions in your policy documents in-app, as insurance terms can change. For comparison, standalone annual worldwide travel insurance policies vary widely by age, destination, and cover level — get current quotes before assuming a figure.

The Interest Argument

Premium pays the highest legacy-tier interest rate on Pot balances — confirm the current AER in the app rather than relying on a fixed number, and compare it against Chase UK’s current account rate and other easy-access savings options.

Who Premium Suits

Monzo Premium is best suited to existing subscribers who:

• Travel regularly and would otherwise buy standalone travel insurance
• Want phone insurance included alongside their bank account
• Are happy to keep paying £180–£204/year for the bundle rather than switching to Max, which is the nearest equivalent plan currently open to new customers

Verdict on Premium: Justified by travel insurance for regular travellers who already hold it. If you’re not already a subscriber, you can’t join Premium directly — compare against Monzo Max instead.

Today’s Alternatives: Extra, Perks, and Max

Since Plus and Premium are closed to new sign-ups, anyone opening a Monzo account today chooses from:

Confirm current pricing and features for Extra, Perks and Max directly on monzo.com before choosing, as Monzo has changed plan names, prices, and benefits more than once in recent years — most recently with a price increase for new customers from 13 August 2026 and for existing subscribers from 14 October 2026.

Alternatives to Monzo’s Paid Plans

Before committing to a paid plan, consider:

Many Monzo users keep a free Monzo account for its budgeting tools and Pots, while using another bank as their primary spending card for interest or ATM access.

How to Manage Your Plan

To upgrade to a current plan (Extra, Perks or Max):

1. Open the Monzo app
2. Go to Account → Upgrade (or tap the plan option)
3. Review what’s included, select your plan
4. Payment is monthly by direct debit — cancel anytime

To cancel (downgrade to free):

1. Go to Account → your current plan
2. Select Cancel plan
3. Cancellation applies from the next billing date — no refund for the current month
4. If you’re cancelling legacy Plus or Premium, remember you cannot sign back up to those plans afterwards

Related Monzo Guides

Monzo Hub

• Monzo Hub — Complete Guide — Everything about Monzo in one place
• Monzo Review 2026 — Full account review and verdict

Monzo Features

• Monzo Pots Explained — How to use pots for budgeting and saving
• Monzo Fees 2026 — Full fee schedule for all plans
• Monzo ATM Withdrawal Limit — UK and abroad cash limits
• Monzo Abroad — Foreign spending, ATM limits, and travel tips
• Monzo Transfer Limit — How much you can send
• Can You Deposit Cash with Monzo? — Fees, limits, and locations
• Monzo Gambling Block — How to turn it on
• Monzo Customer Service — How to get help
• Monzo Sort Code — Sort code and account number

Compare

• Monzo vs Starling vs Revolut — Full digital bank comparison
• Chase UK Review 2026 — An alternative for interest and ATM access
• Starling Bank Review 2026 — The other leading free digital bank