Monzo Max review – Be Clever With Your Cash 

Max is Monzo’s most costly packaged checking account

Monzo lately scrapped its two paid tiers, Monzo Plus and Monzo Premium, however, of their place, it launched three new ones — Extra, Perks and this one, Max. Max is the most costly choice, costing £17 per 30 days. Right here’s all the pieces you get with it. 

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What do you get with Monzo Max vs Monzo Perks?

We received’t be reviewing all the options of Monzo Max on this evaluate, simply those it’s acquired along with the free Monzo account, Monzo Extra and Monzo Perks. If you wish to be taught extra about what you are able to do with Monzo, you’ll be able to take a look at our in-depth review of the account. Right here’s an outline of what you will get.

Monzo Max advantages

Along with all the options of the free Monzo account and the extra options of Monzo Extra and Monzo Perks, you additionally get worldwide journey insurance coverage, telephone insurance coverage and breakdown cowl within the UK and Europe. Right here’s extra element on what you get with Monzo Max. 

Worldwide journey insurance coverage

You get private multi-trip journey insurance coverage with £50 extra, offered by Zurich. You’re coated by as much as £5,000 for cancellations and £10m for medical payments. You additionally get cowl for misplaced valuables and a automobile rent extra waiver. 

Worldwide telephone insurance coverage

This insurance coverage covers your cell phone and equipment towards loss, theft and unintentional harm.

Your cell is roofed as much as £2,000 and equipment, reminiscent of headphones and chargers are coated as much as £300. It’s offered by Assurant and there’s a £75 extra. You possibly can solely declare twice per yr.  

UK and Europe breakdown cowl

As well as, you get private breakdown cowl. This covers you, not your automobile, so your loved ones members both have to have you ever within the automobile always, or have their very own coverage in place to be coated.

The quilt is for UK and Europe and consists of at-home help, onward journey and automobile restoration. That is offered by RAC.

Add further members of the family

You possibly can add your loved ones to your journey, telephone and breakdown cowl for £5 per 30 days. If you need this it makes the account £22 a month.

“Household” means your partner or authorized accomplice and any financially dependent and single (or not residing with their accomplice) youngsters aged 19 years outdated or underneath at first of a visit  — or aged 21 years outdated or underneath at first of a visit if nonetheless in full time training. Your loved ones must be named on the coverage.

Burnt coral card

You get a darker model of Monzo’s iconic coral card with this account. Should you’re transferring to Monzo Max from Monzo Premium, then you’ll be able to hold your steel card till it expires, but it surely’ll get replaced with this one after that. 

Is Monzo Max higher overseas?

Monzo Max is one of the best of the Monzo accounts to make use of overseas — you get worldwide journey insurance coverage with it, and you’ll withdraw as much as £600 per 30 days overseas.

Nonetheless there are different playing cards that will provide you with fee-free spending overseas with no month-to-month cost. And you may doubtless get cheaper journey insurance coverage — an annual journey insurance coverage coverage can price you half the price of Monzo Max for the yr. We’d additionally counsel that you just take a look at other travel debit and credit cards that might suit you better.

Buyer evaluations of Monzo

As Monzo solely introduced Monzo Max in April, we don’t but have any buyer evaluations of the account over at our sister web site Smart Money People. 

When wanting simply at Monzo, clients price the account 4.93/5, with clients raving in regards to the customer support, and discovering this to be a fantastic app for digital banking.

Some clients had destructive experiences when receiving massive sums of cash — with a couple of mentioning that their accounts have been closed unexpectedly. We cowl this difficulty additional in our full Monzo review.

Is Monzo Max value it?

Zoe’s evaluation

Should you have been to utilize all of the options of the account, you could possibly work out with extra in rewards than you spend. Right here’s a tough concept:

• A Railcard prices £2.50 per 30 days
• A Greggs sausage roll every week prices about £4.80
• A regular Vue ticket prices between £4.99 and £9.99 (relying on the place you reside), so we’ll say £7.50 as a mean worth
• An annual journey coverage prices about £8.30 per 30 days 
• Breakdown cowl is about £3.30 per 30 days
• Cell phone cowl will rely in your machine however for the most recent Google Pixel it’s about £9 per 30 days

This totals £35.40 per 30 days, so £18.40 greater than the Max price, saving you £220.80 a yr. 

You additionally get the extra Monzo Further options that may enable you to with budgeting and saving — I actually like these, however I wouldn’t have paid for them individually. 

So an honest choice proper? Properly, that’s solely the case for those who want and use all or many of the options. If not, you’re overpaying.

Plus, you may be higher off with a different packaged bank account at a distinct financial institution, particularly when you have a household. The most affordable on the market for worldwide household cowl is £12.50 a month via Virgin Money. That’s £9.50 much less a month than Monzo Max and also you get higher protection.

How does Monzo Max examine with Monzo Premium?

You possibly can’t get Monzo Premium any extra, although you’ll be able to hold it for now if you have already got it. This was a earlier tier of Monzo that price £15 per 30 days – and it coated your loved ones with out the necessity for an additional cost. 

Should you determine to swap from Premium to Max you received’t have the ability to change again. You possibly can nonetheless hold your steel card till it expires.

Right here’s the principle variations between Monzo Premium’s further advantages and Monzo Max’s further advantages.