Monzo Perks review – Be Clever With Your Cash 

Listed here are all the further advantages you get with Monzo Perks

Monzo Perks is a brand new account supplied by Monzo that will get you some further perks, together with a weekly sausage roll and an annual Railcard for £7 per thirty days, in addition to all the advantages of the Monzo Extra account. Right here’s what we consider the account.

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What you get with Monzo Perks vs Monzo Free and Monzo Additional

We received’t be reviewing all the options of Monzo Perks on this assessment, simply those it’s acquired along with the free Monzo account and Monzo Extra. If you wish to study extra about what you are able to do with Monzo, you possibly can try our in-depth review of the account. Right here’s an summary of what you may get.

Monzo Perks advantages

Along with all the options of the free Monzo account and the extra options of Monzo Extra, you get a few further issues, together with a greater financial savings price and the next withdrawal restrict overseas. Right here’s extra about what you get with Monzo Perks: 

Free Railcard

You possibly can nab your self a free Railcard with a Monzo Perks account. That is really a fairly first rate profit, normally costing you as much as £30 (we regularly have deals to get them cheaper here). A Railcard can get you a 3rd off rail journey — nonetheless, having this account doesn’t imply you’re robotically eligible for one. This will depend on your age, the place you journey and who you journey with. 

Nevertheless, don’t simply get it for the Railcard — if you happen to don’t use any of the opposite advantages of the account, which means that the Railcard prices you a large £84 per yr. 

Free Greggs

A pleasant little perk to the Perks account is that you would be able to get a freebie at Greggs each week. This generally is a sausage roll, common sizzling drink, doughnut or muffin. 

You’ll pay £1.20 for a sausage roll, and between £1.50 and £2.50 for a sizzling drink. So if you happen to had been to common that at £2 per week, assuming you additionally handle to say it each single week (in actuality you’ll in all probability miss a couple of), that’s price £104 a yr, which suggests you’d save £20 on this alone.

However this isn’t going to be worthwhile until you get one most weeks, and you might as properly admit that you simply’ll seemingly nab your self a sausage roll or candy deal with to go along with that espresso, so you might find yourself spending extra!

Free Vue ticket

This characteristic was added in October 2024, and also you declare it every month to make use of on an ordinary ticket at any Vue within the UK. If you wish to improve to a VIP, 3D, recliner or IMAX ticket you’ll must pay an additional payment on high.

You’ll want to make use of the code earlier than the top of every calendar month, although that may be for a screening at a later date.

Vue ticket costs fluctuate throughout the nation, and normal tickets appear to vary from £4.99 to £9.99. Meaning it has an annual worth of between £59.88 and £95.88 – although there are different methods to get cheap or free cinema tickets.

Every month you too can get 10% off any spend on food and drinks at Vue areas.

20% off at Pizza Specific

The opposite new perk is 20% off meals at Pizza Specific from Sunday to Thursday. This supply runs till 1 June 2025. Although Pizza Specific affords aren’t as frequent as they as soon as had been, you possibly can usually discover different reductions.

Increased financial savings price

You get a barely higher financial savings price of 4.1% AER variable as a substitute of three.6% AER variable with Monzo perks. That is an prompt entry account, so you possibly can entry it everytime you want it. 

This price can nonetheless be crushed with different financial savings accounts, which we element on our savings best buy tables. 

Payment-free money withdrawals overseas

You get a considerably increased fee-free allowance when withdrawing money overseas — £600 slightly than the standard £200. It is a good perk if you might want to withdraw increased quantities whereas overseas, or journey rather a lot. Different allowances when overseas keep the identical. We reckon there are nonetheless better options when travelling abroad.

Payment-free money deposits

With Monzo Perks, you possibly can deposit money into your account with none charges as much as 3 occasions per thirty days. This normally prices £1 per deposit. This implies it may prevent as much as £3 per thirty days — however when was the final time you paid money into your account?

Get round this by paying cash into a distinct financial institution and transferring it over. 

Scorching coral card

The Monzo Perks card is slightly darker than the unique Monzo card, although it actually doesn’t look very totally different from the unique — I doubt anybody will discover it in a store.

The Monzo Plus card was a holographic blue — if in case you have considered one of these you possibly can preserve it till it expires. 

Discounted funding charges

We don’t actually cowl Monzo’s investments platform in any element, however there are discounted charges with the Perks plan. 

You get a decrease platform payment of 0.35% for investing, versus 0.45% with out. Which means with fund charges, you’ll pay 0.49% slightly than 0.59%. It is a good payment for investments, however provided that you make investments with Monzo already. It’s price purchasing round to see if alternate options can be cheaper for you.

Is Monzo Perks higher overseas?

Monzo Perks is slightly higher to be used overseas versus the Free and Additional accounts, however provided that you suppose you’ll make a variety of withdrawals — you get £600 in fee-free money withdrawals as a substitute of simply £200. The spending limits are the identical, although. 

You don’t get journey insurance coverage — this comes with Monzo Max. We’d counsel you check out different travel debit and credit cards that might suit you better. 

Buyer evaluations of Monzo

As Monzo solely introduced these accounts lately, we are able to’t gauge how prospects really feel about it simply but — so we’re trying broadly at evaluations of Monzo over at our sister web site Smart Money People. 

Clients price Monzo 4.93/5, with prospects raving in regards to the customer support, and discovering this to be a terrific app for digital banking.

Some prospects had unfavorable experiences when receiving giant sums of cash — with a couple of mentioning that their accounts had been closed unexpectedly. We cowl this problem additional in our full Monzo assessment.

Is Monzo Perks price it?

Zoe’s evaluation

It actually comes down as to if you’ll use all of the freebies that include the account. In the event you’re going to purchase a railcard anyway, even at a decreased worth of £20, then you definitely simply have to justify £64 from the opposite perks. That’d seemingly be lined six cinema visits a yr and one or two Greggs visits every month. Any greater than that and also you’re in revenue.

Definitely it’s higher than paying £3 a month for Monzo Additional, which has further options that may make it easier to with budgeting and saving however not one of the perks.

And if you happen to’re nonetheless on Monzo Plus, the account this changed, and wish the additional budgeting options you get with that, then it’s properly price it for an £2 further per thirty days.

How does Monzo Perks examine with Monzo Plus?

You possibly can’t get Monzo Plus any extra, although you possibly can preserve it for now if you have already got it. This was a earlier tier of Monzo that price £5 per thirty days. Right here’s the principle variations between Monzo Plus’ further advantages and Monzo Perks’ further advantages. Generally, it’s higher for a further £2 per thirty days, contemplating the everyday price of a Railcard and cinema ticket.