The bank says it is no longer offering the packaged account options, which cost customers between £5 and £12 a month, after poor customer feedback. Here, Which? Most high-interest current accounts have seen rate cuts and withdrawals in recent months; we recently wrote about Tesco Bank’s plan to cut the rate on its current account from 1% AER to 0% in September. TechCrunch is part of Verizon Media. UK challenger bank Monzo announced on Wednesday the launch of its new account, Monzo Plus. For both, you also have to pay in at least £500 a month and set up two direct debits from your account. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Monzo Plus offers the same service. Earn interest on up to £2,000 on your account balance and regular Pots (not including Savings Pots). What’s more, transactions from other bank accounts can actually feature in your Monzo app. Challenger bank Monzo is re-launching its paid-for premium account, offering an enhanced savings rate and extra features to entice customers. You can change your choices at any time by visiting Your Privacy Controls. Holographic Monzo card. Enter the new new Monzo Plus, … What you get with Monzo Plus You can change your mind in the first 14-days, but after that there’s a three-month minimum before you can trade back to the standard account. You’ll pay £5 a month for Monzo Plus, so £60 a year. Using open banking technology, Monzo Plus will allow you to oversee your spending from the vast majority of other bank and credit card accounts, too. Monzo has launched a new Monzo Plus account, the new account costing £ 5 per month. While the first version of Monzo Plus was a fairly classic packaged bank account, this new offering brings in features from several different types of bank accounts. How much is Monzo Plus. App-only bank Monzo has ditched its paid-for premium 'Monzo Plus' service, which offered customers extra features such as travel insurance, only five months after launching the product. Monzo lent out a record £143.9 million, compared to £19.2 million in its 2019 results. UK challenger bank Monzo announced on Wednesday the launch of its new account, Monzo Plus. Inflation rises to 0.6% in December 2020 – can any savings accounts beat it. Monzo, the London-based challenger bank is having another stab at launching a new service with Monzo Plus, a premium edition of its already popular current account. Could you cut your 2019-20 self-assessment tax bill? The new Monzo plus card. The digital bank reported that the account was created to help users get a “grip” on their finances with features like other bank accounts, credit cards, and credit scores through the Monzo platform, as well as custom categories for all spending and virtual cards for safe online shopping. Trendy bank Monzo has launched a new Plus account option, but while it will cost customers an extra £6 per month they must pay more on top to get perks such as travel insurance. While millennials sometimes get mocked for their preoccupation with bright, shiny things, the truth is that a massive part of Monzo’s initial success was its distinctive hot coral-coloured card – instantly fresher and more exciting to open your wallet to than any other bank card at the time. But a virtual card would continue to be valid, even if the physical card is cancelled and replaced. The new incarnation is set to roll out gradually in the next week or so, initially to existing Monzo customers – but is it worth paying £60 a year for? However, you might feel that this is worth it if it also saves you foreign transaction fees, money off brands you would have bought from anyway, and allows you a new level of oversight and control over your spending. 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