Monzo has launched a new Monzo Plus account, with the new account costing £5 per month. The current account offers its customers one percent AER/gross (variable) interest on balances of up to £2,000.
Monzo Plus customers will also be able to get £400 fee-free withdrawals abroad every 30 days.
This is double the amount Monzo users can withdraw for free while abroad via the regular Monzo account.
Mike Hudack, Monzo’s Chief Product Officer, said: “With this version of Monzo Plus we went back to basics, and re-examined how we built things.
“We thought really hard about why people love Monzo and listened to our customers and our community.
“Over and over again we heard that people love Monzo because it gives them more control and visibility over their money.
“So we’ve doubled down on that and created a premium product that we believe makes Monzo even better at managing your money, refocused on benefits that help customers today and in the future.”
With this account, Monzo customers will also be able to shop online and manage subscriptions “more securely” with up to five virtual cards.
Each of these will have their own unique details, the app-based bank said.