Is Monzo premium metal card worth £15 a month? Even though it pays you interest and gives free phone insurance. If you are thinking about getting the Monzo Premium metal card, we take a look at its features to help you decide.
Monzo Premium Account – Metal Card
Monzo’s Premium Account comes with a white stainless steel metal card that weighs 16g. If you were wondering, then that’s about 3 times the weight of an average plastic card.
It also comes with a fee of £15 per month. That is £10 more than the Monzo Plus Account, costing £5 per month. Of course, there is also the free Monzo Account that is available to you.
What do you get for the extra money you are paying? Is it just simply for having a metal card? No, you do get extra features.
Standard banking features
With the Monzo metal card Premium Account, you have all the features in the Monzo free Account and the Monzo Plus Account. As well as some additional features.
Here are some of the main features of the Monzo Free Account and Plus Account that is included with the Monzo Premium Metal Account.
- A UK bank account
- Money protected by FSCS
- Fee free UK bank transfers
- Instant notifications on transactions
- Pots for separating money for spending, bills and saving
- Apple Pay and Google Pay
- Interests on your account
- Custom categories
- Virtual cards (to use online)
- Credit tracker (check your credit score)
- Advance roundups (round up your spare change)
- Get up to £400 per month of fee free withdrawals abroad
Additional Premium Account metal card features
In addition to the standard banking features in the previous list. The Monzo Premium Account metal card has these addition features.
Get free phone insurance with the Monzo metal card. This is a good feature to have. if you were to buy a phone insurance separately, you would be be paying about £4.99 per month.
Free Worldwide travel insurance
With the Monzo Premium Account metal card, you also get free worldwide travel insurance for you and your family.
If you do go travelling, or you are a frequent traveller, then this is a good free feature to have. How much money will you be saving if you went travelling.
Interest on balance and regular pots
You will get 1.50% / 1.49% AER/Gross on up to £2, 000.
Discounted airport lounge access
With the Monzo metal card, you can get discounted airport lounge access for you and your guests.
Free withdrawals abroad
You can get free withdrawals abroad for up to £600 every 30 days.
Free cash deposits
You can make up to 5 free cash deposits every month. You can deposit cash in any PayPoint locations in the UK.
With Monzo Premium Account metal card, you can get 0.3% cash back on any international transfers.
With Monzo, you can add all your bank accounts and credit cards onto the Monzo app. You will get full visibility of all your transactions and balance.
You will also be able to move your money around the accounts with easy bank transfers.
With the Monzo Premium Account metal card, you are paying £15 per month, but you do get additional benefits and features compared to the Monzo Free Account and the Monzo Plus Account.
You get free phone insurance and worldwide travel insurance for you and your family. This would be useful if you travel but not if you don’t.
You can also add your banks accounts and credit card in the Monzo app and have full visibility of your accounts.
However, you can get a free Monzo account with a plastic card. Or the Monzo Plus for £5 per month. You will have to decide if a metal card and the additional features you get is worth the extra money.
If you are looking for the best SIM only deal, read out article: Best SIM Only Deals UK – best SIM only plans available
If you are looking for home insurance, read our article: Home Insurance – Compare Cheap Quotes.
Money Advice Service
For debt management and advice on how to pay for bills go here: Money Advice Service info page.
If you are interested, check out: Best Bank Accounts for Bad Credit.