Monzo is enticing customers to shell out for a new range of premium accounts, offering benefits such as a free weekly snack at Greggs and discounted train travel.
The new subscription plans - Extra, Perks and Max - follows a study conducted among more than 45,000 customers to understand what works best for them, alongside research into their everyday spending habits.
The bank says the aim is to offer premium services that customer can benefit from daily.
One of the new benefits on offer is a free weekly hot drink or snack at high street chain Greggs - where 2.3 million customers together spent over £70m on their Monzo cards in 2023. The bank has also partnered with Trainline to offer discounted rail cards after finding that customers made 13 million transactions using the travel company last year, spending a total of £244m.
Fernando Fanton, chief product officer at Monzo, says: “Whether it’s Monzo’s top savings rates, a weekly treat from Greggs, travel insurance, breakdown cover or even more tools to supercharge your budgeting, we’re on a mission to make every pound and penny go further for our customers. We’ve designed Extra, Perks and Max with their feedback, hearing what matters most to them - and we know they’re partial to a sausage roll given they spent a collective £70 million at Greggs last year!”
The new plans range in price from £3 for Extra money management subscriptions, to £7 per month for Perks, and a hefty £17 per month price tag for the Max options. The Perks and Max plans both include boosted savings rates and discounted investment fees, while the latter also incorporates travel and phone insurance and auto breakdown cover.
Customers using the current subscriptions - Plus and Premium - will be invited to switch to any of the new plans, however they will be able to continue using them should they wish.