Monzo have just announced that they are introducing new fees from the 31 October 2020:
It’ll continue to be free to withdraw up to £250 of cash in the UK and European Economic Area (EEA) from your Monzo account every 30 days – after that there’ll be a fee of 3%.
If your card expires, is stolen or if you’re the victim of fraud, Monzo will still send you a new card for free if you’re in the UK. But if you’d like to replace your card for any other reason they will ask you to pay £5.
Four ways to avoid Monzo’s new fees:
1: Go cashless
Monzo customers who do not rely on cash withdrawals have been told: “If you keep using Monzo as you do now, you won’t be affected. Over the last year, you haven’t replaced a card or withdrawn more than £250 in a 30 day period in the UK or EEA, so you wouldn’t have paid any fees”.
2: Add your card to your phones wallet
Monzo will charge you £5 for a replacement card in the UK unless it expires, is stolen, or if you’re the victim of fraud. Add your card to your phones wallet to use Apple Pay and leave your physical card at home.
3: Use your Monzo account like a bank account and not a spending account
If you meet one of the following four criteria you’ll continue to get unlimited fee free cash withdrawals in the UK and the EEA and two free card replacements a year in the UK:
1: Pay at least £500 into a Monzo account every 35 days, with at least one active Direct Debit on the same account in the same period, or
2: Get a Department for Work and Pensions or Department for Communities’ payment (things like Universal Credit or a state pension) paid into a Monzo account every 35 days, or
3: Get your student loan paid into a Monzo account every 8 months, or
4: Share a Monzo Joint Account with someone who does one of the above.
4: Go Premium
Monzo Plus customers will also get the bigger allowances but this will cost you £5 month.