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Monzo to relaunch premium accounts

Tuesday 18 February 2020 13:02 CET | News

Monzo has announced its plans to relaunch premium accounts by the end of Q1 2020, after closing down its Monzo Plus account offering in Sep. 2019.

UK-based digital bank’s website currently has a simple message saying: “We’re rethinking Monzo Plus, and so it won’t be available for a while. We’ll share more when we can!” The offering had been criticised for its complexity.

Monzo representatives have commented that, for the bank, the issue is that although it has the growth and a healthy customer base, the company is not generating profit yet. Unlike traditional banks, most of its deposits sit in the Bank of England, which provides security, but generates little return.


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Keywords: Monzo, digital banking digital bank, Bank of England, premium account, Monzo Plus, relaunch, product update, bank deposit
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech