Monzo to relaunch premium accounts

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.