Monzo raised the price of Perks and Max this autumn, so it's a good moment to check whether the paid plans still earn their keep. The short answer is that Perks still does for most people, and Max can be excellent value if it replaces insurance you'd otherwise buy. Every figure below comes from Monzo's own plan pages, checked today.
Key takeaways
- Four plans: Free (£0), Extra (£3 a month), Perks (£9) and Max (£19, or £23 with family cover).
- Prices went up: Perks rose from £7 to £9 and Max from £17 to £19 for new customers from 13 August 2026. Existing customers move to the new price from their first billing date on or after 14 October 2026.
- Perks includes an annual Railcard (worth up to £35), annual Uber One (£49.99 if bought direct), a weekly Greggs treat, a monthly Vue ticket and YouTube Premium Lite.
- Max adds worldwide travel insurance, phone insurance and RAC breakdown cover across the UK and Europe.
- Savings rates rise with each plan, from 2.75% AER (variable) on Free to 3.50% on Max.
How much does each Monzo plan cost?
Monzo's plans range from free to £19 a month, and only Max has a minimum term. This is what each one includes, from Monzo's plan comparison page:
| Free | Extra | Perks | Max | |
|---|---|---|---|---|
| Monthly price | £0 | £3 | £9 | £19 (£23 with family) |
| Minimum term | None | None | None | 3 months |
| Instant Access savings (AER, variable) | 2.75% | 3.00% | 3.25% | 3.50% |
| Saving Challenge (AER, variable) | No | 5.00% | 5.00% | 5.00% |
| Fee-free cash abroad (outside EEA) | £200 | £200 | £600 | £600 |
| Billsback prize draw | No | Yes | Yes | Yes |
| Railcard, Uber One, Greggs, Vue, YouTube Premium Lite | No | No | Yes | Yes |
| Travel, phone and breakdown cover | No | No | No | Yes |
Each plan includes everything in the plans below it. You can move between plans at any time in the app, apart from Max's 3-month minimum.
What changed with Monzo's 2026 price rise?
Monzo increased the price of its two top plans this year. According to Monzo's price change notice:
| Plan | Old price | New price |
|---|---|---|
| Perks | £7 a month | £9 a month |
| Max | £17 a month | £19 a month |
| Max Family | £22 a month | £23 a month |
New customers have paid the new prices since 13 August 2026. Existing customers move to them from their first billing date on or after 14 October 2026. The window to cancel Max early without the minimum term closed on 13 October, so the usual rules now apply.
Take Action: If you're on Perks or Max, check your next billing date in the app and decide now whether the perks are still worth £24 more a year to you.
Monzo Free: is the free account enough?
For many people, yes. Monzo's free account gives you instant spending notifications, Pots, budgeting tools, fee-free card spending abroad and savings at 2.75% AER (variable). Deposits are protected by the FSCS up to £120,000.
It also has the best service reputation of any UK bank. In the independent CMA service quality survey published in August 2026, Monzo ranked first in Great Britain, with 79% of customers likely to recommend it, as reported by Starling, which publishes the full table.
The main limits are £200 of fee-free cash withdrawals outside the EEA every 30 days, a single credit score updated monthly and no virtual cards.
Who it suits: anyone who wants a great everyday or second account. If you're new, opening one through our Monzo link gets you a referral reward once you add money and make your first card payment within 30 days. See our Monzo referral bonus guide for the current reward odds.
Is Monzo Extra worth £3 a month?
Extra is the budgeting plan. At £3 a month (£36 a year), it's worth it if you like tracking your money closely, but it has no lifestyle perks.
Monzo's Extra page lists:
- Connected accounts: see unlimited other bank accounts and credit cards inside Monzo.
- Virtual cards: up to 5 at once, linked to Pots. They're useful for subscriptions and online shopping.
- Credit insights from both TransUnion and Equifax, updated weekly.
- Advanced roundups at 2x, 5x or 10x, custom spending categories and an auto-updating Google Sheet of your transactions.
- Billsback: each month at least 1,000 eligible bills are picked at random and paid back, up to £150 each.
- Saving Challenge at 5.00% AER (variable), on up to £2,671 a year.
The Saving Challenge is the most tangible money benefit. If you build up the full £2,671 gradually over a year, 5% earns roughly £67, compared with about £37 at the free plan's 2.75%. That extra £30 or so is close to the plan's £36 cost, so it isn't a reason to pay on its own.
Is Monzo Perks worth it?
For most people, Perks is the Monzo plan worth paying for. At £9 a month (£108 a year), two perks alone get you most of the way to covering the cost:
- An annual Railcard of your choice, which Monzo says is worth up to £35 and saves a third or more on eligible train fares.
- Annual Uber One membership, which costs £49.99 a year direct from Uber. It gives £0 delivery fees on eligible Uber Eats orders, 5% back in Uber credits on standard rides and 10% on Exec and Lux.
That's about £85 of value before you count the rest:
- A weekly Greggs treat: a sausage roll, muffin, doughnut or regular hot drink
- One Vue cinema ticket a month, plus 10% off food and drink once a month
- YouTube Premium Lite, which removes ads from most videos
- 3.25% AER (variable) on Instant Access savings and 3.65% on Select Access
- £600 of fee-free cash withdrawals outside the EEA every 30 days, discounted investment fees and 3 free cash deposits a month
If you'd use the Railcard, Uber One and either the Vue ticket or the Greggs treat regularly, Perks pays for itself comfortably. If you don't travel by train and never use Uber, it probably won't.
There's a catch to know: Monzo notes that if you've redeemed a Railcard and then cancel your plan, you'll need to pay a fee to keep it.
Take Action: Total up what you spend on the included perks now. If it's more than £9 a month, upgrade to Perks in the app. For a commuter-focused way to use the Uber One perk, see our guide to stacking Uber One, Avios and RevPoints.
Is Monzo Max worth it?
Max is worth it if it replaces insurance you'd otherwise buy separately. It costs £19 a month (£228 a year), or £23 with family cover, and has a 3-month minimum term. It's open to UK residents aged 18 to 69.
According to Monzo's Max page, it includes everything in Perks, plus:
- Worldwide travel insurance from Zurich: multi-trip cover with up to £5,000 for cancellation, £10m of medical cover, £750 for lost valuables, winter sports equipment cover and car hire excess waiver up to £3,000. There's a £50 excess per claim.
- Worldwide phone insurance from Assurant: loss, theft and accidental damage for phones worth up to £2,000, with a £75 excess and up to 2 claims a year.
- RAC breakdown cover in the UK and Europe, covering you as a driver or passenger in any vehicle.
- 3.50% AER (variable) on Instant Access savings and discounted airport lounge access.
Max costs £120 a year more than Perks. If you'd otherwise pay for annual travel insurance, gadget cover for an expensive phone or breakdown cover, those three policies can easily cost more than that. The £4 family add-on makes it even better value for couples and families.
Before relying on it, read the policy documents. The Max page doesn't explain how pre-existing medical conditions are treated, so check that if it applies to you.
Which Monzo plan should you choose?
Choose the plan whose perks you'd actually use. A quick guide:
| If you... | Plan that may suit you | Annual cost |
|---|---|---|
| Want a great free everyday account | Free | £0 |
| Track every penny and want connected accounts and virtual cards | Extra | £36 |
| Use trains, Uber or Uber Eats and like the treats | Perks | £108 |
| Travel, have an expensive phone and drive | Max | £228 (£276 family) |
For budgeting, Monzo's Pots pair well with our UK Budget Planner, which gives you a monthly plan to fill them from. If you're still deciding between banks, compare Monzo with its closest rival in our Monzo vs Revolut review, or see our guide to Revolut's plans.
FAQ
How much is Monzo Perks?
Monzo Perks costs £9 a month as of October 2026, up from £7. New customers have paid £9 since 13 August 2026, and existing customers move to it from their first billing date on or after 14 October 2026. There's no minimum term, so you can cancel or downgrade at any time in the app.
Does Monzo Perks include Uber One?
Yes. Monzo Perks and Max include an annual Uber One membership. It gives £0 delivery fees on eligible Uber Eats orders, 5% back in Uber credits on standard rides, 10% on Exec and Lux rides, and 10% credit on trains, flights and car hire booked in the Uber app.
Is Monzo Max travel insurance any good?
Monzo Max's Zurich travel insurance is solid multi-trip cover. It includes up to £5,000 for cancellation, £10m for medical bills, winter sports equipment cover and car hire excess waiver, with a £50 excess. It covers trips worldwide, including the US and within the UK. Check the policy wording for pre-existing conditions.
Can I cancel Monzo Max anytime?
Monzo Max has a 3-month minimum term, so you can't cancel in your first 3 months, apart from in the 14-day cooling-off period. After that, you can cancel or downgrade in the app. Extra and Perks have no minimum term.
Is Monzo safe?
Yes. Monzo is a fully licensed UK bank, and eligible deposits are protected by the FSCS up to £120,000 per person. It also ranked first in Great Britain for overall service in the CMA's independent survey published in August 2026, with 79% of customers likely to recommend it.
The bottom line
Monzo's free account is one of the best in the UK, with top-rated service. Extra is a nice-to-have for keen budgeters, but it rarely pays for itself. Perks is the plan worth paying for if you'll use the Railcard and Uber One. Max is excellent value if it replaces travel, phone and breakdown cover you'd otherwise buy.
If you're not with Monzo yet, sign up to Monzo on the free plan, earn your referral reward, and upgrade later once you know which perks fit your life. Already sorted for banking? Our bank switching offers page lists the current cash bonuses for moving your main account.