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A Video You May Find Relevant:
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In this video, we review Monzo's paid membership levels
Note: I rather skipped over the justification for why the increase in the amount of fee-free cash withdrawals and fee-free cash deposits, does not justify choosing a paid plan for most people, so let me provide more meat on the bone here!
Fee-Free Cash Withdrawals: Monzo offers £200 fee free per 30 days for cash withdrawals in the UK (and much of Europe) in their Free/Extra plans and £600 per day with their Perks/Max plans. The £200 30 day limit on the free plan will be enough for most people - the primary need for this is for "holiday spending" when and abroad and most Monzo users will mostly use card payments rather than cash anyway when abroad. If you do plan on going over the £200 limit for "holiday spending", then it is likely worth considering opening an account for a bank such as Starling Bank, which offers a higher limit of fee-free cash withdrawal in Europe with their free account plan (Starling allows up to £300 per day in fee-free cash withdrawals), rather than forking out for a Monzo paid plan just for this benefit. If you just want to withdraw money in the UK, most other bank accounts in the UK offer nearly unlimited fee-free cash withdrawals (typically with daily cap).
Fee-Free Cash Deposits: With the Perks/Max plan you are allowed up to 3 fee-free cash deposits at UK pay points and Post Offices, whereas in the Free/Extra plan, you get 0 fee-free cash deposits and are instead charged £1 for each deposit. This was is more self explanatory as to why a fee is not justified for this benefit in my opinion, since there is an easy workaround to pay cash deposits into a Monzo account to avoid paying a fee - most people with Monzo accounts have a second account with a high street bank and they can simply deposit in the branch/ATM of the high street bank for free and then transfer the money across to their Monzo account using online digital banking.
DISCLAIMER
Any information given in this video is for entertainment purposes only, and does not act as legal or financial advice. Your financial decisions are your own responsibility, and if you do require advice please contact a qualified Financial Adviser, Wealth Manager or Financial Planner.
