Monzo Premium has a new travel insurance provider Zurich, powered by Qover

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Monzo Premium’s worldwide family travel insurance will be provided by Zurich, powered by Qover. Most of the things covered by the insurance will stay the same. As will the excess amount and the price of Monzo Premium. 

Our Premium customers told us that making a travel insurance claim wasn’t always as easy or as fast as it should be. So we decided to switch from our current provider to Zurich

By doing so, we can give Premium customers a better claims support experience from the Monzo app.

  • Zurich Insurance Company  will underwrite Monzo Premium’s travel insurance policy, meaning they’re the ones who actually insure you. They will also arrange emergency help if you need it. 
  • Qover  will work with Zurich to deal with the claims you make and provide you with customer care.

Clients can start a claim and request a travel certificate in the Monzo app. Previously, you had to call the travel insurance provider or use their online claims management portal to do these things.  And in the future, you’ll be able to submit and track a claim in the app too.

Most of the things that Premium customers are covered for today will stay the same. This includes:

  • Worldwide cover 

Including the United States. 

  • For you and your family 

By “family”, Zurich means partners and dependent children up to 19 years old (or 21 if in full-time education). They’re only covered if they’re travelling with you. Exclusions apply, please read the Ts&Cs.

  • Multiple trips

You’re covered for an unlimited number of trips if each one is less than 45 consecutive days.

  • Winter sports 

Including skiing and snowboarding, ski equipment and ski hire up to £750.

  • Travel disruption 

Covers cancellation costs up to £5,000, costs for trips being cut short up to £5,000 and flight delays by 4 hours or more.

  • Car hire excess waiver up to £3,000

If you damage a rental car abroad.

  • Medical bills up to £10 million

For medical emergencies, including practitioners’ fees, hospital expenses and medical treatment.

  • Lost valuables up to £750

Including luggage, personal money and travel documents, jewellery, laptops and tablets, and more.

  • £50 excess 

There’s a £50 excess for every successful claim where an excess is payable. An excess is the amount of money you pay towards a claim.

New provider, new terms and conditions

The change in provider means that Zurich, powered by Qover will be setting their own exclusions. We’ll also be changing some of the language in the Monzo Premium Terms and Conditions.

Summary of the things that will be different in new Zurich insurance policy:

  • General exclusions now include climbing on roofs and jumping from heights, buildings and rock formations.
  • You’ll now need receipts for all claims.
  • Personal liability now excludes intellectual property and copyright, loss or damage to property, and any damages that should be more specifically claimed under another policy.
  • Hijack now excludes privately chartered or rented vessels.
  • Winter sports now excludes claims for anything you’ve left unattended, unless in locked storage or a lockable ski or snowboard rack.
Up to 2nd August 2023, AXA will provide your travel insurance cover then we’ll move you over on 2nd August 2023 and update the ‘your travel insurance’ section of the Monzo Premium Terms and Conditions.

There’s nothing for you to sign and no forms to fill in. And there’s still no need to make any medical declarations. Please note, pre-existing medical conditions are not covered.

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monzo premium travel insurance family

monzo premium travel insurance family

Monzo Introduces Monzo Premium: Everything You Need to Know

monzo premium travel insurance family

Olivia Willemin

Writing for Monito, Olivia is here to help users navigate the world of money transfer fees, exchange rates, and tips and tricks that help you make your best decisions.

This month, the popular British neobank Monzo is introducing Monzo Premium , a new tier of paying account with new features and benefits. This is an increasingly popular move amongst neobanks, giving its users incentive to upgrade their accounts and pay into perks. Those perks however may not always be worth it. Monito is here to check out Monzo Premium and answer your questions: What is Monzo Premium? What are its perks? How does it stack up against competitors? Is signing up worth it?

Monzo’s new premium plan, much like Monese ’s and Revolut ’s, gets you an exclusive card, as well as several other perks improving the features of your existing account while also adding new ones, such as device and travel insurance. Monzo Premium is Monzo’s second paying account option, coming after the success of Monzo Plus and giving you extra perks and options. As such, we’ll also be looking at how Monzo Premium stacks up against its competitors’ plans as well as its existing Plus plan. Let’s look at it in detail!

Quick Feature Overview

monzo premium travel insurance family

Features In Depth

Pricing and minimum duration.

First things first: the price! Monzo Premium is priced at £15 a month , with a minimum contract duration of 6 months — that’s £10 more than Monzo Plus. The price is in line with Monese 's Premium plan, which costs £14.95 — with no minimum duration — but slightly more expensive than Revolut 's Metal Plan, which costs £12.99 — albeit with a one year minimum duration. Both plans, however, offer a discount if you pay upfront for a full year. Monese Premium can thus cost £125 year (£10.5 per month) while Revolut Metal’s discount makes it £120 for the whole year — an even lower £10 a month. Until Monzo offers similar yearly discounts, it won’t have the edge in terms of pricing.

Monzo Premium’s most prominent features are two insurance plans.

  • Phone Insurance The first insurance plan covers your phone — as long as it’s worth less than £2,000 pounds — as well as accessories up to £300. It covers theft and loss as well as accidental damages — yes, even a cracked screen — for up to two claims every year, each with an excess of £75 pounds. Monzo doesn’t claim a set value for this plan, but you could expect to pay around £80-£90 a year for a similar one, almost half the price of Monzo Premium.
  • Travel Insurance The second one is a travel insurance plan, covering yourself, your partner, and any dependents under 21 for unlimited trips anywhere in the world — as long as they last less than 45 consecutive days. It covers medical expenses up to £10 million, cancellations up to £5,000, as well as delays, lost items, and even winter sports equipment hire — with a £50 excess per claim. Monzo estimates that it is worth around £159 pounds a year.

Both features are thus very valuable, and its competitors lag behind Monzo when it comes to insurance. In fact, Monese doesn’t even offer any insurance services in any of its plans. Revolut does offer a similar travel insurance - even on its cheaper £6.99 premium plan — but doesn’t include device insurance in any of its plans, though you can buy a discounted plan through them. If you don’t already have travel and/or device insurance, it might be worth looking into Monzo Premium!

Interest on Account

A rather unique feature of Monzo Plus and Premium accounts is that both plans offer interest on your balance, something that not many neobanks are able to do. Monzo Premium’s rate is an eye-popping 1.5% annually — up from 1% with Monzo Plus — but it’s only offered on up to £2,000 of your balance . This means that you can at best expect a £30 return at the end of the year, as long as you've kept more than £2,000 on your Monzo Premium account. At best, that’s the equivalent of two months of the subscription, putting the actual yearly price at £150 in total — still more expensive than a yearly Revolut Metal subscription. Ironically, Monzo Plus is actually more interesting here: its lower 1% interest on £2,000 can give up to £20 in yearly returns, which covers four months of its £5 subscription. At the end of the day, it’s not worth choosing Monzo Premium for its interest rate: it’s a rather nice bonus, but by itself, it is simply not valuable enough. 

Other neobanks almost never offer interest on balances, so that feature might not be as useful, but Revolut Metal does have a unique cashback feature, which gives you back 0.1% on your card purchases in Europe — meaning the whole continent, from the UK to Russia — and 1% outside of it.

Monzo Premium Metal Card

Card Design 

Last but not least, the fun stuff! A prime attraction with many premium accounts is the exclusive designs of its cards, bringing you fun innovations like metal cards and telling your peers when you pull it out of your wallet that you have the goods. Monzo Premium lives up to its competitors here, offering users a shiny metal card.   

All the Monzo Plus Features, With a Bonus

Monzo Premium includes all features already included with the lower tier Monzo Plus plan. This means, for example, that you can display your other bank accounts in the Monzo app, use custom sorting categories, or auto-export your transactions to Google Sheets, all features that its competitors lack. Monzo Premium also improves several of Monzo Plus’s features: it offers up to five free cash deposits a month through the PayPoints networks in the UK — up from one with Monzo Plus — as well as up free ATM withdrawals abroad up to £600 every 30 days — up from £400 with Monzo Plus. Both of these improvements are not unique to Monzo Premium, however: Revolut Metal, although it doesn’t offer cash top-ups, does have a higher limit for ATM withdrawals abroad of £800, and Monese Premium does even better, with unlimited free top-ups in the UK and free withdrawals anywhere in the world!

Is Monzo Premium Worth It? 

In short, it depends on what you want from a premium account. Monzo Premium has lots of great features, but it doesn’t necessarily stand out from Monzo Plus or competing premium accounts until it comes to a few key benefits, especially considering its £15 a month fee. Where Monzo Premium does stand out in our books is when it comes to the insurance benefits it provide. If you’re someone who values your possessions — especially your phone — and who travels frequently but who doesn’t already have special insurance for either, then Monzo Premium becomes very interesting. The plan offers great phone and travel insurance benefits, and the premium fees quickly pay for themselves.  

At the end of the day, we consider Monzo Premium to be a solid premium account but would encourage you to compare services and make sure you choose the right premium account for you.

Other Providers to Consider

monzo premium travel insurance family

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Twin Perspectives

Honest Monzo Premium Review (2023)

Sign up to your own monzo account & get £5 on me.

This Monzo Premium review contains affiliate links.

I first opened my account with Monzo in 2018, with the intention of using it just as a travel card. Offering entirely free transactions, anywhere and in any currency, using Monzo for travel seemed like a no-brainer.

With Monzo picking up the transaction fee that Mastercard would usually charge its customers, using Monzo abroad meant that I didn’t have to travel with large amounts of cash on me (to avoid incurring any charges to my Visa Debit card).

However, aside from using Monzo abroad, I hadn’t really considered using it as a bonafide, current account. Having remained loyal to my Barclays account since time began (I think I opened it when I was 12), and due to the fact that I had my mortgage with them, it didn’t occur to me that I should make a change.

However, a couple of years later –  having now sold my old house and had a baby – I was in a different place entirely. Now wanting to track my finances more than ever before (particularly with the current cost of living crisis hitting home), I was finding my Barclays current account – and the app that came with it – extremely limiting.

With new ‘neobanks’ such as Monzo, Starling and Plum, introducing intuitive saving ‘rules’ to make setting money aside an every day habit – Barclays began to seem more and more archaic.

Likewise, the Barclays app offered no budget monitoring features at all. I received no notifications about how much I was spending, nor how much I had left in my account; something that would have helped me stick to the (financial) straight and narrow.

Eventually, having experimented with using Monzo’s saving pots, I decided to make the switch – moving entirely to Monzo and closing my Barclays account.

honest review of Monzo premium

Deciding on Monzo Premium

However, rather than just moving over to my existing Monzo current account, I decided to upgrade to Monzo Premium; an account with a monthly fee of £15.

Offering worldwide phone and travel insurance, higher interest rates, the ability to link to your other bank accounts (credit cards included), discounted access to airport lounges, multiple brand offers and – their crowning jewel – a white, metal debit card – Monzo Premium certainly seemed an attractive deal.

Having since decided to bite the bullet and commit to Monzo Premium, I wanted to provide a quick summary of how I’ve found the past few months.

Below is my Monzo Premium review and whether I think it’s ultimately something that’s worth the money.

review of Monzo Premium

A Quick Monzo FAQ

As Monzo is an online, rather than high-street bank, you might have a few questions (and hesitations) about how it works. Below are all the questions I had before switching over to Monzo Premium.

Is Monzo a Bank?

In short, yes.

Fully authorised in the UK by the powers that be – the Prudential Regulation Authority (PRA) -and regulated by the Financial Conduct Authority, Monzo is a legitimate bank through which you can bank and save money.

However, Monzo is only online, so you won’t be able to pop into any high-street chains. Indeed, Monzo is that new brand of bank, a ‘neobank’.

In short, this means it has no physical location and is ‘mobile first’. Monzo (and its competitors such as Starling and Revolut) also lack certain bank licences that would allow them to offer some financial services e.g mortgages. For other financial services – lending facilities, for example – a neobank will usually partner with an existing licensed bank in order to provide them (and is all above board).

Are Neobanks Better than Traditional Banks?

If you’re fairly tech-savvy, undertake most tasks on your mobile phone and want fast and intuitive access to your bank accounts – then yes, neobanks are probably far better than traditional banks.

Furthermore, these online banks offer a fun, engaging and instinctual way to manage your money – offering automatic spending rules (e.g., rounding up all your payments, or putting away £2 when it rains) and provide immediate and real-time oversight of your finances.

However, if you want more traditional financial services – mortgages or high-interest ISAs, for example – then you might find a neobank more limiting. Instead, you’ll need to get these larger products through traditional institutions.

Can You Get an Overdraft with Monzo?

Yes, Monzo do offer an arranged overdraft – although the interest you’ll pay on this are fairly expensive.

Currently, Monzo charges three variable rates for their arranged overdrafts: 19%, 29% or 39% EAR variable (your rate will be dependent on your credit score). This means that if you use an arranged overdraft of £1,200 for 30 days, with 39.0% EAR/APR (variable), you’d end up paying £32.94 in charges.

For some customers, overdrafts of up to £2,000 can be approved by Monzo, but they do state that they are very careful who they give this facility to.

Which is Better: Monzo or Starling?

When I first decided to get an account with Monzo, I was initially swayed by the possibility of banking with Starling, instead.

Like Monzo, Starling are an online ‘neobank’ – offering similarly intuitive, well-branded and user-friendly banking solutions.

After much research, however, there didn’t seem any huge differences between Monzo and Starling – aside from one thing, that is.

Starling doesn’t charge for any cash withdrawals abroad, whereas Monzo (unless you’re a Premium customer), will charge 3% on withdrawals over £250 – and  every 30 days (in Europe). Worldwide, you can take out £200 for free every 30 days, after which you’ll pay a 3% fee.

However, given that I don’t usually withdraw money abroad – and certainly not more than £600, this didn’t seem to be an issue.

Likewise, I noticed that Monzo’s saving features – something I was especially interested in – seemed a little better than Starling, including its round-up feature.

Ultimately, however, Monzo and Starling come pretty much top of the leader board when it comes to neobanks operating in the UK; enjoying fantastic customer ratings and impressive trust and credibility scores.

Is Monzo Safe?

Yes, very safe.

To reassure you, more than 6 million people are already (very happy) Monzo customers – myself included. Your money is protected by the Financial Services Compensation Scheme (FSCS) up to a value of £85,000.

Although an ‘online’ bank – you can also talk to a human whenever you need to, so there’s also no need to worry that you’ll get stuck in an endless loop with AI bots.

How Do I Deposit Cash or Cheques with Monzo?

Although the age of cheques has largely come to an end, a few do still appear in my life – courtesy of birthday or Christmas gifts.

One thing I did want to therefore mention in this Monzo Premium review is the fact that banking a cheque with Monzo isn’t quite as easy as banking with a high-street bank.

Instead, if banking with Monzo, you’ll need to send the cheque to their PO address (you’ll also have to pay for postage, too) – and then wait for a few days for it to be both received and processed. Admittedly, I did find this a bit of chore, but actually – once I’d posted it – it arrived and cleared in my account four days later.

However, if you’re a person who regularly receives and banks cheques, banking with a ‘neobank’ such as Monzo might become a little laborious.

Do Monzo Offer Savings Accounts and ISAs?

Yes, Monzo offer both savings accounts and ISAs – all offering high interest rates than their current accounts and ‘pots’.

The majority of these are offered via OakNorth Bank and include flexible ISAs, fixed term saving pots and easy access savers.

monzo premium travel insurance family

What Benefits Do you Get with Monzo Premium?

Firstly, why pay for Monzo Premium when you could settle for their free account?

Monzo offers its customers the chance to choose between three accounts: their Monzo current account (free), their Monzo Plus account (£5 per month) and their Monzo Premium account (£15 per month).

Their most basic current account is great if you’re just using it for everyday use, or even only for travel. This account provides all the services you’d expect: award-winning support, fee-free UK bank transfers and access to different savings pots.

Difference Between Monzo Plus and Monzo Premium

The Monzo Plus account offers slightly more benefits, including higher interest rates (1.00% AER variable up to £2,000), brand offers, advanced round-ups to help set money aside and one free cash deposit a month (as Monzo aren’t a high-street bank, you’ll need to go to designated Paypoints to cash money in).

Monzo Premium has all the benefits of Monzo Plus – and then some. These include: phone insurance, worldwide travel insurance, discounted lounge access, 1.50% AER variable interest rates, fee-free cash withdrawals and five free cash deposits per month.

Like Monzo Plus, you’re also entitled to exclusive offers, such as 15% off Patch Plants .

Lastly, Monzo Premium comes with a very attractive metal card (that may, or may not, have swayed my decision when it came to upgrading).

mono premium review

12 Best Apps to Save You Money in 2023

How easy is it to switch to monzo premium.

One thing that had put me off moving bank accounts was the presumption that it would be an incredibly stressful process.

Imagining that I’d need to call every one of my utility suppliers and re-direct every direct debit, it was a task that seemed completely overwhelming.

However, once I switched to Monzo Premium, I realised that the entire process was laughably straightforward.

Thanks to the introduction of Current Account Switch Service (CASS), the Current Account Switch Guarantee means that (for every bank or building society signed up to it) your new bank is legally obliged to do all the legwork for you: moving across your existing direct debits, standing orders and payment details for your salary (or pension).

If anything goes wrong, they are also responsible for these errors and must reimburse you immediately.

On average, your new bank account can be up and running within 7 working days – although my own switch to Monzo Premium took place over a fortnight (although this was the Christmas period).

As a result, my salary was automatically redirected to my new account, alongside all my direct debits and standing orders. I didn’t have to lift a finger, aside from changing just a few things (my linked Paypal account, for example, alongside Amazon payment details etc). My new Monzo card also automatically appeared in my Apple Wallet and I quickly set that as my default card.

The whole process was truly seamless and ultimately made me wonder why I hadn’t switched bank accounts sooner.

review of Monzo Premium

Monzo Premium Review: What I Liked

1. phone & travel insurance included.

Prior to signing up to Monzo Premium, I had separate phone and travel insurance. Individually, these were costing me in the region of £25 a month.

The phone and travel insurance offered by Monzo Premium was therefore a fair amount cheaper – at £15 a month – and meant that everything was in one place.

The travel insurance available via Monzo Premium is worth £159 a year and covers winter sports, which my old policy didn’t (it was too expensive to add). It’s also worldwide, which again my old policy was not. So all in all, these policy enhancements felt like a win.

The phone insurance provided by Monzo Premium is also fairly comprehensive and includes coverage of cracked screens. Monzo claim that this particular level of coverage would normally be worth £97 a year.

Ultimately, Monzo claim that the average Monzo Premium customer will save around £64 a year on their phone and worldwide travel insurance, which isn’t bad at all.

2. Discounted Airport Lounge Access

As a frequent traveller, the discounted airport lounge access offered by Monzo Premium was a definite attraction.

Prior to Covid and having my baby, I was a member of the BA Avios scheme – a Silver member, in fact. This meant I got access to a fair few BA lounges and always appreciated being able to sit in relative peace and quiet, especially when my flight was delayed.

Sadly – and having not been able to travel for a good two years – my fall from grace when it came to the BA Executive Club was spectacular. Almost overnight, I went from the fairly respectable Silver level to the Blue tier – i.e. one with absolutely no benefits at all.

Each time I went to the airport and inevitably got delayed, I could no longer (alas) hide in a lounge anymore.

Now, I have to mention in this review of Monzo Premium that you don’t get full, unfettered lounge access. Instead, you get £20 off (per visit, per person) – thanks to their partnership with LoungeKey . If you’re travelling with a guest, they also benefit from the same discount.

I had a quick look through the lounges that fall under this scheme and they’re fairly comprehensive, including: Club Aspire Lounge at Heathrow Terminal 5, the No.1 Lounge at Gatwick airport (amongst others) and the Aspire Lounge at Birmingham airport.

Abroad, there are also plenty to choose from. These include the Lufthansa Business Lounge at JFK airport and the Pearl Lounge at  Marrakech  airport.

Having looked at the entrance fee for these lounges, with the £20 discount from Monzo Premium, you’ll pay around £20 – £24 for entry, on average.

Generally, this will provide you with access to unlimited food and drink, a 3 hour stay, WIFI, charging points and comfy armchairs (and respite from the chaos of the airport).

3. Advanced Round-Ups

What I’ve always loved about Monzo is their ’round-up’ feature – aimed at making your spare change go further.

Every time you buy something, Monzo rounds up the cost to the nearest pound; automatically adding the change to one of your selected ‘pots’. By using this feature, Monzo claim that their average customer will save £129 a year.

While this is a feature across all Monzo accounts, with Monzo Premium (and Monzo Plus) you can increase these round-up amounts – rounding up by 2, 5 or 10 times.

The result is the option to save more – and faster.

4. Five Free Cash Deposits a Month

As someone who still deposits money into their account (thanks to birthdays, or selling things on Facebook Marketplace), I was a little apprehensive about moving to an entirely online ‘neobank’.

With no physical branch to walk into, I wondered whether I’d find myself just spending the cash I’d accumulated rather than banking it – which defeated the point of moving to Monzo in the first place.

However, and with Monzo Premium, I can make 5 free cash deposits each month (up to £27,000) using  Paypoints across the UK . Thankfully, these Paypoints are across most cities, towns and even villages – meaning paying in your cash is fairly easy.

If you don’t have Monzo Premium, it’ll cost you £1 per transaction to bank this money (deducted from the amount you cash – e.g. if you add £10 to your account, then £9 will clear).

5. The Metal Card

Now, I’m a bit embarrassed to admit that one reason I was very much drawn to this fee-based account was its beautiful, dare I say it – sexy – looking debit card.

A metal card with an immaculate white finish, the Monzo Premium card is quite the thing to behold. While I always loved the bright Coral coloured card that came with the standard Monzo account – this piece of plastic (or metal, should I say), was in a different league entirely.

Weighty to hold (it weighs 3 x more than their plastic cards) and made from a single sheet of stainless steel, this card is beautiful engraved with flashes of silver and is in, in short, really quite beautiful.

Sitting in my wallet like a tiny piece of artwork, I’ve already had many a compliment on my Monzo Premium card – something that makes me embarrassingly proud.

6. Great Offers

Although you do get these offers with Monzo Plus, the discounts and benefits you get via Monzo Premium are great (albeit currently fairly limited).

These include: discounted RAC membership (£4.75 a month), 15% of Patch Plants, 50% off your  first HelloFresh box and 35% off your next 3 boxes, 25% off FIIT membership and 20% of Babylon Health.

These offers are changing all the time, so to really make the most of them, make sure you’re regularly checking back in on your app – particularly if you have any subscription-based purchases to make.

monzo premium travel insurance family

Monzo Premium Review: What I Didn’t Like

1. geared towards travellers.

When deciding between Monzo Premium or Monzo Plus, I think the main difference really is the insurance offering.

For someone who is travelling regularly, then built-in travel insurance, access to discounted airport lounges and gadget protection is a real perk – and one reason why I decided to commit to this more expensive account.

However, if year-round travel insurance and access to airport lounges are of no benefit, then there’s perhaps little point in signing up to Monzo Premium (unless, of course, you are completely captivated by that beautiful debit card).

Instead, and if it’s higher interest rates you’re after, or access to advanced round-ups, then I’d probably advise you just sign up to Monzo Plus, instead – and save yourself £10 a month.

2. You Have to Sign Up for 6 months

Another downside to Monzo Premium is that you have to sign up for a minimum of 6 months. This means, if you upgrade your account and realise the benefits are of little use to you – or you find you can no longer afford the £15 monthly fee – then you’re stuck paying it for half a year.

You can cancel if you’re still within the 14 day cooling off period, however, you’ll be charged an eye-watering £50 for the card, which isn’t ideal.

When it comes to the difference between Monzo Plus and Monzo Premium, this is perhaps another tick in the box for the Plus account – as you only need to sign up for 3 months, rather than the 6.

3. Disappointing Interest Levels

Monzo currently offers its Premium customers access to 1.50% AER/Gross (variable) interest rates on up to £2,000. With the Bank of England increasing interest rates to 3% at the end of 2022, and given that Monzo haven’t yet increased this interest rate, you are – in theory – therefore losing money (in real terms).

I’d advise that if it’s higher interest rates you’re after, then probably look elsewhere. For example, Chase UK offer a 2.1% rate on their easy access savings account and Santander up to 2.75%.

Monzo Premium Review: Is It Worth It?

So, a quick summary to end this Monzo Premium review.

I’ve been a fan of Monzo for a long time and have always rated their (free) current account.

With quick and easy access to your saving pots, ability to better monitor budgets and easy rules to ensure your loose change works harder, Monzo is a fantastic bank.

Regularly rated one of the best banks in the UK, there is a lot to like about Monzo – even if you decide not to commit to its fee-based accounts. I’ve always found its customer service to be incredible (no ‘holding’ on a telephone line for hours on end) and their regular notifications about how much money I’m spending are incredibly helpful.

However, for those who have enjoyed a Monzo account for a while and are now considering upgrading to the heady heights of Monzo Premium, the question will inevitably be: is Monzo Premium worth it?

At £15 a month – or £180 a year – Monzo Premium isn’t cheap. In fact, it costs more than you (ironically) might save via it’s much celebrated ’round-up’ feature. I’d therefore say that if you do sign up, do it with the knowledge that you’ll certainly use – and maximise – its benefits.

This means travelling fairly regularly, making use of the discounted lounge access and keeping an eye on its offers and deals.

With my ‘regular traveller’ hat on, I do think Monzo Premium is worth it. However, from the perspective of a ‘saver’, I think you could find better deals – and interest rates – elsewhere. Furthermore, I think that if you aren’t travelling an awful lot, then you’ll perhaps be better off opting just for a Monzo Plus account – saving yourself £110 a year.

Overall, I’m really enjoying being a Premium member of Monzo and as long as I’m travelling abroad, I’ll probably keep the account. Indeed, Monzo is a brilliant ‘neobank’ and one I absolutely love banking with – and whether I’m a Premium account holder or not, I’m still incredibly glad that I made the switch.

Sign up to your Own Monzo account & get £5 on me

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Premium Travel Insurance Cruise cover

Hi Folks. I was wondering if anyone knew if the travel insurance included with premium covers for going on a cruise. I need to provide proof of ‘cruise cover’. Thanks in advance.


It does now. It didn’t when I booked a 2021 cruise and so had to buy a bog-standard £80 cruise insurance policy for the family, but it did include cruise cover when we booked a 2022 cruise. Specifically:

Top of page 7 of T&C’s (third word):

And in the ‘Coronavirus’ section of the Monzo Premium Travel Insurance: “ I’m planning to go on a cruise No problem, you’re covered for travel by sea or cruises.”


Hi, how did you get on? I want to do the same but I rung AXA this morning and they said they don’t cover cruises.

Yes I managed to speak to axa and they changed the policy wording to include cruise cover. It won’t cover for everything such as if you miss a port you can’t claim back but the cruise and authorities accepted it for both me and partner on the same policy. Hope you get sorted.

Thanks so much for your response. I just rung again and she said that yes cruise is covered, I should have asked some follow up questions. Did you just take the policy document with you? My only othery query would be, I am lead passenger and my husband will be the one with the policy. I don’t suppose this was a similar circumstance to you? I just want to check that won’t cause an issue, it will save us a forune on insurance as we need worldwide inc America and Carribean. Thanks again for you help.


Oh, just make sure you get axa to put both of your names on the policy document. If they haven’t already.

Ha brilliant! Oh ok, how do I get them to do that?

Will they contact me once I upgrade and then do I tell them about every trip? Sorry if that sounds thick, I just don’t want to go with premium if I won’t use the benefits


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Monzo founder says the american dream is ‘antithetical’ to british culture, where a ‘know your place’ attitude kills innovation.

When the CEO of Norway’s $1.6 trillion oil fund called out the work ethic and ambition of his fellow Europeans, it hit a nerve. The founder of one of Britain’s most exciting start-ups certainly doesn’t buy the Americans-are-workaholics-Europeans-are-lazy theory for why the U.S. outperforms Europe.

Tom Blomfield, the founder and ex-CEO of online bank Monzo, doesn’t even think it’s true that Americans work harder than Europeans. Instead, the difference among workers on each side of the Atlantic is one of “positivity, optimism, and ambition,” he said this week on the 20VC podcast .

American dream is ‘Antithetical to British culture’

Blomfield said the American dream wasn’t a reality that a lot of people in the U.S. get to live, but it was one that a lot of them experience.

“That idea that anyone can create anything if they try hard enough is so deeply American, and it’s so antithetical to the British culture,” he said.

Blomfield was 28 when he co-founded Monzo in 2015. While he said people in the U.K. “looked at me like I was crazy” as he tried to get a banking license, he had a much more supportive reaction in the States.

The Brit said his fellow countrymen were more inclined toward a “know your place, don’t get too big for your boots” attitude that stifles innovation.

In Blomfield’s view, this filters down to the career decisions made by the country’s most promising university students.

In the U.K., Blomfield says the most ambitious thing for students to do is work at a trading firm like James Street or a consultancy like McKinsey. Indeed, he suggests the default choice for PhD students in computer science is to join Goldman Sachs.

In the U.S., meanwhile, Blomfield says he’ll often get pitched start-up ideas by students from unexpected backgrounds, including English Literature undergrads.

What’s the reason?

Europe has been trying to understand how it can close a stubborn productivity gap with the U.S. for years, a fact most recently echoed by Sweden’s central bank chief . The U.K. has also suffered through years of underperforming productivity.

Because it is a per-worker metric, the easy answer has been to point the finger at the employee. In April, Nicolai Tangen, the CEO of Norway’s $1.6 trillion sovereign wealth fund, sparked a debate with his comments that there was a difference in the “general level of ambition” between U.S. and European workers, adding that Americans work harder.

Blomfield said he had read data suggesting that the latter wasn’t the case. But his thoughts do align with another of Tangen’s points, namely that it is easier to start again in the U.S. if a business fails than in the U.K.

Backed by the “American dream” ideal that Blomfield mentioned in his interview, the U.S. has long been more closely associated with entrepreneurialism and disruption than Britain, and Europe more widely.

For example, the Global Entrepreneurship Monitor Report by NatWest found that the early-stage entrepreneurial rate—which it defines as the propensity of individuals to be entrepreneurial in their given context—was 11.5% in the U.K. in 2022, while in the U.S. it was 16.5%.

But instead of working a few more hours to close the gap, Brits might simply want to throw out a few more words of support to their ambitious peers.

Blomfield and Monzo

Monzo’s former CEO will be highly attuned to the psychological obstacles to starting and sustaining a multi-billion dollar business.

Blomfield stepped down from his executive role at Monzo in 2021. At the time, he spoke candidly about the impact that both scaling the start-up and working through the COVID-19 pandemic had on his mental health.

“I’m very happy to talk about what’s gone on with me, because I don’t think people do it enough,” Blomfield said, explaining how he didn’t enjoy his final two years at the helm of the bank.

Since Monzo left its “scrappy” reputation behind it, the group has gone from strength to strength, with momentum growing for an IPO in the near future.In March, the bank announced a new fundraising round that landed it a valuation of £3.5 million ($4.6 billion)—proof that at least one Brit didn’t ‘know his place’.

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  1. Introducing Monzo Premium

    monzo premium travel insurance family

  2. Monzo Premium has a new travel insurance provider

    monzo premium travel insurance family

  3. Monzo Launches Premium With First Metal Card

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  4. Monzo Premium Travel Insurance

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  5. Monzo Introduce Premium Account ‘Monzo Plus’ & Travel Insurance

    monzo premium travel insurance family

  6. Our new Monzo Premium travel insurance provider is here 🏝

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  1. 🔥 Monzo Premium Review: Pros and Cons

  2. Are Monzo FINALLY Profitable?! 2023 Annual Report Update

  3. 🔥 Monzo Travel Insurance Review: Pros and Cons

  4. 🔥 Monzo Premium Phone Insurance Review: Pros and Cons

  5. Is Monzo Premium Worth It? #Shorts #YouTubeShorts

  6. Book List


  1. Monzo Premium Travel Insurance Family Cover

    Your Monzo Premium worldwide travel insurance only covers your spouse or legal partner (including any couple in a common law relationship living permanently at the same address) and financially dependent, unmarried (or not living with their partner) children aged 19 years old or under at the start of a trip (or aged 21 years old or under at the start of a trip if still in full time education ...

  2. Monzo Max

    Get Max. Get worldwide travel insurance. Upgrade to Monzo Max and you'll get multi-trip cover for cancellation up to £5,000, medical bills up to £10m, lost valuables up to £750, winter sports, a car hire excess waiver up to £3,000, and more. Provided by Zurich, powered by Qover. Get Monzo Max. From £17 per month.

  3. Monzo Premium has a new travel insurance provider

    This blog post was accurate when we published it - head to or your Monzo app for the most up to date information.. Monzo Premium has a new travel insurance provider. From 3rd July 2023, Monzo Premium's worldwide family travel insurance will be provided by Zurich, powered by Qover.. Most of the things covered by the insurance will stay the same.

  4. Introducing Monzo Premium

    Today we're launching Monzo Premium, our newest account. It's banking that makes a statement, and it comes with our first metal card. Get extensive phone insurance for phones worth up to £2000, and worldwide travel insurance for you and your family. By family, AXA means partners and dependent children up to 19 years old (or 21 if in full time ...

  5. Monzo Premium Travel Insurance

    Monzo Premium has a new travel insurance provider. From 3rd July 2023, Monzo Premium's worldwide family travel insurance will be provided by Zurich, powered by Qover. This blog explains more about the switch. Moving from AXA to Zurich and has a nicer claims process in-app.

  6. Monzo Max

    Max. From £ 17 a month. 3 months minimum. Includes all features from Free. A UK current account. Your eligible deposits are protected by the FSCS up to £85,000 per person. All the Monzo features you know and love. 4.10% AER (variable) interest, paid monthly. Includes all features from Extra.

  7. Our new Monzo Premium travel insurance provider is here

    From 3rd July 2023, Monzo Premium's worldwide family travel insurance will be provided by Zurich, powered by Qover. I'm here to give you all a little more detail about the switch. Most of the things covered by the insurance will stay the same. As will the excess amount and the price of Monzo Premium.

  8. How long am I covered for?

    Is my trip covered if I didn't purchase it with my Monzo account? 20 June 2023 15:25 Updated You are covered for trips lasting a maximum of 45 days, as long as you are a Monzo Premium cardholder at the time of incident.

  9. Monzo Premium has a new travel insurance provider Zurich, powered by Qover

    Monzo Premium's worldwide family travel insurance will be provided by Zurich, powered by Qover. Most of the things covered by the insurance will stay the same. As will the excess amount and the price of Monzo Premium. Our Premium customers told us that making a travel insurance claim wasn't always as easy or as fast as it should be.

  10. Digital Banking: Monzo Announces New Travel Insurance Provider For

    From 3rd July 2023, Monzo Premium's worldwide family travel insurance will be provided by Zurich, powered by Qover. Most of the things covered by the insurance will "stay the same."

  11. Monzo Introduces Monzo Premium: Everything You Need to Know

    Travel Insurance. Covers you and your family for trips up to 45 days. Medical expenses up to £10 million, cancellations up to £5000, and much more, with an excess of £50 per claim. ... almost half the price of Monzo Premium. Travel Insurance The second one is a travel insurance plan, covering yourself, your partner, and any dependents under ...

  12. Monzo changes its paid accounts

    Monzo Premium is currently £15 a month (£2 cheaper than Max) and includes travel insurance which extends to your family members without you having to pay an additional £5. However the cover is more limited as family members are only covered if travelling together.

  13. Introducing Extra, Perks and Max

    From £17 a month • 3 month minimum • Aged 18-69 • UK residents only • Ts&Cs apply. Our Max plan gives you everything you get with Perks and worldwide phone insurance, worldwide travel insurance, and UK & Europe breakdown cover. You have the option to extend your phone, travel and breakdown cover to your family for an extra £5 a month.

  14. Travel insurance

    Where Monzo advertise the insurance as for you and your family, they mean specifically, your partner, and your children under the age of 21 if still in full time education, under 19 otherwise. It's explained in the app here if you tap on travel insurance: 1170×2532 394 KB. Any other family member will not be covered by the insurance, though ...

  15. Honest Monzo Premium Review (2023)

    Ultimately, Monzo claim that the average Monzo Premium customer will save around £64 a year on their phone and worldwide travel insurance, which isn't bad at all. 2. Discounted Airport Lounge Access. As a frequent traveller, the discounted airport lounge access offered by Monzo Premium was a definite attraction.

  16. Premium Travel Insurance Cruise cover

    It does now. It didn't when I booked a 2021 cruise and so had to buy a bog-standard £80 cruise insurance policy for the family, but it did include cruise cover when we booked a 2022 cruise. Specifically: Top of page 7 of T&C's (third word): monzo-premium-axa-terms-and-conditions.pdf. 1594.87 KB

  17. Monzo launches three new packaged bank accounts

    Monzo Max is the most comprehensive option and comes with all the benefits of Extra and Perks while also offering worldwide travel and phone insurance as well as breakdown cover in the UK and Europe. While it costs £17 per month, for an extra £5 per month, you can add your family to your travel, phone, and breakdown cover.

  18. Monzo founder says the American dream is 'antithetical' to British

    Monzo's former CEO will be highly attuned to the psychological obstacles to starting and sustaining a multi-billion dollar business. Blomfield stepped down from his executive role at Monzo in 2021.

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