Monzo Extra vs Perks vs Max: which plan is worth it in 2026?

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Monzo's free account is genuinely excellent — most people don't need to pay for anything. But if you're considering a paid plan, the choice between Extra, Perks, and Max isn't straightforward. Each adds different things, and whether any of them are worth it depends entirely on how you use Monzo.

Here's the honest breakdown.

Quick comparison

Monzo Extra — £3/month

Extra is the entry-level paid plan. The meaningful additions over the free account are:

• Virtual cards — create up to 5 disposable card numbers for online shopping, subscriptions, or free trials. Useful for privacy and avoiding unwanted recurring charges.
• Connected accounts — link other bank accounts (Starling, Chase, high-street banks) to see all your money in one place inside the Monzo app.
• Credit score — view one credit score in-app.
• Billsback — a monthly lottery where at least 1,000 bills are randomly reimbursed up to £150. It's a fun extra but not something to rely on.

What Extra doesn't give you: a higher savings rate. The instant-access rate stays at 2.75% AER — the same as the free account. You do get access to Select Access pots at 3.15% AER and the Savings Challenge at 5% AER, but those require locking your money away or following specific rules.

Is it worth it? At £3/month (£36/year), Extra makes sense if you'd use virtual cards regularly or genuinely value having all your accounts visible in one app. If neither of those matters to you, the free account is enough.

Monzo Perks — £7/month

Perks includes everything in Extra, plus lifestyle rewards:

• Weekly Greggs voucher — a free hot drink or snack every week
• Monthly Vue cinema ticket — one free standard screening per month
• Annual Railcard — a digital Railcard via Trainline (normally £30/year)
• Uber One membership — 3-month free trial, then included as part of the plan

The maths: A Greggs coffee is roughly £2.50/week (£130/year). A Vue ticket is around £10/month (£120/year). A Railcard is £30/year. If you'd use even two of these regularly, Perks covers its £84/year cost easily.

Is it worth it? Perks is the plan where the value calculation is clearest. If you buy coffee, go to the cinema, or travel by train, the perks can genuinely pay for themselves. If those specific partners don't fit your routine, you're paying £7/month for virtual cards and a Billsback lottery — which is harder to justify.

Monzo Max — £17/month

Max is Monzo's premium tier. It includes everything in Perks, plus:

• Worldwide travel insurance — covers medical, cancellation, baggage, and winter sports
• Phone insurance — covers accidental damage, theft, and loss
• UK and Europe breakdown cover — roadside assistance
• Higher savings rate — 3.25% AER instant access (vs 2.75% on other tiers), 3.65% AER on Select Access
• £600/month free ATM withdrawals outside the EEA — triple the £200 allowance on other tiers

The maths on savings: the extra 0.5% AER on instant-access pots earns you enough to cover the £17/month fee when you have approximately £40,800 in savings. Below that, the higher rate alone doesn't pay for Max.

The maths on insurance: standalone worldwide travel insurance typically costs £60–£120/year. Phone insurance is £8–£15/month from most providers. Breakdown cover starts at £30–£50/year. If you'd buy even two of these separately, Max's £204/year fee is competitive.

The minimum term catch: Max has a 3-month minimum commitment, unlike Extra and Perks which can be cancelled immediately. Make sure you'll use it for at least a quarter before subscribing.

Is it worth it? Max makes sense if you travel internationally at least a couple of times per year and would otherwise buy travel insurance separately. The phone insurance and breakdown cover are bonuses. If you don't travel much, Max is expensive for what you get — drop down to Perks or Free.

Max with Family — £22/month

For an extra £5/month on top of Max, you can extend travel insurance and phone insurance to one additional adult and up to four children. The other Max benefits (savings rate, ATM allowance, breakdown cover) only apply to the main account holder.

Is it worth it? Only if you'd otherwise need separate family travel and phone insurance. If your partner already has cover through work or another policy, it's not worth doubling up.

Which plan should you choose?

Most people: stay on Free. The free account gives you instant notifications, pots, salary sorting, no foreign transaction fees, and FSCS protection up to £120,000. That's more than most UK banks offer on their paid products.

If you want lifestyle perks: Perks (£7/month). The Greggs, Vue, and Railcard benefits can pay for themselves quickly if they match your habits. This is the plan where the value is easiest to see.

If you travel frequently: Max (£17/month). The travel insurance alone can justify the cost. Add phone insurance and the higher ATM allowance, and Max becomes competitive with buying those products separately.

If you want virtual cards: Extra (£3/month). The cheapest way to get virtual cards and connected accounts. But ask yourself if you'd actually use them — if not, save the £36/year.

The best way to test is to open a free Monzo account first and use it for a month. You can upgrade to any paid plan from inside the app at any time — and downgrade just as easily.

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