Monzo Max review (2026): worth £17/month? Max vs Perks vs Extra

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Monzo Max is Monzo's top paid plan at £17/month, and the short verdict is this: it's worth it if you travel abroad at least a couple of times a year and would otherwise buy travel insurance separately, because the bundled worldwide travel cover, phone insurance and breakdown cover cost less together than buying even two of them standalone. It is not worth it for the savings rate alone: since Monzo gave Perks a 0.50% savings boost, Max and Perks pay identical rates (3.25% AER instant access, 3.65% on Select Access), so the £10/month jump from Perks to Max buys insurance, a £600 overseas ATM allowance and lounge discounts, nothing else.

That's the Max answer up front. The rest of this post covers what each plan actually includes in 2026, the maths on whether any of them pay for themselves, and which one (if any) fits how you bank.

Quick comparison

All savings rates are variable, correct as of June 2026. EEA cash withdrawals are fee-free on every plan when Monzo is your active main account, so the allowances above only matter outside Europe.

Monzo Max: what £17/month actually gets you

Max includes everything in Extra and Perks (below), plus the insurance stack that defines the plan:

• Worldwide travel insurance: multi-trip cover for unlimited trips of up to 45 days each, including the US. Cancellation and cut-short trips are covered up to £5,000, flight delays from 4 hours, and winter sports including ski equipment and hire up to £750, plus car hire excess.
• Worldwide phone insurance: loss, theft and accidental damage anywhere in the world, on phones worth up to £2,000 plus £300 of accessories.
• UK and Europe breakdown cover: at-home assistance, onward travel and vehicle recovery.
• £600 of fee-free ATM withdrawals outside the EEA every 30 days (3% after that).
• Discounted airport lounge access: entry to LoungeKey lounges at a fixed discounted rate, around £24 per visit. This is pay-per-visit at a discount, not free lounge entry.
• Smaller extras: fee-free cash deposits and a discounted fee on Monzo's investment products.

Two restrictions to know before subscribing: Max has a 3-month minimum term (Extra and Perks can be cancelled any time), and because of the insurance it's only available to people aged 18 to 69.

Is Monzo Max worth it? The maths

The savings rate is no longer part of the answer. Max used to be the only plan with boosted rates; in 2026 Perks pays the same 3.25% AER instant access and 3.65% Select Access. If a higher savings rate is all you're after, Perks gets you there for £7.

So the real question is whether the £10/month gap from Perks to Max (£120/year) beats buying the cover separately:

• Standalone worldwide multi-trip travel insurance typically costs £60 to £120/year.
• Phone insurance runs £8 to £15/month from most providers.
• UK breakdown cover starts around £30 to £50/year, more with European cover.

If you'd genuinely buy two or more of those anyway, Max is cheaper than the sum of its parts and the decision is easy. If you'd buy none of them (you don't travel, your phone is old, you don't drive), you're paying £204/year for perks you could mostly get on Perks for £84. The £600 overseas ATM allowance and lounge discounts are tiebreakers for frequent long-haul travellers, not reasons on their own.

Verdict: Max is the right plan for regular travellers who'd otherwise insure separately, and the wrong plan for everyone else.

Monzo Max + family: £22/month

For an extra £5/month, the family option extends the travel insurance, phone insurance and breakdown cover to your family members. The rest of Max (savings rates, ATM allowance, lounge discounts) stays with the main account holder.

Is it worth it? Only if your family would otherwise need separate cover. If your partner already has travel insurance through work or a packaged account elsewhere, you're doubling up.

Monzo Perks: £7/month

Perks is the plan where the value calculation is clearest, and the 2026 savings boost made it stronger:

• Boosted savings: 0.50% AER on top of the standard rates, taking instant access to 3.25% and Select Access to 3.65%, the same as Max.
• Weekly Greggs treat: a free hot drink, sausage roll, doughnut or muffin every week.
• Monthly Vue cinema ticket: one standard screening per month.
• Annual Railcard: a digital Railcard, sold separately for around £30 a year.
• Uber One: a 3-month free trial.

The maths: a weekly Greggs coffee is roughly £2.50 (£130/year), a monthly Vue ticket around £10 (£120/year), the Railcard about £30/year. Use even two of those regularly and Perks covers its £84/year cost. On the savings side, the 0.50% boost alone pays the fee once you hold around £16,800 in instant-access savings, so heavy savers can justify Perks without touching a sausage roll.

Is it worth it? If the Greggs/Vue/Railcard trio matches your actual habits, or you hold five figures in savings, yes. If the partner brands don't fit your routine and your savings are modest, you're paying £7/month for tools you can get on Extra for £3.

Monzo Extra: £3/month

Extra is the tools plan. Over the free account it adds:

• Virtual cards: disposable card numbers for online shopping, subscriptions and free trials.
• Connected accounts: see balances from your other banks inside the Monzo app.
• A second credit score (the free plan now includes one).
• Billsback included: the monthly draw that randomly reimburses bills up to £150 (the free plan gets a 3-month trial). It's a lottery, not a benefit to rely on; we've covered the odds in our Billsback review.
• Savings challenge at 5% AER, plus custom categories, advanced round-ups and an auto-exporting spreadsheet.

What Extra no longer gets you over Free: a savings edge. The free plan now has the same 2.75% instant access and 3.15% Select Access rates, so Extra's pitch is purely the tooling.

Is it worth it? At £36/year, only if you'd actually use virtual cards or connected accounts. Both are genuinely good; neither is essential.

What the free plan includes in 2026

Worth restating, because it's why most people shouldn't pay: the free account includes instant notifications, pots, Salary Sorter, 2.75% AER instant-access savings, 3.15% Select Access savings, one credit score, a 3-month Billsback trial, fee-free card spending abroad, fee-free EEA cash withdrawals (as your active main account), and FSCS protection up to £120,000. That's a stronger baseline than most banks' paid packaged accounts.

Which plan should you choose?

Most people: stay on Free. The savings rates that used to push people toward paid plans are partly available on Free now, and the core app is identical.

If you travel frequently: Max (£17/month). The travel insurance alone can justify it, and phone insurance, breakdown cover, the £600 ATM allowance and LoungeKey discounts stack on top. Remember the 3-month minimum term.

If you want lifestyle perks or hold big savings: Perks (£7/month). Greggs, Vue and the Railcard pay for it if they match your habits, and since the 0.50% boost it carries the same savings rates as Max.

If you want virtual cards: Extra (£3/month). The cheapest route to virtual cards and connected accounts. Skip it if you wouldn't use them.

The best way to test any of this is to open a free Monzo account first and use it for a month. You can upgrade in the app at any time, and downgrade just as easily (Max's 3-month term aside).

Monzo Max FAQs

How much is Monzo Max?

£17/month with a 3-month minimum term, or £22/month with the family option, which extends the travel, phone and breakdown cover to family members. It's available to UK residents aged 18 to 69.

Does Monzo Max include airport lounge access?

Not free entry. Max gives you access to LoungeKey lounges at a fixed discounted price, around £24 per visit as of June 2026. If you've seen "lounge access" listed as a Max benefit, read it as a discount scheme, not a complimentary pass.

Is Monzo Max's savings rate better than Perks?

No, they're now identical: both pay 3.25% AER on instant-access savings and 3.65% on Select Access, after Perks gained a 0.50% boost. The savings rate is no longer a reason to pick Max over Perks; the insurance stack, the £600 overseas ATM allowance and the lounge discounts are.

Can I cancel Monzo Max?

Yes, but only after the 3-month minimum term. Extra and Perks have no minimum and can be cancelled immediately in the app, which makes them safer plans to trial.

Is Monzo Max cheaper than buying the insurance separately?

Usually, if you'd buy at least two of the covers. Standalone worldwide travel insurance typically costs £60 to £120/year and phone insurance £8 to £15/month, so the two together already exceed Max's £204/year in most cases. If you'd only buy one, compare that one product's standalone price against the £120/year premium over Perks.

Do Monzo Max benefits apply to joint accounts?

Some do. If either holder of a Monzo joint account is on a paid plan, benefits like Billsback, virtual cards and the boosted joint savings rate extend to the joint account, but the insurance covers the policyholder (and family members on Max + family), not the other account holder automatically.

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New to Monzo? A Monzo referral code gets you a mystery reward of £20, £50 or £100 when you make your first card payment within 30 days, whichever plan you end up on.