Max minimum term and cancellation fees
When you upgrade your Monzo account to Max or Max Family, you agree to keeping it for at least 3 months. This is called the minimum term.
Let us explain how cancelling Max works.
Cancelling in the cooling off period If you change your mind in the first 14 days (known as the cooling off period) of getting Max you can cancel and get a refund.
If you decide to cancel in the cooling off period, we’ll refund you the monthly payment but we will have to charge you a £23 Railcard fee if you’ve ordered a Railcard and a £5 card fee if you’ve ordered a Max card to cover our costs. If you haven’t ordered either of those, you won’t have to pay a fee.
Cancelling outside of the cooling off period but in the minimum term After the first 14 days you can’t cancel Max while you’re in the 3 month minimum term unless you’re in one of these exceptional circumstances.
You’re in financial hardship because of a change in your circumstances, like being bankrupt, in an Individual Voluntary Agreement (IVA) or having a debt relief order.
You develop a serious physical or mental health condition or lack the mental capacity to manage your finances.
You’re no longer a UK resident.
If one of these applies to you, you’ll need to contact us through the app and give us evidence to support why you should be able to cancel Max during the minimum term.
Cancelling outside of the minimum term After the 3 month minimum term you can cancel at any time and you’ll keep your Max benefits until your next payment date.
You may have to pay a fee If you order a Railcard and then cancel before your next Max anniversary (every 12 months after the date you got Max) you'll need to pay a fee to keep your Railcard based on how long's left until your next Max anniversary. This works out at £1.92 a month.
If you move from Max to Perks you won’t have to pay the Railcard fee as long as you don’t cancel Perks before the date your Max anniversary would have been on. For example, if you get Max on 1 January 2024 but move to Perks on 1 March, you won’t have to pay a Railcard fee as long as you don’t cancel Perks before 1 January 2025.
If you cancel Max and we charge you a Railcard cancellation fee we may refund it to you if you take out Perks or Max within 30 days. If this happens and you cancel again you’ll have to pay the cancellation fee as if you were cancelling for the first time.
Your account stays open but you’ll need to order a new card If you cancel Max you’ll lose access to its benefits, but we’ll keep your Monzo current account open. We’ll ask you to order a regular Monzo card as a replacement for your Max card.
If you sign up to a plan and cancel multiple times we may stop you from signing up again.
If you close your Monzo current account we’ll also cancel Max. If you’re in your minimum term you’ll need to pay the monthly payments before you can close your account.
Read more about cancellation in the Monzo Max terms & conditions and Max with family add-on terms & conditions.
