Perks Terms and Conditions

Our Monzo current account terms & conditions also apply to Perks. If these terms & conditions are inconsistent with our current account terms & conditions on the same issue, then these terms & conditions will apply. If you cancel Perks our Monzo current account terms & conditions will continue to apply.

Save a copy of these terms & conditions at any time by tapping the ‘download’ button in the app. You can find information about Perks any time in the app.

You should read these terms along with our fee information and Privacy Notice, which explains how we use your personal information when you use our services. Some of our services have their own privacy notices. If they do (Credit insights and Connected banks), we let you know when you start using the service.

First things first, you need to be 18 or over, have a Monzo current account and be a UK resident to get Perks. You must keep your Monzo current account open.

Only you – the account holder with Perks – will be able to use the Perks benefits unless we run a special offer. If you have Perks and a Monzo joint account, you can use your £600 fee-free cash withdrawals abroad every 30 days and your 3 free cash deposits across both. The person you share your joint account with won’t be able to use your Perks benefits.

You can’t get any of the Perks benefits as standalone products through Monzo, unless it’s part of a promotion. Equally, you can’t get Perks without its benefits.

Some benefits will only work on more recent operating systems. To get the full benefit of Perks you’ll need to keep your phone up to date.

You’ll pay a monthly payment of £7 for Perks.

You’ll get access to the benefits once you’ve signed up and paid your first monthly payment.

If your payment is due on or after the 29th of the month, but the month we’re in doesn’t include that date, we’ll take payment from you on the last day of that month. So if you pay for Perks on the 31st of each month, in April your payment will be due on 30 April.

Each month, we’ll automatically take the payment from the main available balance in your current account. You’ll pay for the full month in advance. We won’t take the payment from money you have in Pots.

In future we might give you the option to pay in different ways. If we do this we'll let you know through our usual channels.

If you don’t have available credit through an arranged overdraft, we’ll try taking the payment each day for 7 days. If you still don’t have enough money in your main available balance after 7 days, we’ll cancel your Perks plan and you’ll lose access to all the Perks benefits.

Cancelling in the cooling off period

If you change your mind in the first 14 days (known as the cooling off period) of getting Perks 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 Perks 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

After the first 14 days, if you  cancel you can continue using your benefits until your next payment date, but you won’t get a refund.

You may have to pay a fee

If you order a Railcard and then cancel before your next Perks anniversary (every 12 months after the date you got Perks) you’ll need to pay a fee to keep your Railcard based on how long left until your next Perks anniversary. This works out at £1.92 a month. You can still use your Railcard until it expires.

If you move from Perks to Max you won’t have to pay the Railcard fee as long as you don’t cancel Max before the date your Perks anniversary would have been on. For example, if you get Perks on 1 January 2024 but move to Max on 1 March, you won’t have to pay a Railcard fee as long as you don’t cancel Max before 1 January 2025.

If you cancel Perks 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

You can cancel in the app. If you cancel Perks 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 Perks 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 Perks.

We’ll never charge you for replacements where your card expires, is faulty, or has been swallowed by an ATM.

If you lose your Perks card or it gets stolen, then we’ll charge you £5 to replace it. That’s how much it costs us to get your Perks card made and shipped. If you need us to post your replacement card to somewhere outside the UK, we’ll charge you the international card delivery fee in all circumstances.

If you moved to Perks from Plus or Premium and you decided to keep your card then the replacement card terms in your Plus or Premium terms & conditions will continue to apply to that card.

We can make changes from time to time to our charges or the terms of this agreement. We may make these changes because of changes to:

We can make favourable changes to these terms for any reason. We can also make proportionate changes for any other balanced and valid reason that impacts us or your account.

If we change an annual benefit, like a Railcard, you’ll keep that benefit until it expires if you’ve already claimed it but you might not be able to get the new benefit until the old one expires.

When we tell you about the change will depend on the situation.

If we tell you in advance that we’re making a change that you don’t agree with, you can contact us and cancel Perks. We will still charge you a Railcard cancellation fee if one applies. If we don’t hear from you before the changes come into effect, we’ll assume you’re happy and accept the changes we’ve made.

We’ve teamed up with credit reference agencies to show you your credit scores in the Monzo app.

You should read the terms & conditions and the privacy notice.

With Perks, you can see your other bank accounts in the Monzo app. If you set up other accounts in Monzo, we’ll also use your other account information for your budgeting tools.

You should read the terms & conditions and the privacy notice.

We give you access to advanced tools as part of Perks. What they are and how they work may vary from time to time.

With Perks you can take out up to £600 without any fees in a rolling 30-day period outside the European Economic Area (EEA). After that, we’ll charge you 3% of the total amount you withdraw.

There are no fees on cash withdrawals inside the EEA.

You may get a higher interest rate on money in your Personal Instant Access Savings Pot and Instant Access Cash ISA if you have one – see the terms for Instant Access Savings Pots and Instant Access Cash ISAs for more details.

If you cancel Perks, you'll stop getting a higher interest rate on Personal Instant Access Savings Pots and Instant Access Cash ISAs from the day your Perks plan ends. If that happens, you'll get our standard interest rate instead.

You can make 3 free cash deposits each calendar month with our participating partners.

We’ll charge you £1 for any extra deposits you make in a month. We’ll take the £1 fee from the money you’re paying in. So if you pay in £300 we’ll put £299 in your Monzo current account.

Discounted Monzo Investments and Pension fee 📈

With Perks, we’ll charge you a lower fee on your Investment Pots and Pension – see the relevant fee information document for more details.

If you cancel Perks, then we’ll stop charging you a lower fee on your Investment Pots and Pension from the day your Perks plan ends. If that happens, you'll pay our standard fee instead.

Each week you can claim a hot drink or snack from Greggs. You’ll find the details for this in the app.

You can claim an annual Railcard from Trainline (if you’re eligible) when you get Perks and on each anniversary of signing up. You can’t claim your next Railcard until your last one expires. Check if you’re eligible for a Railcard.

These partner perks are subject to availability and we, or our partner, can change them as set out in the ‘changes to Perks’ section.

You can have up to 5 live virtual cards at any time, and can create up to 9 every 30 days, with a maximum of 100 per year.

Virtual cards are cards that live only in your Monzo app. You won’t get physical cards for any of the virtual ones you create. You can create, delete and see your virtual card details in the app.

You can link virtual cards to Pots in your Monzo app. Pots are a way to separate your money and they sit in your Monzo account (we explain Pots in your current account terms & conditions). If a Pot you’ve linked a virtual card to doesn’t have enough money in, payments you try to make won’t go through.

For payments from virtual cards not linked to a Pot we’ll take the money you spend with your virtual card from your current account balance.

We spread your total spending limit across your physical cards and any virtual cards you use.

As with any physical cards, you have to keep your virtual cards and their details safe at all times. If you think someone else has got access to your virtual card details or you notice payments made from a virtual card that you didn’t make, delete the affected virtual card and tell us as soon as possible.

Our Monzo current account terms & conditions tell you when you’re entitled to a refund if something goes wrong.

Monzo Bank Limited, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Financial Services Register No. 730427). Registered in England. Registered No. 9446231. Registered Office: Broadwalk House, 5, Appold Street, London, EC2A 2AG