How do I cancel Monzo Preferred?
You can cancel Monzo Preferred anytime.
How to Cancel:
In the Monzo app, go to your Profile tab in the top left corner.
Tap Manage.
Follow the prompts to cancel.
After You Cancel:
Your Preferred benefits continue until your current billing period ends. You won't be charged again, and your account will then automatically switch to our free Monzo Everyday plan.
Changes When You Switch to Monzo Everyday:
Cash back: You’ll lose access to the Preferred Cash Back rate on new spending. You’ll keep any cash back you earned while your plan was live.
Early Paycheck: You’ll lose early access to your paychecks, and they’ll instead arrive on their standard schedule.
Savings Jars APY: Drops from the Monzo Preferred rate (e.g., 3.75% APY) to the Monzo Everyday rate (e.g., 2.00% APY). (As of May 14, 2025, these are example rates. APY rates are variable; please check your app for current rates.)
Savings Jars Creation: You keep existing Jars. New Jar creation will be limited by the Monzo Everyday plan.
Connected External Accounts: All connections made under Preferred will unlink. You can then relink one account per the Monzo Everyday plan.
If you have questions, you can chat with Monzo Support 24/7 in your app.
