UK startup bank Monzo has launched its second paid-for account in three months, as the startup seeks new ways to make money and stem losses.
Monzo on Tuesday announced the launch of its new “Premium” service — a £15-a-month account that carries a range of benefits, such as travel and phone insurance, and offers a solid steel card.
“For £15 a month you’re getting travel insurance, phone insurance, you can see all of your other accounts within Monzo, you get the metal card, really powerful budgeting tools, a push notification every month with your credit score, offers, cash deposits, interest on your balance, virtual cards and a higher fee-free cash withdrawal overseas,” Mike Hudack, Monzo’s chief product officer, told Yahoo Finance UK.
READ MORE: Monzo re-launches £5-a-month ‘Plus’ account
The launch of Monzo Premium comes just months after the launch of Monzo Plus, the