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Monzo’s core current account is free, and it stays free for as long as you use it. The paid tiers, Extra, Perks and Max, add extras like higher savings rates, travel insurance and cashback for a fixed monthly fee. This guide breaks down exactly what each plan costs in 2026, what Monzo charges for cash withdrawals, foreign spending, replacement cards and going overdrawn, and whether upgrading is actually worth it. All figures below come straight from Monzo’s own fee schedule.
Is Monzo actually free?
Yes, outright: Monzo’s standard current account has no monthly fee, no minimum balance and no charge for everyday UK spending. You get a debit card, instant spending notifications, budgeting tools and fee-free card payments abroad without paying anything.
Monzo makes money on paid plans (Extra, Perks and Max), interchange fees from card payments, interest on customer deposits and lending products such as Monzo Flex. None of that changes what a Free account costs you: £0 a month, with the same FSCS protection on your eligible deposits, up to £120,000 per person, as every other tier.
The paid tiers exist for people who want more than the basics: better savings rates, travel cover, or lifestyle perks. Whether that trade is worth it depends on how you’d actually use the extras, which is what the rest of this guide sets out to answer.
Monzo plan prices: Free, Extra, Perks, Max and Max with Family compared
Monzo runs four personal account tiers, plus a family add-on for Max. Here’s what each one costs and who can open it, summarised in the graphic below before the full breakdown.
| Plan | Monthly price | Annual cost | Minimum age | Headline extra |
|---|---|---|---|---|
| Free | £0 | £0 | 16+ | Standard current account, FSCS protected |
| Extra | £3 | £36 | 18+ | Advanced budgeting tools, higher Pots interest |
| Perks | £9 | £108 | 18+ | Partner cashback and lifestyle discounts |
| Max | From £19 | From £228 | 18-69 | Worldwide travel and phone insurance, UK & Europe breakdown cover |
| Max with Family | £23 | £276 | 18-69 (per adult) | Everything in Max, shared across family members |
Max has a 3-month minimum term, so factor that in if you’re only after a one-off travel insurance top-up. Extra and Perks have no minimum term and you can downgrade back to Free at any time in the app.
These figures come straight from Monzo’s own fee schedule and plan pages, shown below. Some older comparison articles, including ones on other finance sites, still quote Perks at £7 a month and Max at £17 a month. Monzo has since raised both prices, so if you see those older numbers anywhere, treat them as out of date.
What are Monzo’s cash withdrawal fees?
Cash withdrawals in the UK and the European Economic Area (EEA) are free on every Monzo plan, Free included. Outside the EEA, your free allowance depends on your plan, and Monzo charges 3% once you go over it.
| Plan | Free withdrawal allowance outside the EEA | Fee after the allowance |
|---|---|---|
| Extra | £200 every 30 days | 3% of the amount over £200 |
| Perks | £600 every 30 days | 3% of the amount over £600 |
| Max | £600 every 30 days | 3% of the amount over £600 |
| Max with Family | £600 every 30 days | 3% of the amount over £600 |
Here’s what that looks like in practice. Say you’re on Monzo Extra and withdraw £350 from a cash machine in the US in one month. You’d use up your £200 free allowance, then pay 3% on the remaining £150, which comes to £4.50. On Perks or Max, that same £350 withdrawal would sit comfortably inside the £600 allowance and cost nothing.
What counts as your main bank with Monzo?
Some of Monzo’s own help pages mention extra allowances for customers whose Monzo account is their “main bank”. Monzo treats your account as your main bank if at least £500 has been paid in over a rolling 35-day period and you’ve made at least 2 card payments or Direct Debits, or if you have an active Direct Debit set up. If those figures matter to your specific situation, check the exact wording on your allowance in the Monzo app before you travel, since Monzo’s public help pages aren’t fully consistent on this point at the time of writing.
Does Monzo charge foreign transaction fees?
No, spending abroad with a Monzo card is fee-free, although receiving money in a foreign currency is a different matter, covered below. Monzo passes on Mastercard’s exchange rate directly, with no added markup, whether you’re paying by card in a shop or spending online in a foreign currency.
Receiving money is a different story. If someone pays you in euros or another foreign currency and it lands in your Monzo account, Monzo converts it to pounds and charges a 1% conversion fee, capped at £1,000. So on a £2,000 transfer received in euros, you’d pay £20 in conversion fees, not more, because of the cap.
Sending money abroad from Monzo also carries a fee: a fixed charge of up to £9 plus a variable fee of between 0% and 1.80%, depending on the currency and destination. Monzo reviews this fee structure periodically, so treat the exact figures as Monzo’s current international transfer pricing rather than a fixed number that will never change.
What does a replacement Monzo card cost?
Your first 2 replacement cards each year in the UK are free. After that, Monzo charges £5 per card. If your card was lost, stolen or affected by fraud, Monzo doesn’t charge you at all, regardless of how many replacements you’ve already had.
Ordering a replacement card outside the UK costs £30 to cover international delivery. If you’ve already used up your 2 free UK replacements for the year, an international replacement costs £35 in total, £5 for the card plus the £30 delivery charge.
What happens if I go overdrawn?
Going into an unarranged overdraft, spending more than you have without agreeing it first, costs nothing extra on any Monzo plan. Monzo doesn’t charge unarranged overdraft fees, full stop, and it won’t block a payment just because it takes your balance negative in most cases.
An arranged overdraft is different. Monzo sets your interest rate and any applicable fees individually, based on your circumstances, when you agree the overdraft. There’s no single flat rate that applies to everyone, so check your own overdraft agreement in the app rather than assuming a published figure applies to you.
Is it worth paying for Monzo Extra, Perks or Max?
For most people who just want fee-free spending and solid budgeting tools, the Free account already does the job. But that’s not true for everyone: you only need to pay if a specific paid-tier feature is worth more to you than its annual cost.
Extra, at £36 a year, makes sense if you’re mainly after the higher Pots interest rate and extra budgeting categories, and you’d use them regularly. If neither matters to you, stick with Free.
Perks, at £108 a year, is worth it if you’d genuinely use enough of the partner cashback and lifestyle discounts to offset the fee. Add up what you’d realistically claim before upgrading, since unused perks are just a subscription you don’t need.
Max, from £228 a year, is clearly worth it for frequent travellers. Worldwide travel and phone insurance alone can cost £100 or more a year if bought separately, so if you take 2 or more trips annually and would otherwise buy standalone cover, Max can work out cheaper than paying for insurance and a bank account separately. Max with Family extends the same cover to household members for £276 a year total, which is worth comparing against buying family travel insurance on its own.
If you’re still deciding between Monzo and another challenger bank, our Monzo vs Starling and Revolut vs Monzo comparisons break down how the fee structures and features stack up. For a full features rundown beyond fees, see our Monzo review.
Monzo fees FAQ
Does Monzo charge a monthly account fee?
No, Monzo’s standard current account has no monthly fee. You only pay if you choose to upgrade to Extra, Perks or Max, and you can downgrade back to the free account at any time.
Are Monzo’s withdrawal fees the same for joint accounts?
Yes, but the free allowance is shared. If you and your partner both hold Monzo accounts and one of you also has a joint account, your fee-free withdrawal limit is split across everything you both hold with Monzo, not doubled up.
What should I do if my Monzo card is lost or stolen abroad?
Freeze your card immediately in the Monzo app, then contact Monzo’s support team through in-app chat. Freezing takes seconds and stops any further spending while you arrange a replacement.
Does Monzo Flex have separate fees from the current account?
Yes, Monzo Flex is a separate credit product with its own representative APR, currently 29% variable, and its own terms. Flex fees aren’t part of the current account fee structure covered in this guide.
Will Monzo tell me before it changes a fee?
Yes, Monzo has to give you advance notice before increasing a fee on your account, as UK payment services rules require. Monzo typically does this through an in-app notification or an email, so check both if you’re on a paid plan and want to catch changes early.