Digital bank, Monzo has launched its new Monzo Premium account; a new bank account that gives customers phone and travel insurance as well as the brand’s first metal card.
In a move that sees the brand joining technology giant, Apple, Monzo will provide Premium account holders with a card made from a thin sheet of steel.
Customers will be able to sign up to Monzo Premium for a fee of £15 per month, with a minimum six-month term.
Phone insurance will be provided in partnership with Assurant and Monzo says that phones up to a value of £2,000 will be covered against theft, loss and accidental damage.
The brand says that the excess on the phone insurance policy is £75, so whilst this feature may be of use when a phone needs replacing, it’s unlikely to help with the common cracked-screen.
Customers will also be provided with worldwide travel insurance, provided by AXA. The travel insurance covers the Monzo customer and their family; that’s partner and dependents up to 21 years old.
It’s strange timing for the launch at a time when unemployment is on the rise and worldwide travel on the decline.
Test their metal?
As a result of the launch, Monzo has been trending on Twitter, with most tweets making reference to the brand’s new metal card.
Some have raised the question of how relevant a card is now that many customers make use of digital wallets. Others have highlighted a preference for an eco-friendly card instead of a stylish metal product.