Last updated: 15 September 2026. I checked every price, rate and insurance limit in this Monzo Perks vs Max comparison on 7 September 2026. The sources were Monzo's own plan pages and its three policy booklets.

By Stiv · Design, technology and personal finance

Affiliate disclosure: This article contains affiliate or referral links. If you click through and sign up I may earn a commission or referral bonus at no extra cost to you. It does not affect my editorial view.

This comparison is not financial advice, and CoolCuration is not authorised by the Financial Conduct Authority. I read the plan pages and all three policy booklets myself. So treat this as research rather than a recommendation, and make your own call.

Opening a Monzo account first?

You need a current account before you can pick any plan. So I keep the live Monzo referral offer, and the steps to claim it, on my referral page.

See the Monzo referral offer

Ten pounds a month, three insurance policies

Monzo Perks vs Max is a narrower question than the two plan pages make it look. Max carries every single Perks benefit forward, so nothing is given up by moving. In practice the extra £10 a month buys three insurance policies. It also adds a quarter of a point to one savings rate, plus a discount on airport lounges. So the decision barely touches banking. It turns on whether you would otherwise buy worldwide travel cover, phone insurance and breakdown cover. After all, £120 a year has to come from somewhere.

Monzo changed its plan prices in 2026. My Monzo Perks price increase breakdown has every tier, the key dates and the maths behind them.

I pay for Perks, not Max

I have been on Perks for a year now. The Railcard, the Greggs code and the Vue ticket are things I actually use, and I wrote up what they came to in my verdict on whether Perks is worth it. Max, though, is a different matter. I have never held it. So I have not claimed on the travel policy, tested the RAC callout or cracked a screen. Everything about the insurance below therefore comes from the policy booklets and the plan pages, not from experience. I quote a limit or an exclusion because Monzo or its underwriter published it, never because I hit it myself.

Monzo Perks vs Max, side by side

Every Perks benefit carries into Max unchanged, so the gap between the two plans is narrower than the plan pages suggest.

Notably, four of those rows are identical on both plans. One of the four is the savings rate most people assume Max wins. And every genuine difference except the Instant Access rate is an insurance product. So the real question is whether you want three insurance policies bundled into a bank fee.

The three policies, and who actually underwrites them

Monzo does not carry the risk on any of them, though. It sits in the middle as the intermediary, and its own Max terms say so in as many words.

Worldwide multi-trip travel insurance, from Zurich

This is the biggest of the three, and by a distance. Cover runs to £5,000 for cancellation, £10m for medical bills and £750 for lost valuables. Then every successful claim carries a £50 excess. Winter sports come as standard rather than an add-on. Ski equipment and ski hire run to £750, and the car hire excess waiver goes up to £3,000. The underwriter is Zurich Insurance Company Ltd, FRN 959113, and it is a Swiss insurer operating through a UK branch. Monzo's line is "by Zurich, powered by Qover". But the booklet is clearer about the split. Zurich underwrites, while Qover S.A./N.V., FRN 988985 handles non-emergency claims. Of course exclusions apply, as they do on any travel policy. So read the booklet before relying on it.

Worldwide phone insurance, from Assurant

The policy covers loss, theft and accidental damage, cracked screens included. Handsets qualify up to £2,000 including VAT, and accessories up to £300. Then come the two limits that decide whether it is any use to you. So every successful claim carries a £75 excess. Equally, you can make at most two claims in any twelve-month period. And the underwriter is Assurant General Insurance Limited, FRN 202735.

UK and Europe breakdown cover, from RAC

This one is personal cover. It follows you rather than a particular car. So you have cover as a driver or as a passenger, in any valid vehicle. At-home assistance, onward travel and vehicle recovery are all included, and the family add-on extends it to five people. The booklet names two entities: RAC Motoring Services, FRN 310208 and RAC Insurance Limited, FRN 202737. Which of the two provides the cover depends on the element.

Monzo Bank Limited, FRN 730427, is the insurance intermediary on all three. Its Max terms put it plainly: "we are an insurance 'intermediary' (which means we act as the 'middleperson')" and "we won't give you advice or recommendations about the insurances available through Max". In practice nobody at Monzo checks whether the cover fits your circumstances. The plan fee is how Monzo earns on this, rather than a commission on each policy.

What £120 a year has to beat

Monzo Perks vs Max costs £10 a month, so £120 over a year, and £168 with the family add-on. Three policies have to be worth more than that to you.

Now, all three of these products are quote-priced. Annual worldwide multi-trip travel insurance prices on your age, your destinations and anything you have to declare medically. Similarly, phone insurance prices on the handset. RAC breakdown cover prices on the level you pick, and it moves with whatever promotion is running that week. So nobody can hand you one saving figure that is true for you. The number that counts is the one your own three quotes produce.

The three quotes to get

Pricing it yourself takes about fifteen minutes. So get one quote for annual worldwide multi-trip cover at your own age. Then one for your actual phone, and one for personal breakdown cover. Then add the three together. If the total clears £120, the upgrade pays for itself before a single Greggs coffee is counted. If it does not, Perks is the cheaper plan and nothing else in the comparison changes that.

Two things especially weight that sum. First, travel insurance is usually the largest of the three, and the one people skip. And that combination is exactly what makes it expensive to go without. The Association of British Insurers reports that travel insurers paid £472 million across more than 500,000 travel claims in 2024. Notably, medical claims alone averaged £1,528. Second, the family add-on costs £4 a month whether it covers one extra person or five. So a couple with children pays the same as a couple without, while three separate policies charge per person.

Monzo's own plan page, meanwhile, frames it conditionally. Travel lovers, it says, "could save you money compared to getting them all separately". That is a conditional claim from the company selling the plan, and the condition is doing the travelling. So if you took one short-haul trip last year, a single-trip policy costs a fraction of £120. I have covered a standalone alternative before, in my guide to Urban Jungle travel insurance. Run that quote alongside the Max sum rather than instead of it.

The rate people think Max wins, and does not

One line in the Monzo Perks vs Max table is a dead heat. It is also the line most people upgrade for.

Select Access savings pay 3.65% AER variable on Perks and 3.65% AER variable on Max. The rate is identical, as long as you make two or fewer withdrawals a year. Anyone upgrading for a better savings rate is therefore buying one line only. Instant Access moves from 3.25% to 3.50% AER, both variable. Altogether that is a quarter of a percentage point.

Run it as money and the answer arrives quickly. A quarter of a point is worth £25 a year on £10,000 in an Instant Access pot, before any tax. And to cover the £120 upgrade on interest alone, you would need roughly £48,000 in that pot. At that level you would almost certainly do better outside Monzo. The Saving Challenge, meanwhile, pays 5.00% AER variable on both plans and saves up to £2,671 a year. So it is no argument either way. Every Monzo pot rate is variable and can move without much notice.

Monzo's own plan table. Both Perks and Max read 3.65% AER variable on Select Access savings, so that line is identical. Screen checked 7 September 2026.

Deposit protection. Eligible deposits are protected up to £120,000 per eligible person per UK-authorised bank, building society or credit union by the FSCS (since 1 December 2025). Meanwhile the deposit-taker here is Monzo Bank Limited, FRN 730427. The PRA authorises it, and the FCA and the PRA regulate it. Insurance benefits are a different thing entirely and carry no FSCS deposit protection.

What Monzo does not lead with

Six limits sit in the terms rather than on the plan page. And each one narrows who Max actually works for.

The age ceiling. Specifically, Max is for UK residents aged 18 to 69. Perks, by contrast, has no upper limit at all. Meanwhile travel insurance gets steadily more expensive, and harder to buy, with age. So the people who would gain most from bundled cover cannot have it.

The three-month minimum term. Max also commits you for three months. So the smallest amount you can spend trying it is £57 at the current price. Perks, again, carries no minimum term at all.

The two excesses. A successful travel claim costs you £50 and a successful phone claim costs you £75. So on a cracked screen the excess can be most of the repair.

The two-claim phone limit. Assurant also allows a maximum of two claims in any twelve-month period. And anyone who breaks phones often enough to want insurance is the person most likely to run into that ceiling.

The word "exclusions". It appears on every insurance line Monzo publishes. Pre-existing medical conditions, high-risk activities and single-item value limits all sit in the policy booklets. The marketing page does not mention them.

Discounted lounges, not free ones. Airport lounge access comes through LoungeKey, at a reduced price shown in the Monzo app. Meanwhile each lounge can still turn guests away when it is busy. Treat it as a small discount rather than a benefit with a number attached.

Who Max suits, and who should stay on Perks

Max suits people who already buy at least two of the three policies. Take a household that travels twice a year, drives an older car and would otherwise insure a phone. It is buying £120 of cover for £120, with the Perks benefits on top. Add a partner and children for £4 a month and the arithmetic improves again.

Max also suits anyone who values not shopping around. Three renewals, three sets of terms and three price rises a year is real work. Paying a flat fee to make that disappear is a legitimate reason to buy. Just know that is what you are buying.

Perks suits everyone who travels rarely. One short-haul trip a year does not justify an annual multi-trip policy. A single-trip policy costs a fraction of £120. The phone test runs the same way. Compare a replacement handset against two years of premiums plus a £75 excess.

Perks also suits anyone whose car cover already exists. Breakdown cover comes bundled with a lot of comprehensive car insurance policies, and with most packaged bank accounts. So check what you already hold before paying for it twice. My guide to the best current account UK banks offer covers where those bundles usually turn up.

Nobody over 69 has a decision to make. Perks is the only one of the two plans open to you. None of the Perks benefits change.

So Monzo Perks vs Max resolves into one question rather than a comparison of feature lists. Would you buy those three policies anyway?

Monzo Perks vs Max: frequently asked questions

Is Monzo Max worth it?

Monzo Perks vs Max turns entirely on how many of the three policies you would buy anyway. Max costs £10 a month more than Perks, so £120 a year. For that it adds worldwide travel insurance, phone insurance and RAC breakdown cover. Price those three separately, at your own age and for your own phone. If the total beats £120, the upgrade pays for itself. Figures checked 7 September 2026 and subject to change.

What is the difference between Monzo Perks and Max?

Max includes everything in Perks and adds four things. Those are worldwide multi-trip travel insurance, worldwide phone insurance, UK and Europe breakdown cover, plus discounted airport lounge access. It also lifts Instant Access savings from 3.25% to 3.50% AER, both variable. Select Access savings pay 3.65% AER variable on both plans, so that rate is not a reason to move. Rates checked 7 September 2026.

Can I downgrade from Max back to Perks?

Max carries a three-month minimum term, so you cannot leave inside the first three months. After that you can move down to Perks, Extra or Free in the app. One catch bites on the way down. Redeem the annual Railcard, then downgrade before your plan anniversary, and you keep the card at a price. Monzo charges £2.09 for each remaining month. My Monzo Perks price increase breakdown covers the cancellation rules in full.

Who underwrites the Monzo Max travel insurance?

Zurich Insurance Company Ltd, FRN 959113, underwrites it. Qover S.A./N.V., FRN 988985, handles non-emergency claims, which is what "powered by Qover" refers to. Monzo Bank Limited, FRN 730427, is the intermediary and gives no advice on whether the cover suits you. Checked against the policy booklet on 7 September 2026.

Does the Monzo Max phone insurance cover loss as well as damage?

Yes. The policy covers loss, theft and accidental damage, cracked screens included. Phones qualify up to £2,000 including VAT, and accessories up to £300. Two limits apply. Each successful claim carries a £75 excess, and you get at most two claims in twelve months. Assurant General Insurance Limited, FRN 202735, is the underwriter, and exclusions apply. Checked 7 September 2026.

Is there an age limit on Monzo Max?

Yes, and it catches people out. Max is open to UK residents aged 18 to 69 only. Perks is 18 and over, with no upper limit. So anyone over 69 keeps Perks and its benefits, with no upgrade path. Checked 7 September 2026.

Does Max cover my family?

Yes, for £4 a month on top. That extends the travel, phone and breakdown cover to your partner and children. RAC covers up to five family members. The add-on costs the same whether one person or five uses it. So family cover is where the Max bundle competes hardest against three separate policies.

More things like this:

• Best savings accounts UK - where to put the money a 3.50% Monzo pot is not earning enough on.
• Monzo savings pots explained - how Instant Access, Select Access and the Saving Challenge actually work.
• TrainPal - the app I book through, which is where the Perks Railcard ends up earning its keep.
• Chip - the savings app I use instead of a Monzo pot, with the rates and the catch.
• Gifts for travel lovers - for whoever will get more out of the Max travel cover than you will.

Disclaimer. Prices, rates, insurance limits and terms change, and every rate named here is variable. I checked every figure against Monzo's own plan pages and its Zurich, Assurant and RAC policy booklets on 7 September 2026. This article is not financial advice and CoolCuration is not authorised by the Financial Conduct Authority. Insurance cover is subject to exclusions and to the policy terms rather than to anything written here. If you are unsure what suits you, please consider speaking to a qualified financial adviser. This article contains affiliate or referral links. If you click through and sign up I may earn a commission or referral bonus at no extra cost to you. It does not affect my editorial view.

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