In the competitive landscape of UK banking, premium current accounts have evolved beyond traditional offerings of travel insurance and breakdown cover. Modern app-based banks are now targeting specific customer demographics with tailored extras, from productivity tools to lifestyle rewards. This analysis examines whether the monthly fees of £15-18 are justified by the benefits provided by Revolut, Monzo and Santander.
Revolut Metal: The Comprehensive Package
Priced at £14.99 per month, Revolut Metal caters to young professionals with an extensive array of digital and financial perks. Subscribers receive a distinctive metal debit card available in bronze, silver, gold or black, alongside practical benefits like unlimited fee-free currency exchanges and 40% discounts on international transfers.
Key Financial Advantages
The account includes 10 commission-free trades monthly and fee-free international ATM withdrawals up to £800. A RevPoints loyalty scheme allows users to earn travel rewards based on spending, while worldwide travel insurance covers trips lasting up to 30 days.
Digital Subscriptions and Extras
Revolut Metal provides access to premium services including Financial Times, Uber One, MasterClass, NordVPN, Headspace, ClassPass, WeWork credits, Perplexity Pro and Tinder Gold. Additional discounts on airport lounge passes enhance its appeal for frequent travellers. For those seeking fewer features, Revolut offers Plus (£3.99) and Premium (£7.99) tiers.
Monzo Max: Lifestyle-Focused Rewards
At £17 monthly, Monzo Max targets a younger audience with practical discounts and freebies. Financial perks include an extra 1% interest on select savings, fee-free international ATM withdrawals up to £600 and reduced investment fees.
Insurance and Everyday Benefits
The insurance package comprises worldwide travel insurance for unlimited trips up to 45 days, phone insurance and UK/Europe RAC breakdown cover. Lifestyle extras feature Uber One, an annual railcard, a free weekly treat from Greggs and a monthly Vue cinema ticket.
Monzo's Perks account, costing £7, offers the savings rate and lifestyle rewards without insurance, ideal for non-travellers or those with existing coverage.
Santander Edge Explorer: Practical Financial Perks
Santander's £17 monthly premium account emphasises practical financial benefits over flashy extras. Subscribers gain 1% cashback on selected household bills, capped at £10 monthly, and access to the Santander Edge Saver account with a 6% APR bonus for the first year.
Insurance and Healthcare Services
Insurance includes worldwide travel cover for trips up to 31 days, phone insurance and UK/Europe Allianz Assistance breakdown cover. The standout extra is 24/7 remote GP access, catering to health-conscious customers.
For those solely interested in financial perks, the Santander Edge account at £3 monthly offers the cashback and savings rate, potentially paying for itself if maximising the £10 cashback limit.
Assessing Value for Money
Premium accounts typically provide benefits whose combined value exceeds the monthly fee. For instance, Revolut's subscriptions are worth over £2,000 annually. However, value depends entirely on personal usage patterns.
Consumers should identify accounts aligning with existing subscriptions or frequent expenses to achieve immediate savings. Evaluating the cost of purchasing benefits individually versus the account fee is crucial, as is considering long-term usage habits.
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