Monzo is to charge account holders £5 a month to get hold of account aggregation features in its mobile app, a service which other banks serve up as part and parcel of their digital offerings.
Account aggregation isn't the only add-on to the redrafted Monzo Plus account, which the app-only challenger is banking on to bring in much-needed additional revenue after canning its first attempt in September last year owing to poor customer feedback.
That early iteration offered numerous services such as travel and home insurance, increased ATM allowances and airport lounge access for up to £13 per month, but was negatively received by customers and subsequently withdrawn only five months after its launch.
The new paid-for account is intended to give customers "full financial visibility", with other bank accounts and credit cards all in one place.
Monzo Plus users will also be able to see their credit score through the app, earn one percent interest on deposits, enjoy free FX withdrawals of up to £400 per month when traveling abroad, and get their hands on a new holographic physical card, and more secure virtual cards for when spending online.