Monzo to enter mobile market with three phone plans this summer
Bank overtakes Monzo to become Britain’s favourite
Digital bank Monzo is poised to launch a new mobile phone plan this summer, operating on the Virgin O2 network.
The service aims to reward subscribers with a 5 per cent discount on monthly bills each year, potentially accumulating up to 30 per cent in savings over time.
Monzo will offer three digital SIM plans with varying data allowances, priced at £8, £12, and £20 per month.
This initiative challenges the traditional mobile model by avoiding mid-contract price rises and is expected to intensify competition within the telecoms sector.
The announcement follows Monzo’s recent report of an £87.3 million pre-tax profit for the year to March, marking a 44 per cent increase.
