Monzo is launching three new paid-for subscription plans which offer customers a weekly drink or snack from Greggs, a railcard and breakdown cover.

The new offerings replace its existing Plus and Premium plans, which were priced at £5 and £15. The cheapest of the new subscriptions is Monzo Extra, which costs £3 a month. This gives you advanced roundups, the ability to connect other banks and credit cards to your Monzo app, and an auto-spreadsheet feature, which uploads transactions into a Google spreadsheet.

However, current customers on the Monzo Plus plan have access to a 4.6% easy access savings account - but this isn't available to Monzo Extra subscribers. To get boosted rates, you need to sign up to the more expensive Monzo Perks, which costs £7 a month. This plan also gives you an annual railcard and a weekly hot drink or snack from Greggs. The annual cost of this plan works out at £84 - so you need to be sure you’re going to make use of all the perks for it to be worth it.

For example, a railcard usually costs £30, and the price of a Greggs sausage roll currently sits at £1.20 for most areas around the UK, which would work out at £62.40 if you purchased one every week for a year. This means the total cost of a railcard and weekly sausage roll is £92.40.

The types of railcard you can choose from include: 16 to 25, 26 to 30, Senior Railcard, Two Together, Family and Friends Railcard and Network Railcard. Monzo Max gives you all the benefits mentioned above, along with worldwide travel insurance, phone and accessory insurance, plus UK and European breakdown cover.

This is priced at £17 a month, or £204 for the year - so again, you need to weigh up the costs of whether you would make use of these insurance policies, and if you can find similar cover elsewhere cheaper. There is also an option to boost your Monzo Max package to a family upgrade, which cost £22 a month. Monzo was founded in 2015 and now has more than 9 million customers.

Fernando Fanton, Chief Product Officer at Monzo, said: "Whether it’s Monzo’s top savings rates, a weekly treat from Greggs, travel insurance, breakdown cover or even more tools to supercharge your budgeting, we're on a mission to make every pound and penny go further for our customers. We've designed Extra, Perks and Max with their feedback, hearing what matters most to them - and we know they're partial to a sausage roll given they spent a collective £70 million at Greggs last year."

Monzo Extra - £3 a month

  • Connected banks and credit cards
  • Advanced roundups
  • Virtual cards
  • Credit insights
  • Custom categories
  • Auto-spreadsheet
  • Card: Hot Coral

Monzo Perks - £7 a month

All of the above, plus...

  • Free annual railcard
  • Free weekly hot drink or snack from Greggs
  • 4.60% AER (variable) interest on savings
  • Discounted investments fees
  • Fee-free cash withdrawals
  • Fee-free cash deposits
  • Card: Bold Coral

Monzo Max - £17 a month (+£5 for family upgrade)

All of the above, plus...

  • Worldwide travel insurance
  • Phone and accessory insurance
  • UK and European breakdown cover
  • Card: Burnt Coral