Monzo Offers Mobile Plan With Annual Discounts
Monzo is launching a mobile service that reduces monthly bills by 5 percent each year. The plan runs on the Virgin Media O2 network and will be available this summer.
The IndependentMonzo is introducing a mobile phone plan that lowers the monthly bill by 5 percent each year a customer remains subscribed. The service will operate on the Virgin Media O2 network and is scheduled to launch in the summer. Customers of the bank can join a waiting list for the plan. Three tiers are offered at £8, £12, and £20 per month, each using a digital SIM card with different data allowances.
The bank stated that the structure rewards long-term use rather than penalizing it. Over five years, the discount can reach 30 percent of the original monthly rate. The plans do not require a one-year commitment and carry no exit fees. The bank may still adjust prices at any time.
New rules introduced in 2025 restrict mid-contract price increases by phone and broadband providers. Some companies have continued to apply inflation-linked rises, prompting letters from Chancellor Rachel Reeves last year. Monzo joins other financial firms entering the mobile market.
Revolut began offering a plan earlier this year that runs on the Vodafone network for £12.50 per month with unlimited 5G data, calls, and texts. Four companies operate their own mobile networks in the country: EE, Virgin Media O2, Vodafone, and Three.
Monzo and similar providers use these networks under virtual network agreements.
Key Facts
Story Timeline
4 events- 2025
New rules limited mid-contract price rises by phone providers.
1 sourceThe Independent - Last year
Chancellor Rachel Reeves wrote to providers about consumer protections.
1 sourceThe Independent - Earlier this year
Revolut began rolling out a mobile plan on the Vodafone network.
1 sourceThe Independent - Summer
Monzo mobile service is scheduled to launch.
1 sourceThe Independent
Potential Impact
- 01
Additional mobile providers may enter the market using existing networks.
- 02
Customers could face fewer mid-contract price increases from some providers.
Transparency Panel
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