✅ Add AA/RAC breakdown cover to Monzo Premium?

Hi :wave:

I recently saw that a new Monzo account has been released, Monzo Premium https://monzo.com/i/current-account#bundles

I was initially drawn to the features of insurance for your phone, and well… that was about it. For £15 a month? It’s quite expensive as most of the Monzo Plus features that come as part of the Monzo Premium account presumably are just gimmicks?

What I’d love to see included in that £15 a month package, is breakdown cover since breakdown cover on it’s own can easily be £10 a month! I think adding this would draw a lot of people to Monzo Premium, and certainly make it a worthwhile investment!

As can phone insurance or worldwide travel cover. Just keep in mind that if another product was added, then the price (especially for new subscribers) is unlikely to remain at £15.

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It shouldn’t do, at least not in my opinion given that there’s plenty of other banks offering a similar set of features for potentially less, or just a tad more, examples:

  1. Co-Op Everyday Extra Current Account - £15/month, it includes Phone Insurance, Travel Insurance and UK & European breakdown cover.

  2. Nationwide Flex Plus - £13/month, identical travel insurance, family phone policy insurance, and breakdown cover.

  3. Halifax - £17/month (but the value here can be £12/month if certain criteria is met), includes breakdown cover, and some other items.

source: https://youtu.be/ST9XXEBn2iA?t=728

So I really think Monzo can certainly add breakdown cover here!


What do you mean presumably?

Don’t you have an opinion of your own on the other features?

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I’ve used Monzo as my main account for the last few years but I also have a Co-Op Everyday Extra - my only paid/premium account. If Monzo added comparable breakdown cover I would absolutely switch.


You could move all of your banking to Monzo and just keep your Co-Op account for its benefits.

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So you want something that is £10 added to a £15 a month plan but pay no extra?

Yes, see my previous comment, since other banks can do this, I think it will attract a lot more revenue :slight_smile:


If this was the case, I wouldn’t be paying two lots of £15 a month

As has been referenced in other threads, we’ve no idea if other banks run these accounts at a loss, or close to break even, just to get customers through the door with a view of upselling other products that generate revenue.

Monzo categorically cannot run them without an element of profit, as they don’t have other revenue streams beyond standard loans and overdrafts.

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I have HSBC Advance which when started (2008?), offered loads of extras for £9.99 per month.

Over the years, various perks disappeared and the price increased - leaving travel insurance, mobile insurance and UK/Europe breakdown cover for £11.95 per month. A bargain.

So to compare, if you factor in the Metal card and Plus features, Monzo Premium is priced correctly, I believe.

Then HSBC announced no more Advance features beyond 30-Sep, so I jumped for :monzo: Premium.
Then HSBC took another payment 4 days ago :man_shrugging: - so now I have both pre and post covid insurance plans running!

I’ll be cancelling the HSBC Advance when/if I get back from Greece next week…

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Of course not. Use the best packaged account to suit your circumstances, and do your banking with the bank which best suits you.

HSBC select cover is a nice option. You can add phone cover from Aviva (Apple approved) much better than Monzos offer, RAC breakdown and Travel insurance for ~£19.50. Or you can build your own package

Given the mixed responses on this thread, maybe it’s worthwhile then adding a Monzo Premium package which allows for the end customer to choose certain “add-ons” where if they want breakdown cover as a discounted rate, this could cost an extra X per month for instance, and allow the ability to turn off features which a customer may never use, such as Discounted airport lounge access

Since many people likely aren’t going to be traveling much anyways.

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They’ve tried that before and it didn’t work.

Also you don’t have to keep bolding things.

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I’m sort of holding out hope that the Marketplace idea can still come for all the stuff not in Premium/Plus.

Sort of a, “Hey, this isn’t in Plus, but you can still buy it” type of idea.

If that does ever come, I think it will only ever be when Monzo has reached much much more than 4M account holders. HSBC’s ability to do that works because of the scale, so fingers crossed we may get back to the ideal bundled idea in future.


Is there something about this in the community guidelines?


Ive been using Monzo as my main account for a while now, and I have TSB, but come Dec 20, they will not be paying their interest rate of 1.5% any longer it used to be 3%, just wondering what to do about TSB account? Spend n Save Account with them is not justifiable as I use Monzo for most purchases (over 30 in a month to get £5 back for TSB account)

What you mean is that Monzo decided is that it was “too difficult for them to do”, rather than “it didn’t work”

I wasn’t really around when it launched/crashed, but I’m not surprised that you’ll take that view point.