"Brits still wary of trusting neobanks"

“The Plum data also shows that challengers are having limited success in getting their customers to sign up for premium, paying, subscriptions. From all the customers that have Revolut as the primary account with Plum, only 27% are paying for a subscription. For Monzo, it is 10%.”

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27% seems high for Revolut.

Honestly, I would have thought that only about 10% of customers at most banks would have a paid-for or premium account.

It’s not worth it for most people, and there is a general aversion to paying for bank accounts in the U.K. so this “crisis of confidence” may actually be customer behaviour reflecting wider attitudes, not a crisis at all.


No, the data is subscription customers who also use Plum. It’s not total neobank customers.

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It was mentioned to me in another thread that the take-up rate for packaged in general is roughly 9% so assuming that’s correct Monzo is right in line with the general market.

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Makes sense!

I can’t imagine there generally being much difference in the rates between banks. The sort of people who might want a packaged account probably want it for one of the benefits usually included in most such accounts, whether that’s a metal card at a fintech or travel insurance at Nationwide. There is equally a fairly fixed proportion of people who would rather not pay for an account, almost regardless of the perks.

Having plum will negate the need for some of the plus features, so take-up of plus among their customers can expected to be less.

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But this article is only of Plum customers. The actual take up rate of a paid for account with Monzo was 2% as of a couple of weeks ago, which in another thread, people told me was amazing.


Thanks for providing a source @lpoolrob, it’s always better to have confirmed evidence rather than “I heard in some other thread”.

As I said earlier, Plum’s dataset is only its own customers who use Monzo, not total Monzo customers. It could be argued that the sort of people who use Plum, are also more willing to buy a paid-for account at Monzo, for whatever reason.


So, I had a look at Plum last year, and cancelled it as I thought it was just a bit too much for what I wanted.

It’s meant to be a way to save without realising it but with Monzo and Starling both offering a simple round-up into saving pots, is there a need for an additional fintech service on top of that?

Plum is more than roundup. It tries to work out what you can afford to save based on spending patterns, and saves that amount