Charge Everyone?

The overwhelming feeling is that plus is poor value for most people. The main value I see in Monzo is the real time notifications, money management and budgeting features. I have no interest in the gimmicks.

I would guess that less than 1 in 100 customers would take plus. Would a more radical approach, like charging everyone 50p a month to bank with Monzo raise more income and democratise the feature set…?



Don’t think money charge over £10 a month for use of their budgeting focused account

And then watch everyone leave. 50p a month, £1, £5, doesn’t really matter. People can afford it, but when every other bank (near enough) has a free account, Monzo couldn’t charge.


Just don’t buy it. Monzo plus is not worthy “for me” but if they add new features like euro account, real offers and cashback (instead of interest), I would pay for it.


Free Kisses Beat Bargain Truffles
In his book Predictably Irrational , Ariely describes a series of simple experiments that offered subjects something desirable – chocolate – at a variety of prices. Two types of chocolate were used – a Hershey’s kiss and a Lindt chocolate truffle. While the kiss is an inexpensive and common treat, a Lindt truffle is a far more tasty confection that costs an order of magnitude more than the kiss.
The first experiment offered subjects a truffle for 15 cents (about half its actual cost) or a kiss for 1 cent. Nearly three out of four subjects chose the truffle, which seems logical enough based on the relative value of the offers.
The next experiment reduced the price of each product by one cent – the truffle was offered at 14 cents, and the kiss was free. Although the price differential remained the same, the behavior of the subjects changed dramatically: more than two thirds of the subjects chose the free chocolate kiss over the bargain-priced truffle.

The power of free is real. Lots of people will leave, but between 50p and £5, people might actually pick Plus a lot more. Because it forces them to decide which one of the two is better for them.

Bunq recently went from free/paid, to effectively paid/paid/paid at different levels. I wonder how things will look for them next quarter. I.e. how the mix looks like after the change, and if average revenue/profit per customer is up or not.

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It’s simple what Monzo need to do, and this isn’t it sadly. As others have said people will just leave. If you paywall an account it’s just going to alienate users of certain classes. I think Monzo was heading in the right direction with the different tiers of plus, it’s just unfortunate with COVID they can’t offer all the features they like…


No you’re orite thanks, I’d just move to another bank which doesn’t charge a monthly fee


I think Starling would love to see 4,481,782 new customers if Monzo committed suicide by charging for an account.


Did you do a survey? Don’t recall being asked, but maybe I was off eating cake or something.

Ah right, so it’s pure guesswork. OK then. Carry on.


Was it nice cake? Can I have some too?

The majority of forum users would like you to post pictures of this cake I guess :woman_shrugging:


I pay the £5 Plus fee, but if it forced everyone to pay something, even 50p I would leave. I don’t believe in banking based on ability to pay. People forget that in some places in the UK 50p or £1 is still a lot of money to some people.


Wheres this cake everyones talking about? :cake:

Having said that about 45 thousand customers out of ~4.5 million willing to pay for plus in its current state is probably about right. :thinking:

In fact 45,000 seems like a high estimate :grimacing:


It could be a low estimate :woman_shrugging:

But i’m only here for the cake


:eyes: Rika coming in with the stats…

Or cake


Listen, okay, it was an eclair. It was weirdly massive, from the local bakery, and I struggled to finish it. I did though, I’m a real trooper.

What was I talking about again?


:pray: :cupcake: :cake:

The cake was a lie!

Would Monzo be profitable if they charged everyone 50p a month but sent everyone a weirdly massive eclair on the account anniversary? :cake::eyes:


I heard that rumour too take you get a free eclair. New policy.

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