we will not cover the modifications that have been made.
Reading the phone insurance Ts&Cs, and the above seems very strange to me (emphasised). Why would unlocking a phone invalidate the insurance? This doesn’t seem rational or fair.
The way I read that is that if your phone has been unlocked, they will not guarantee that it will remain unlocked and so you will need to have it unlocked again.
Considering most insurance companies WIPE your handset clean, making sure that it has fresh and up-to-date software, this is understandable.
Most mobile networks don’t charge to unlock your phone now (and most are now unlocked by default) and if you have paid to unlock it then the unlock codes SHOULD be available to you for free.
It appears to be provided by the same insurance group (except nationwide’s is managed by lifestyle group). The wording in the Monzo policy sounded very similar, which is why I went hunting!
I don’t get the fascination with the metal card thing, looks cool for about 5 mins but once i’ve entered the details into google pay its not really being touched again.
I was interested but after checking the T&C of phone insurance I worry about proof of ownership. All our mobiles are in my wife’s name so i think they would use that as an excuse to not pay out. Also I would definitely go for it if family phone insurance was available as would definitely be worth it.
This is the one thing that is holding me back at the moment. From reading the T&Cs “The mobile phone must be owned by the account holder”.
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Anarchist
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I only ever use cards in ATMs (about 4 times a year). This is especially true now that the occasional contactless transaction has to be approved with the phone or PIN these days.
Aaaaand just like that I have changed my mind and upgraded, Dug through my EE bills and turns out I was paying them £14 a month for insurance. Pfffffft.
So here are my thoughts and review of the main features.
Travel insurance - excellent. Very comprehensive although doesnt cover existing conditions.
Phone insurance - average. Ok for a single person but not great for families wanting to cover multiple devices.
Metal card - gimic. Will be attractive for some but not for me.
Discounted lounge access - average. Not something I would make use of with the family but maybe when travelling alone or with my girlfriend.
Interest - good. Probably about what I would expect given market conditions.
It looks like there is a target market here but I am not it. It just isn’t quite there to make me ditch my flex plus account. If the mobile insurance had covered the family I would have made the switch and got my breakdown cover elsewhere. That said there are some who will benefit from this account and fingers crossed it brings in the much needed revenues to make Monzo profitable
Shame - I’ve been looking forward to this for ages, but I don’t think it adds up yet.
I get travel insurance through work for about £7, and don’t need phone insurance (touch wood).
For interest and budgeting, everything happens in the joint account. Also I get that some banks cap interest, but was hoping Monzo would be different.
I was hoping for lounge access, but £24 a head is more than some lounges, and I don’t pay their prices either. Not a huge issue as I normally get access long-haul anyway.
Does the open banking work with Virgin yet?
I have no interest in the metal card.
Would love custom categories, as long as they worked across all linked accounts (I only use the Monzo card for cash and TfL), but it’s not something I’d pay for explicitly.
Was hoping for some kind of rewards - the “offers” are pretty similar to introductory offers available anyway.
I’d pay a tenner if it was joint, but not £15. Hopefully one day we’ll see a credit card with rewards.
