As stated in their OP, they seem to have decided not to compete with other bank’s premium accounts insurance offers. I think this is for the best, Monzo were never going to get the same insurance deals for their customers that mainstream banks get. So I do think overall the current direction of concentrating on upselling tech innovations is a better one (although for me it’s not value for money at this stage).
If not being able to get the insurance deals at the right price then makes sense not to include it but as and when new products are launched on Monzo such as ISA Stocks & Shares account, mortgages etc then if they offer discounted rates to plus account holders then I’d see good value.
I think a cash back feature would be good as it would encourage users to spend more rather than just selected offers.
All this talk about the value of the proposition got me looking again at Revolut and Curve’s premium offerings. Much of the value from those comes from whether you think the insurance is sufficient for your needs.
For me, Revolut doesn’t appeal as without a full current account offering I would need multiple accounts. Curve is good in theory so you don’t have to hold as many cards but even then it doesn’t have Amex. And similarly is more of a glorified aggregator rather than a full bank account.
I think if Monzo can offer value added insight and extra bonuses in the basic Plus account then insurance add-ons can come later down the line. Personally, I think pricing is around right, I probably would have priced it at £4/month but the current price is close enough.
I signed up today to have a look at this. It’s all looking spectacular - great work on multiple complex features to make this a good product. Congratulations on the launch to the Monzo team.
I do worry a little about the direction this will push Monzo in (the incentive will be to put new features into plus unless there are very good reasons to leave them out IMO), but it’s a solid product and very polished, given they’ve decided to go with a freemium model. I think this is a really good start down that path, hopefully it will help Monzo become profitable.
Features I really liked:
The new card looks great - good job fixing the design
Virtual cards look really nice - just tried one out
Custom categories will be useful to me and are long overdue
Credit report in the app - nice and easy, would prefer it were a little more visible
Connecting other cards - connected my barclaycard without issues
Fee-free withdrawals - nice to see this as part of a package
Features I’m indifferent about (but which other people probably like):
Pitiful interest rates
Sending my bank data to google sheets (!)
I would like to lodge a plea with Monzo for some of these features to go to all Monzo users:
Please please please move your hot coral cards to the same style - your current basic cards look really dated. I rather like the old colour and would have chosen it for plus if I could.
How about normal users get a few custom categories free, upgrade to plus for more than 5 say?
How about expanding the current default categories once you get a handle on the ones people are adding? My first custom category was Saving, which I’ve wanted for years.
The only bit I’m really not keen on is the way Plus features have been balkanised in their own little section - so virtual cards don’t appear as an account as I’d expect. I’d expect new top level features which resemble accounts to appear in my accounts list - it would be really handy to see transactions on a virtual card. Why is it hidden away? Things like credit reports are hidden away under plus too and again could live at the end of that top level slider of accounts.
This sort of decision is sometimes seen as a temporary expedient (easier to test/rollout in its own section) but lasts for years and does lasting damage to the experience, it means features and bugs are not shared between different types of accounts like joint/personal/business/plus and there isn’t a coherent experience. So If I had one criticism of plus it’d be that it needs to be more integrated with normal Monzo, and ensure that normal Monzo is still a really great experience, with just limited versions of the same features as plus.
Finally, it’s really nice to see the Monzo team participating in the forum again and posting updates for significant features, long may it continue!
Virtual cards only do transactions on main account balance list
I don’t see why that precludes them from having their own transaction list with a nice card pic and the card details easily to hand instead of being hidden away under plus. People will think of them as analogous to credit cards or prepaid cards and it’d be much better to present them as such.
There are plenty of things in that sliding list already that don’t act like bank accounts and it would be very useful to see these transactions on their own (I don’t mind if they are also in the main account).