Make it easier to downgrade Monzo Plans

Feedback & Ideas
1

I really find it strange how it is this difficult to downgrade Monzo Plans - I mean it makes sense as they don’t want you to downgrade but this is a really unpleasant and confusing experience.

I’m wanting to downgrade from Perks to Extra as I couldn’t care less what extra perks I get with Perks - half of it is just promoting unhealthy lifestyles (free Greggs, 20% Pizza etc.,). The only two good benefits you get from the Perks plan compared to Extra is the discounted investment fees and higher interest rate but even that is pointless unless you have 30k+ saved to out-weigh the difference of £4/mo saved if you just downgraded.

Anyway, been on chat to Monzo support as there’s no direct way to downgrade, you must cancel your current subscription, wait for it to cancel, then resubscribe??? I wanted to confirm if my 1p savings challenge, custom categories, and virtual cards would be deleted or not as a result of this brief period where I won’t be subscribed to any plan but I’m getting different responses each time I ask them to clarify, some say you’ll lose everything, some say you’ll lose just the virtual cards, some say your 1p savings challenge won’t be affected - which is it?

TLDR; make a button that allows users to downgrade to a different Monzo Plan - cannot believe this is a feature that has to be requested…

2 Likes
2

I think if there were more healthier perks in a way I would use those perks more, including the Cinema which I plan to use.

3 Likes
3

Deffo, I don’t know maybe a discounted gym membership or something?

I feel like they’re grasping at straws as the difference between Perks and Extra is that Extra actually gives you budgeting tools, Perks is just that plus some other random benefits - 40% of which are just unhealthy perks that I never use anyway - costing £48 extra a year.

Could write an entire thread of how pointless the Perks benefits are, I held off downgrading as I knew it would be a hassle - and it is a hassle. I guess Monzo win?

2 Likes
4

Love to see a tweak or add new ones to this plan as the years go on.

5

I can see both sides of the coin in terms of allowing downgrades but I do agree that they should make it a bit easier.

To answer the questions about the extra features you get with Perks, I can tell you from experience:
Virtual Cards and Custom Categories will become unusable after you cancel (as expected), but as soon as you upgrade to a plan that includes them, they will go back to working as they did before. You won’t need to create new ones. I believe they just “freeze” your virtual cards.
I don’t have experience regarding the 1p challenge, but my understanding of this is that you will continue to contribute to the challenge, but won’t earn interest for the duration of you not having a paid plan.

6

I am in a similar position where I just want to move the payment date to the 1st of the month. Only option being to cancel and then re-subscribe - but I don’t want to have a new card and re-connect all the banks etc.

7

The solution to that is what I’ve implemented.

Since the payment for paid plans is taken on the same date every month, when you get paid, schedule a deposit for that amount into a pot. Then, the day before payment is due, schedule a withdrawal from your pot.

1 Like
8

Not sure why that’s necessary now. You can now pay for paid plans directly from a pot.

9

Budgeting. I prefer everything to go out on the first.

Streamlined and simple.

I don’t have money in my personal monzo, can’t pay for max from joint