I don’t use Plus or Premium.
I’m only really interested in the software features of Plus (account aggregation, custom categories etc), but for this I don’t want to pay £60/year.
If there were a software-enhancement-only version of Plus (no interest, no extra fee free foreign cash withdrawals, no plus card, etc) for £24-£36/year I’d be be much more inclined to go for it.
So would I. So they’d lose £24/36 from me, for the gain of you.
If anything they need a middle tier that frames the pricing better. What you describe at £5, current Plus at £10 and then Premium at £15. But incredibly difficult to take things away and keep the price the same.
Monzo will probs include investment discounts in each tier as does Revolut, save reducing and make it feel like another benefit which the majority won’t look at.
I would say that’s a bit of a simplistic way of looking at it. Aggregation and custom categories could become quite sticky features. Attracting more people to them by charging less could be better long term - more sticky long term customers to sell more lucrative products to in the future if they ever arrive (e.g. mortgages).
Also if many current Plus users would be willing to downgrade to a cheaper, software only version of Plus, it suggests the non-software aspects aren’t good enough.
This question really needs to allow customers to choose more than one answer…
I thought it was self deprecation, not an insinuation!
My thoughts on this are simple:
There’s probably room for a very bared back plus tier which sits slightly below it for perhaps £3. Just the most of software features, and strip everything else back. No interest, no fancy card, no offers etc. Just virtual cards and trends functionality, custom categories and open banking in Monzo.
Second to last poll is rather interesting with the insurances as a general featuring in last place.
Broken record for sure but JA support continues to kill all Plus/Premium hope for me.
Cheque imaging is an essential upgrade for me
Two years and still not a sniff of having the utter minumal basics - custom categories, virtual cards - available to Joint Accounts. It’s really dissapointing.
Only Plus feature I’d like is to view other accounts in Monzo, and that’s not worth anywhere near £5 to me (or I suspect anyone). As other banks have started to introduce this and it becomes more of a standard thing, I did wonder if monzo might add it to the free tier.
I can see that some people might like other features. Virtual cards are neat, but I don’t really have a use for them, custom categories will appeal to certain personalities… the rest… at the end of the day, all I want from a current account is to move money into and out of it as efficiently as possible and monzo is a clear winner on speed and ease of use for that - and the ability to track and quickly review where that money has gone has always been the main value-add for me.
It used to be free but it wasn’t great, the same as the other banks really. Monzo has started from scratch and now it’s much much better, but comes with a cost.
It would be nice if the credit tracker was free too, like it is through other banks/apps - I use NatWest to track it as it is free through there
I also use Credit Karma/Experian, etc
That’s pretty much where I am with this. The basic monzo experience is pretty good (not perfect, but generally very reliable, quick, and easy to use) and I’m happy with it.
I would use the account aggregation stuff, were it free, but it’s not enough to make me want to pay for it. The rest of Plus is not for me.
As for Premium, it looks like terrible value for money to me?
What?
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