Monzo Plus ~ 1 month old!

Why doesnt monzo follow the lead of other premium accounts where the fee is waived off in case of customers moving a couple of direct debits over? I would like to believe that monzo would like more customers using monzo as their primary salary account - so it would be great to incentivise people to do that (+ move direct debits) with monzo plus and remove the £5 fee?

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It is an interesting idea but right now Monzo need that fee and I feel the majority of Plus users would be main account users.

Where your idea may work is when they introduce the Premium account. Basic card account for card users, Plus for salaried users, and Premium for those who (for some reason) like ‘donating to banks’ (as seen from those ‘donate to Monzo’ threads) or realistically those paying for big features like insurance, metal cards etc.

I can’t see it happening though.

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I’m sure I’m one of many users watching and waiting to get involved with Plus when the right mix is found, some marketing /teasers may smooth that process. at the moment I feel dormant :slight_smile:

i know engagement can be a slippery slope round here but this is now the making of a successful premium product given initial numbers. nows the time to keep em in and reel in more of us

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that definitely isn’t true

I’d reach out to the chat again and explain you want to sign up to new plus and be transferred across

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Yep, I think this is the most likely course, although not immediately when Premium launches.

Maybe in a year or two. Pay in >£1000 a month and get Plus included or similar.

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You are free to spend your money however you like, however this is a curious position to take. Surely supporting an account that doesn’t really suit your needs is not helping Monzo as they will get a false sense of what customers want, particularly if many others do this. :man_shrugging:

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Nothing wrong with it at all; I’m sure you’ll find the extra features useful in time as there are some good features included. Just personally find it a curious position to take, as Monzo is an (eventually) profit making bank.

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Every person that does this is giving Monzo a false sense of what the market wants.

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Jesus, you really can’t say anything right on this forum can you. So sorry, I cancel it just for you.

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I wouldn’t take it personally, you have every right to make your decision and I don’t expect any negative comments are aimed at you (certainly from my perspective, it is not intended in this way). However, many people have concerns about Monzo and it is fair enough to raise the issues with Plus (or benefits!), in my opinion.

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I’m not really sure what you were expecting here. Everyone has different views and are free (and likely) to express them. As long as it’s a respectful expression (which isn’t always the case) that’s sort of what a forum is for.

As others have said, you’re free to spend your money as you wish and to post about it if you wish but please don’t expect everyone to agree with you.

On the Plus front, I still haven’t got round to trying it out yet. At this point, it might take a feature enhancement to tempt me.

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I didn’t see anything wrong with your initial (sadly deleted) post.

People derive value in different ways. Some people might prefer to shop in Waitrose rather than Lidl - and buy the same product at a higher cost. That’s not economically rational on a pure substitution basis, but there are other things in consideration.

So while I wouldn’t subscribe to Plus to show my support, I have bought at an independent bookstore at a slightly higher cost. I have subscribed to online startup services because I want them to succeed. The same logic applies here, I think, to your statement.

I don’t know why these things always end up so fraught. :man_shrugging:

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I generally agree with everything you say, and I often act similarly too.

With that said, I can see why many people would take issue with someone signing up to support a company, even though they aren’t keen on the product.

It sends a mixed message to the developer, which is troubling since paying for something with our own money is really the only vote we have as a consumer. If people are buying the product, Monzo must assume those people like what’s on offer, which could result in the product not getting better and veering off into the wrong direction.

This happened to Bungie recently as they parted ways with Activision, people bought in game items and content to support them, then complained on reddit about the direction they were heading it, as a direct result of people financially supporting that kind of content. I would personally hate for this to happen to Monzo Plus.

At the same time I understand the profound financial impact Monzo has had on some people, and for those especially it would be a shame for Monzo to not be around anymore, thus wanting to support and pay for the product that already exists, rather than the additions that come with plus. I just hope those people don’t later come back to complain that it hasn’t improved the way they wanted it to, or added the features they wanted.

Our only vote is with our wallet.

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Thanks for the thoughtful reply. I mostly agree, I think. A few points, if I may, though:

I think this is where I differ from others on this thread. I don’t think it’s my, or anyone else’s business, to take issue with how most other folks spend their money - especially people we don’t know. Registering disagreement is one thing, going beyond that would be, I think, a step too far.

But ultimately everyone is responsible for their own actions. If people derive pleasure, satisfaction or other positive responses to paying for Monzo Plus (or, for example, running a Starling overdraft) then who am I to tell them not to do it? I might think that’s a bit strange, and maybe seek to talk them out if it, but ultimately it’s the sum of everyone’s interactions that matter. I can’t see how a small number of people (probably a small percentage of the small percentage of customers on this forum) could possibly influence product direction. And, even if they did, then so be it: they’ve paid for the privilege.

On this we can agree. The previous user did in order to support Monzo. I did, to try it out and see how it works for me. (I’ve said it before, but I think I’m still on the fence).

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I agree with you buddy. I subscribed plus as my support to them. Monzo helped me to save plenty of money and budget my money pretty well. I do like some of the plus features like connecting Natwest and Barclaycard. You are free to express buddy, I would personally ignore any negative comments. My principal is pretty simple, it’s your money end of the day and it’s up to you how you would like to spend on it. Have a nice day :+1:t3::v:t4:

I think we’re fully in agreement here, people are certainly free to spend their own money however they like, and that’s not really for me or anyone else to judge.

The part that concerns me, is when people try to start drumming up a hive-mind approach with such issues. I saw it happen with Destiny, where there was a big community rally to support Bungie post activision by purchasing the season pass and in game currencies. Not because they were necessarily a fan of the seasonal content approach, but because they wanted to help support the developer they loved. What followed was Bungie doubling down on such content, to the dismay the community which created a significant split and rift within it.

I’ve seen a few threads pop up here over the past week or so encouraging the same sort of action in order to save Monzo from their going concern. Which is the point where I feel the need to voice my opinion opposing such action.

I’m in the same camp as you here. Monzo Plus appealed to me, but after trying it out now, I’m very much on the fence. I think it just needs something that little bit extra to seal the deal for me, so some kind of update or progress report on what may be next is going to be necessary before the minimum term ends if I’m to decide if I keep it or not. I’d hate for there to be radio silence, resulting in my cancellation then a month or so later, they drop Virtual card pot linking on us.

Which brings me to: if we do cancel, is there any kind of period in which we won’t be able to sign back up again?

With a 3 month min term, I can see a number of people signing up to try stuff out, cancelling, then coming back when there are new toys to play with. If you’re getting the new card each time too, that’s significant waste as well.

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totally unrelated to the topic but I hope you will forgive me for talking about the nostalgia and happy memories the word ‘Activision’ brings me. didn’t know they were still going but Atari 2600,Pitfall II. warm feels

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Coming up to two months next week and there have been no changes yet.

Halfway through my minimum term I wanted to reflect on my experience so far:

  1. The interest got me to keep a little more money with Monzo rather than sending it all to Marcus. This gave me a bit of peace of mind that my money is even more instantly accessible than if I had to wait for Marcus to send the funds. It’s nice but not life-changing

  2. As I mainly spend on credit cards, I didn’t think I’d use virtual cards too much, but they’ve definitely come in handy in situations where I didn’t have my wallet with me. Buying stuff online on the go or paying for parking where the app didn’t accept Apple Pay saved me from having to interact with frequently touched items/surfaces. It was good, but not particularly essential

  3. Connected accounts provide a very basic overview of some financial accounts. It would be good to be able to search the transactions and see some more enriched data

I am still planning to cancel once the three months are up but will keep an eye on things

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I think Plus has value to the right people. £5 a month seems OK to me, for what it provides overall.

Especially perks such as;

But sadly, I can’t use the features as I’d like because I don’t use my Personal account and only use a
Joint Account, scratch, Joint Account, scratch, Joint Account, scratch, Joint Account, scratch,
stuck_record

So I’ll probably cancel at the month 3 stage.

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Same. Didn’t expect to use them but virtual cards have been great for:

  • those odd occasions I can’t [be bothered to] find my wallet; and
  • One off things like car rentals where I don’t want them having my details.

I wonder if virtual cards would work for a Monzo credit card. Possibly not as there wouldn’t be an associated sort code / account number…? Ideally for any purchases of £100+ I’d still like to use a credit card for the S75 protection. Would be brill if you could use virtual ones that could then be burned.

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