That’s not what the phrase means to me as a customer. For everyone implies free with your basic account, because not everyone has money to spend on premium accounts at every point in their life. As to what to charge for, IMO:
Don’t charge for things that make money work for everyone (categories, spending, saving advice etc). Your aim should be to be the best bank, especially for a basic account. I don’t really want my bank to have in-app purchases for features.
Charge (either commission or white-label) for discrete products where your value-add is trust (simple vetted terms), convenience (financial control centre) and simple signup (ideally single click) -
- Savings (you already do)
- Loans (you already do)
- Simple investment
- Insurance (Phone, Home, Travel etc)
- Mortgages
- etc
You don’t have to build those products (though eventually I think Monzo could do such a good job of that), but you could make the experience radically better for your customers with careful choices and better signup, and they’d happily pay a premium for that.
Just to pick one example of what you could do that’s a little different:
- A monzo credit card which ties in seamlessly with your monzo accounts, categorises transactions in your feed, is paid off from a pot every month and charges reasonable interest. Maybe a metal option too. The sort of thing that other banks can’t do as they typically completely outsource it.
Personally I’d build these products separately and start making money from them now, and then launch Plus if you wish when you have enough to offer meaningful bundles.