Most of the same points I’d make are replicated above but will add my voice to it since getting Monzo Plus sufficiently motivated me to create forum account to login and say this.
Love the concept of Monzo Plus - much better implementation of the premium features than the last attempt; Greater automation & flexibility & “single view of accounts” is clear value add I’m willing to pay for… And the main monzo attraction to me (and product strategy I expect!) has been to reduce friction, increase visibility, and increase automation in managing my finances. MonzoPlus fits into that nicely.
However, as many have said, as I’m maturing in my life and now married, forming a family, getting a house etc etc. And the balance of spending is shifting from a personal account to a joint family account. Long run, that means we’ll (the family) will shift and set up our household financial affairs to the best bank which gives us visibility, automation, budgeting, and ease of friction on that account.
In short, I’ve got plus atm on my personal account. It’s nice, I like trying out and testing new stuff, and now I can see my Amex balance £5/mo isn’t that much to give it a go and the blue card is shiny. What will actually get me to stick with it is:
- Custom categories on joint account
- Custom categories / schema on Amex
- Something at lets me see my & my household spending by category across my monzo account + joint account + credit card each month.
Love Monzo & enthusiastic supporter of plus for Joint Accounts - probably not revenue maximising in the short term given the data points above; but long term valuable probably. I imagine the customer base of Monzo skews younger, who are likely to be settling down over coming years & making more use of joint accounts etc.