Monzo Plus Events

Hi @Sheri, I say this with the best of intentions (as a “full Monzo” customer), but when a pretty big chunk of the new “premium” Monzo service is touted as “Exclusive swag and Events”, it implies that these events have already been thought about and potentially planned.

There has been a lot of talk about “worth” and how certain things hold different values to different people, but as of right now, it would appear that Monzo feels a custom URL and a suspiciously poor quality coloured card is worth £72 per year?

If the advertised swag (which has since been clarified, doesn’t exist), and exclusive events (which have been put to one side), came to fruition, there could be some justification over the price tag.

For me, Monzo plus feels incredibly deceptive right now, and I’d personally be very wary of trusting Monzo with future promises.

The vast majority (I’d imagine) of Plus customers are likely to be big “fans” of the bank. The kind of people who would genuinely love the opportunity to visit a Monzo exclusive event, and even receive a small amount of “swag” - Whatever that may be.

I personally think Monzo should reconsider these events, because if I’d just committed to £72 for a Custom url, coloured card, swag and events… and only received half of that… I’d be super disappointed.

7 Likes

whilst I agree with most of your comments regarding Monzo plus ‘benefits’ , does Monzo plus not open up things like more money available to withdraw abroad , travel insurance …etc ?? rather than just a monzo me and ‘special’ card , of course at additional cost … I would as Ive said prefer to see these add on benefits open to everybody to pick and choose what account benefit they want at a cost rather than having to shell out £70 + the cost of the benefit - to me that would gain far more income for Monzo

I see what you are saying, but those are all additional costs, or things that can easily be had for free elsewhere (like foreign withdrawals and 1.5% interest).

When you look at other packaged accounts, the value is usually better than you can get elsewhere (obviously some exceptions, but it’s generally regarded that these packages can be loss leaders for the banks).

The “core” of Monzo plus costs £72 and offers virtually nothing (url and card).

If it was £72 with 6 events and swag at each event, despite not going for it personally, I could see why people would.

3 Likes

yes I could see that some would want to attend these events , but maybe that would account for 1% of the customer base ( who knows how many ) whereas if relatively competitive phone , or house insurance was available without being a club member and paying the fee - that would , I assume appeal to a lot more people from the user base ?

Maybe time for a Monzo re think and reimburse Monzo plus customers and make the insurance offerings/ travel money increase available to all on a weekly / monthly / yearly basis ? after all it would only be a financial hub for all if everybody can access the offers ? I personally wouldn’t want to pay the 70 quid to access the offers , but I could see me using them if the offers were available to all

4 Likes

Oh 100%. I just assumed that Monzo Plus wouldn’t change it’s structure!

Agree that it would be great to be accessible to everyone!

1 Like

presumably most people that joined Monzo plus didn’t either :slight_smile:

I like the idea but I can’t see it happening :cry:

Every day I see someone new on here that has signed up, and that’s just the ones we know about. The last update we had was that 11,000 had subscribed, so it would set them in a big hole if they had to start refunding that amount of people. No doubt it has grown loads since then too.

So on paper it appears to be working for Monzo but it would be interesting to see the figures next year when people are out of their contracts.

OK - 11000 out of 2.6 m - if the offers of phone insurance and house insurance etc etc were an open offer to all how many would you guess would take them up as a pick and mix option , always assuming a relatively competitive price - I have no idea , but could take a relatively conservative guess at 5 % or more ???

Oh yeah I weren’t arguing that point. More that I can’t see them issuing refunds when it appears to be going well for them and subscriptions are healthy and rising :chart_with_upwards_trend:

Don’t rock the boat and all that.

They might not have any option but to refund customers if the FCA get involved. I said some time ago that this has FCA complaint written all over it.

The original deal for £6, dropped to £3 for early birds when people aired their feelings on the price, was for a custom URL, different coloured card, merch and events (plural). Customers have coughed up the cash but Monzo haven’t provided the promised benefits.

I’m very surprised to read that there are no more events planned, considering this is something that they can effectively do for free.

3 Likes

Yet. I guess they have until the anniversary of the opening of Monzo Plus to comply.

1 Like

Surely not?! If I signed up to FlexPlus and the advertised mobile phone insurance wasn’t provided, I’d have a legitimate complaint. Providing cover 364 days after I signed up wouldn’t get Nationwide off the hook!

I don’t think that comparison holds water. I think it’s pretty obvious how insurance is a different kettle of fish to events and merch.

Insurance obviously needs to be present 24/7/365 to get its value. You won’t be at an event 24/7/365.

Monzo also didn’t commit to any specific amount of events. Whereas insurance is obviously a commitment to protecting your items continuously.

1 Like

Fair point, but they did commit to events (more than one), have only held one and, from their recent post, don’t currently plan to hold another. I don’t think that’s fair on those customers who have signed up.

On a separate note, I also don’t think it’s right that “early birds” can’t add the various add-ons yet. It’s all well and good discounting the monthly cost to £3 but they should be the first people given access to the additional insurance products and other benefits.

I have no problem with the concept of Monzo Plus and think it could be a fantastic packaged account. The way it’s been handled so far is substandard and paying customers deserve better. I hope they sort it out.

8 Likes

That’s the problem with Monzo Plus, none of it seems to have been planned or thought through.

1 Like

Thanks for your thoughts everyone! To clarify, we haven’t set events aside totally. When we launched Monzo Plus a few months ago, we ran two events for early adopters before the waitlist ended. Now that the waitlist has ended and Plus is available to everyone, we’re working on some exciting product improvements (like metal cards), so we’re holding out on events right this minute.

But I’m glad to hear that you’d like to see some more and get some swag - stay tuned :wink:

4 Likes

I was only referring to the events. I completely agree that they’ve dropped the ball with this in general.

They should have kept the charge at the £3 level until everything was working properly, in my view.

3 Likes

Perhaps events not in London. :man_shrugging:t3:

4 Likes

Don’t go there :grimacing: You’ll set me off on a rant again :laughing: :speak_no_evil:

1 Like

To be honest, the promise of exclusive events made me sign up. As I live close to the Monzo HQ, I was particularly looking forward to these. Slightly disappointed to learn that these are supposedly not happening.

Also, I expected a little bit more than some stickers for people who order Plus cards. I decided not to order a plus card and as a result received nothing. So maybe a selection of a Monzo mug, t-shirt or other swag would have been cool.

So far a lacklustre “Plus” experience.
I understand it’s early days, but come on…

9 Likes