Hi all, it’s me again! As promised in the other thread about Monzo Plus, I wanted to give you a quick update before the weekend. Thanks again for all the feedback last week. It’s really accelerated internal discussions and plans and I’m super excited to share what’s coming next.
As I mentioned last week, we’re happy with how early we’ve released Monzo Plus, because we’ve got a ton of actionable feedback already. But we failed to lay out the long term vision of a customisable and convenient bundled bank account with well-curated benefits and competitive pricing.
After much discussion, we agreed to share our internal 2019 roadmap for Monzo Plus with you to illustrate where we’re going with this. We are going to do our very best to deliver this roadmap. In sharing this, we’re trusting that you, our community and in many cases shareholders, understand that some things may still slip or change. I’ve shared details where we have them. Where there aren’t any details, it means the decision hasn’t been made yet. Which on the one hand is good, because you can still input. But on the other hand it’s bad because we can’t answer your more specific questions. Without further ado, here’s what we’re planning to add in 2019:
We’ll pay interest on positive account balances for all Monzo Plus account holders. We’re still internally debating whether we should go for a high interest rate with a low cap on balance (e.g. similar to Nationwide FlexPlus with 3% up to £2500), or a low interest rate with a high cap on balance (e.g. 0.6% up to the full FSCS limit). This is definitely coming, but it may take a while to model it out and might require some experimentation.
This is a first for a bundled bank account. It’ll be priced very competitively from £5/month, and should be ready to launch in the next couple of months.
Mobile phone insurance
Cover for whatever happens to your phone (loss, damage, theft, accidental damage, a drop in the swimming pool etc). Only £6 a month to insure an iPhone X/Pixel 3 - half the price of buying the same insurance online. UK based repairs, and same day replacements.
Access to special offers and discounts
Starting with a 10% discount at PureGym and a free Jack’s Flight Club membership for 6 months, but will expand and change over time
Cashback and rewards
We’ll have some form of cashback and merchant rewards for all Monzo Plus customers - we’re just working through the exact shape it’ll take. Depending on how our Monzo Points trial goes, this might piggy-back on Monzo Points. You could, for example, imagine a points/cashback multiplier for Monzo Plus customers.
Virtual debit cards
You’ll be able to create virtual debit cards to use for online transactions, for added security
Premium card material
We’re definitely looking at Metal cards, as well as other more unique materials. I’m super excited about this. I used to hate the idea of metal cards, but then I held one of the sample cards and it just feels really nice.
Even better travel insurance
Available to a larger age group and we’re working hard to get even better levels of cover.
You’ll get access to a network of 1000+ airport lounges. It’ll be really easy - just walk up with your Monzo card to enter. Depending on your Monzo Plus package, you’ll need to pay a per-visit fee.
Once we’ve added all these things, we’ll have a look at the overall pricing strategy to see whether it is working. If it isn’t, we will need to change it - most likely by increasing the price of customisations and reducing the base fee.
Because a few of you were asking, here are some fun stats about the rollout. So far we’re really happy with how it’s going. The waitlist now has 11,000 non-staff members. We’ve enabled Monzo Plus signup for 541 of them and of those 137 already signed up! We’re confident that things are working as expected and are ready to sign up 1,000 more customers next week. We haven’t yet decided how long we’d run the early bird discount (£3 instead of £6/month and extra swag and event invites), but we’ll do it for at least another week. We’ll also be announcing the first early bird events next week.
A few interesting facts: The most popular card colour is midnight sky (62%), followed by lagoon blue (25%) and the standard hot coral (13%). So far 14% of people chose the travel insurance bundle and 7% chose the cash abroad bundle.
Let us know what you think! I’ve started a new forum thread to focus discussion on feedback on the 2019 roadmap specifically, rather than the current offering.
Have a lovely weekend everyone!