Monzo Plus - Small Scale Trial

I don’t think any of this applies to Monzo at all. They’re not going to use the App Store to take payment, so Apple isn’t going to take a cut. It will just be debited directly from your account. It is an interesting point, though, that this seems to be a way to circumvent the App Store rules.

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Pick away. For me it’s easy.

In Toms recent blog post:

£3 a month indefinitely for a bit of merch or a coloured card. Who’s that making money work for? How’s that putting your money to work?

Tom also said:

Wasting plastic, wasting money. For me, none of this is any of that.

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Apologies.

Conversely.

Monzo-like.

Would be offering the product at a fair price, with options to pick what you want rather then bundling stuff you want with stuff you dont and of course without a silly recurring fee.

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Many companies forget their mission when chasing pennies.

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Wasn’t the £3 offer for a fixed term of 6 months? Doesn’t sound like indefinitely is the plan here.

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Essentially immaterial, the value (whilst I admit is in the eye of the beholder) is negligible. Not worth a recurring fee.

That’s super interesting - I’d overlooked that. I presume the card would carry on working afterwards? In which case my £40 for hoodie and card combo example at £4/month for ten months would actually satisfy my needs.

I think we’d all be on our way to Dozens full time if it didn’t.

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I think this is why this is a (super small) pilot. We shouldn’t lose sight of that - nor judge it like this is the final offer.

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I honestly don’t get your point on this at all. They are doing a trial which will tell them how popular this kind of thing is so they can change and refine it if nobody wants it. It’s not compulsory. It’s in response to repeated requests. And this is somehow not Monzo like? You don’t think it’s worth it, I don’t think it’s worth it and if nobody else does it’ll be scrapped.
If people decide to use their money to add things to their account then they’re making their money work for them the way they want

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I think it’s trash tier, that’s my point. I’m not asking you to understand or agree.

I’m more interested to see the outcomes then the offer, happy to wait till then.

I disagree, but would concede that this is somewhat subjective. Your position and my position are parallel and could never agree/meet in the middle.

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I think this is one of those cases where you have to judge your own needs and pick your provider on the basis of them. Clearly, Monzo can’t be meet 100% of people’s needs 100% of the time, so if it is no longer meeting yours the best thing to do is to vote with your feet.

But on this specific topic, I think it’s too soon to judge. I repeat that it’s a super small pilot. And may all change. Or It might not - at which point we can all make our own decisions about whether to sign up or not.

As with lots of stuff, I think that’s a valid opinion to hold - but it’s just that. I might be coming at this from a Monzo centric perspective, but Monzo seems (to me at least) to be the bank cited as the biggest competitor to the established high street ones.

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Would you object to other people (not you) signing up to something you consider a trash tier? Or does its very presence somehow tarnish Monzo as a whole for you?

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Things that I feel are predatory may not necessarily be considered so by others, I understand that.

My opinion will change either way based on Monzo’s actions, which I will weigh fairly and adjust as they happen. This is something I don’t like, it’s not a deal breaker. Same as everyone here?

Edit: If the question is ‘Does this make me feel more negatively about Monzo and it’s motives?’ Yeah it does.

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Definitely have to agree here.

Not quite - Barclays’ 75p/day, Lloyds 1p/day for each £7 borrowed, NatWest £6/month plus APR, Nationwide FlexDirect 50p/day.

Add to it the fact that the charges increase by a lot if you slip into unarranged overdraft - £5-10/day for being init, and £5-15 for each declined direct debit.

And yet, consumers still seem to trust these large banks the most - or, in your own words, they are the ones being taken the most seriously.

Starling is not the norm here, they are the exception (first direct also have a 15% EAR overdraft and offer £250 fee-free, but they also have these predatory unarranged overdraft and declined direct debit fees).

Sorry, but I really don’t see the problem here. It’s their risk assessment policy.

Have to agree, though “awful” is a bit harsh, I’d say not competitive.

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investor plus card?

What went so badly wrong in the last month Camy? :cry:

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I am actually interested in your answer here. I couldn’t help but notice your 180 on Monzo in the last month, and I’ve wanted to ask you about the reasons why.

I mean, from “Best Bank” to “just adequate” in a month is pretty spectacular. It can’t be down to just re–evaluating Revolut, can it?

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I’ve been watching this thread with interest, but must admit the whole thing has left a bit of an odd taste in the mouth.

I can understand :monzo: wanting to introduce a paid tier, particularly as a way to bring in some more money, but the trouble with these accounts is that unless you can directly benefit from each one of the perks on offer, it rarely feels like good value. If you don’t travel much; if you don’t have a car etc. Unless you feel as though it is worth your while, you’re not going to buy into it.

One thing I’ve noticed HSBC doing is having packages according to how much you pay in every month. If you pay in £1750 you get their Advance account, which gives you better interest rates on a variety of savings accounts etc. If you earn £75,000 a year you can get their Premier account. It’s not an additional subscription, but does encourage you to pay in your full salary --something :monzo: has been pushing for and you get the benefits just for hitting that tier.

It may be a better way to go at this point in Monzo’s development, that not only encourages people to go full Monzo, but gives them a few perks for doing so.

Just a thought…

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I am very against this, and anything that gives preference to those who are earning more.

Recognising that it is a main account and rewarding I do not object to if a different method could be found, but not on the basis of someone’s income.

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