I bet they’re all really basic forms of insurance cover, that you’d probably never qualify for or there is a really high excess. So on paper they sound amazing but in reality, not so great.
EG. Breakdown cover but only within 1/4 mile of your house and they will only take you to the nearest garage and not your home… pointless in my opinion.
It’s all well and good asking for these things but in reality they’re going to be pretty worthless unless the terms are decent but then this bumps up the cost too.
I would think that even for HSBC it’s a loss leader or low margin product. So why would monzo try and compete with packaged accounts as a way to increase profits?
You’d be wrong with that bet. Worldwide travel insurance including winter sports for both account holders. The phone insurance is good. The breakdown cover is excellent, I’ve had to use it three times over the years, it’s now provided by rac. Take you wherever you ask them to or take the car and give you a hire car. It covers either of us in any vehicle even if we are a passenger
And the £9.95 covers both of us
As @Jackcrwhitney said, have you got a link please so we can take a look. Seems far too good to be true but will happily eat my own words and sign up if it turns out to do everything you said?
It’s no longer offered to new customers afaik, due to the packaged accounts Mis-selling thing, with people basically lying they had been mis-sold them to get £1000’s back
They may offer other products but I haven’t checked
The higher ATM limits etc, better overdraft rates, different coloured card etc. are all part of an advanced account which is free
The insurance product was debundled a few years ago and price reduced
Btw I’m not advocating HSBC as a bank, the only reason I still have an account with them is for this, if starling offered a smlimilar deal I would switch immediately, but I can’t see it would ever be profitable to do so
That’s the point I’m making. Monzo are running up a dead end looking for profit here. The only way it will work is to offer a poor value product and take advantage of good will. I hope they realise this before rolling it out.
If anyone is interested.nationwide do offer a similar product for £2 more
Nationwide’s FlexPlus at £13/month includes worldwide family travel insurance, breakdown cover, family mobile phone insurance (loss/theft/damage covering ALL phones in the household), fee-free £250 overdraft and 3% interest on the first £2,500.
Given the mobile phone insurance covers all phones in the household, this package is unbeatable value.
