Monzo Plus - Small Scale Trial

(system) closed #594

This topic is temporarily closed until Monday morning due to a large number of community flags.

(Hugh Wells) #595

It’s disappointing that 24 hours later this has been closed due to the number of flags :disappointed:

We’ve reached out to a couple of people this weekend and I really don’t want to be having to write more DMs about the Code of Conduct.

Please keep this on topic and civil otherwise we will unfortunately have to close this thread permanently.

As has been said above, we really value your feedback and thoughts on Monzo Plus but a number of the points have already been made further up so it would be good to avoid circular discussions :+1:
To reiterate - this is simply a trial! We have always believed it’s much better to run small scale tests - to ship and iterate gaining actual customer feedback rather than postulating on what people might want. Y’all have come up with some awesome ideas for how we can make this better, showed us where our assumptions were wrong and given some really great feedback.
Please don’t make the mistake of assuming this is the final product! :slight_smile: If we thought it was perfect we wouldn’t be running these tests nor having this discussion; I think that goes for the rest of our product too :blush:


Imagine a Monzo plus package of :
1- Travel Insurance for the whole family
2- Gadget Insurance
3- Alternative Card Colour / Metal Card
4- Unlimited fee-free wthdrawals abroad.
5- Unlimited cash deposits with a much higher limit.
6- Medical Insurance for holidays.
7- Home Insurance
8- Car Insurance

All for around £11 a month - Then I think it’d be worth it for a lot of people.

Depositing Cash at the Post Office
(Emma (still not the app)) #597

And would lose Monzo a lot of money. There’s no way they could do that so cheap. £30 maybe

Edit: actually my car insurance is over £100 a month so make that package £150

(Dan) #598

Car insurance alone is far greater than £11/month, even for the cheapest cars.

Edit: if you’re aware of somewhere that’ll insure me for that though, hit me up and I’ll give you a £300 finders fee.


The most expensive packaged account I’ve personally seen is the £19 account from Lloyds Banking Group.

It’s one of those tricky situations - Monzo needs to look at whether potentially getting 50,000 signing up for a poor £11 offering that gives them a profit, or something that could be market leading and give them a loss in the short term.

(Emma (still not the app)) #600

It wouldn’t be short term. How would they make that money back?

(Nick) #601

If you only drive a few hours a month you could use Cuvva to insure yourself for just those hours, and maybe it’ll be under £11.

(Less of a serious suggestion, more of an illustration to support your point.)

(Emma (still not the app)) #602

Not if you hold a northern Irish driving license

(Dan) #603

They’re already running at a loss, that is their current strategy.

They need to be profitable before all their money dries up.


Maybe they shouldn’t even be thinking about packaged accounts then until they’re profitable?

(Nick) #605

[Edit: the below was written and posted as an attempt to drag a thread back on topic, but then the posts in question were subsequently split and moved]

I’m confused.

The subject of this thread is “Depositing Cash at the Post Office.”

I thought the idea being suggested by @NeilM was that Monzo+ subscriptions could subsidise the Post Office charges, so that customers wouldn’t have to pay directly to deposit cash.

So how does making Monzo+ a loss-leader help that?

(Jack) #606

They are to help them become profitable, it’s another revenue stream.

Certain things have an aspect of economy at scale but that doesn’t apply to everything.

(Emma (still not the app)) #607

Make your mind up. I can’t keep up with this

(Emma (still not the app)) #608

The Lloyds package for context

Depositing Cash at the Post Office

As a point, using obviously throwaway figures from this thread:
£20 a month for a Plus product including car insurance
Car insurance costs £100 a month for one person here
Suggestion of getting 50,000 people to sign up

First years losses: 80 * 50,000 * 12 = 48,000,000

(Richard Cook) opened #610

I’ve reopened the thread and removed some of the most flagged posts.

Let’s please keep it on-topic and avoid personal remarks. If we have to close the thread again we’ll leave it locked permanently. And that’s not what we want at all.

(Sarcasm is the finest form of wit.) #611

Great to see Monzo trialling these things. Much better than going quiet for months then rolling out Monzo Plus with no feedback or interaction.

Not mad keen on selling a ‘Plus’ badge as a ‘cool thing’ but I understand that will appeal to some.

And as is clear, finding the right offering will be the tricky point. As I’ve said elsewhere, personally I’m wary of paying customers getting access to ‘premium’ style features, and most times insurance offerings can be found cheaper elsewhere. At least until Monzo has the size and heft of a Lloyds to broker better discounts on bulk deals with insurance companies?

Anyway, looking forward to seeing what comes out of this trial!


I think he means breakdown cover, not car insurance. I’ve never seen a packaged account offer car insurance

(Richard) #613


Depends on your age group, car and where you live…

I’m under £200 for the year… maybe I’m just showing my age