Monzo Plus - Small Scale Trial


(Richard) #613

^^This

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

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


#614

Yeah I did - Sorry I get the two confused repeatedly. Isn’t breakdown cover a form of insurance for the car though?


#615

It’s closer to travel insurance


#616

This would be my idea.

1- Travel Insurance for the whole family

2- Gadget Insurance

3- Alternative Card Colour / Metal Card

4- Higher fee free withdrawal limit abroad - £600 a month.

5- Free Cash deposits with a much higher limit at Post
Office.

6- Medical Insurance for holidays.

7- Breakdown Cover.

8- Card Loss assistance.

9- Emergency Cash up to £1,000.

10- £250 Interest-Free Overdraft.

Do this for £11 a month and it’d get so much interest! It’d also undercut massively some of the big players.


(Sarcasm is the finest form of wit.) #617

How would £11 cover all that though? Seems unreasonable and may leave Monzo exposed, a rather expensive risk on their part surely?

And yes it would get a lot of interest, but is Monzo scaled up for a massive influx of new customers, who in turn will demand more of the service whilst it is still growing?

I’ll take fewer ‘perks’ and a sustainable banking service instead. :slightly_smiling_face:


#618

In my view though, longterm it would take something like this to generate the masses as many wouldn’t switch from their high street bank packaged accounts if they don’t feel as though Monzo is providing a similar or better service.


(Richard) #619

£11 for all that would be very cheap!

For all of that, I’d be willing to pay more.

Ideally, being able to pick and choose would be fantastic. I would definitely go for numbers 1, 2, 6 and 7. Would be willing to pay more than £11 for that too.


(Sarcasm is the finest form of wit.) #620

Agree that a competitive package would bring some more customers just wary that if that becomes the focus then we end up with too many ‘features’ offered solely to tempt in new customers. It’s a balance, I guess.


#621

Definitely, I don’t, in my opinion, think that a different card or emergency cash is hugely essential but I added that to the list as that’s something I don’t think Monzo will get rid of.


#622

I pay £9.95 for all of that with hsbc
Including the different colour card :joy:


(Sarcasm is the finest form of wit.) #623

Which is kinda my point.

HSBC are a large global organisation who can negotiate huge discounts with insurance companies (presuming they don’t own them already), so the overhead is much much lower than it would be for Monza.

Would it be reasonable to charge £20? £25 a month for that? I think it would, but even then I’m not sure it would ‘work’ for Monzo in effect to their bottom line. Sure, to get more revenue it would tempt some people, but would it be enough people to balance out the cost and make them profitable?


((╯°□°)╯︵ ┻━┻) #624

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.


(Jack) #625

Is that a rate they offer to all customers if so could you provide a link? If not I’m guessing it’s some special deal you’ve been put on.


#626

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?


#627

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


((╯°□°)╯︵ ┻━┻) #628

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?


#629

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


(Sarcasm is the finest form of wit.) #630

Agreed :ok_hand:


#631

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


((╯°□°)╯︵ ┻━┻) #632

I had a quick read and there is excess for most things and lots of T&Cs but for the most part, not bad.

It’s a bit of a moot point if it is no longer available though, and you’ve got to ask yourself why too. Perhaps it wasn’t commercially viable :man_shrugging: