I doubt it as the number of people not using it is as important as the number who do
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Iāve seen monzo basically give a similar response when it came to the Ā£5 referral trials.
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The only thing stopping me from signing up at the moment is the fact that Mozo may offer it as part of a future plus feature or even via the Marketplace when it arrives.
So Iām really interested in who would pay Ā£18 for a different piece of plastic, a bank-branded t-shirt and a link with your name?
And Ā£132 for 12 months insurance without winter sports?
My feedback was that the first offering didnāt appeal and travel insurance would need to be cheap.
But Iām probably not the market for this as I go on one or two holidays a year and pay maximum Ā£40 in total for insurance.
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Iām with Starling too, I do think with their Marketplace and IBAN, they are worth signing up for more right now.
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I do agree with you on the travel insurance, it does seem a bit high. I usualy pay around Ā£40 a year for this too. I get it that itās a conveniance thing but I donāt want to feel like Iām getting a bad deal through Monzo.
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Interesting that some of it is a monthly payment, instead of one-off.
So a quick look online and I found a household name offering travel insurance with better terms for less than half the price. I canāt help but feel Ā£11pm is way off the mark.
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I wonāt be closing my Nationwide FlexPlus any time soon!
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I never get invite to the party!
Be interesting to see what the options between Ā£3 and Ā£12 are, I need something more then Merch
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Iām not overly wowed with either offer, the Ā£3 offer sounds like the āultimate Monzo fanboyā pack; whilst the Ā£11 is very close in price to Revolut metal which offers more.
Overall card colour wise I like the look of the Lagoon Blue card, however I use my card so rarely as I have Google Pay.
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Super interesting. Sounds like they are doing a bit of A/B testing with different options - so I wonder if there are multiple Plus options on the go and they will be tracking engagement a bit.
For all those who said they donāt like Hot Coral - maybe Ā£3 a month is the decent enough to prompt a switch.
For me, I think itās a shame it seems to be a āselection boxā of different perks/bundles, rather than the full ābuffetā approach that many seemed to like.
I have a feeling the insurance package is no better than any Fintech banks insurance (given itās with Zurich like most seem to be), and a shame it doesnāt cover gadgets.
Assuming a normal annual package is about Ā£60, then Iām spending about Ā£6/month for the benefit of increased Ā£200 of fee free withdrawalsā¦ Which at 3% would cost meā¦ Ā£6ā¦
So, not sure about it on the whole.
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I too wonāt be closing my Nationwide anytime soon although once my salary is paid in I transfer most into my Monzo as Iām finding Iām using it more and more at home and abroad.
I recalled sometime ago when I was with Barclays Premier and you could upload a photo of your choice for your card for free.
Methinks Ā£3 just to have a different colour card might be a stretch. Will happily rethink should offering be close enough or better my current FkexPlus.
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Maybe itās sillyā¦ but Iām happy to pay Ā£3 for card colour:)
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Iāve also just looked at Pluto Insurance, the provider they have partnered with.
Their basic package, which I assume is similar to the above - give the Ā£1500 limits mentioned:
Ā£65 / year.
= Ā£5.42 / month.
Meaning Ā£5.50 / month for the increased fee free limit (which would cost you Ā£6 in fees normally), and a new card colour.
Overall, my feeling is there isnāt a significant amount of value to the end user here.
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Ā£3 a month though isnāt it?
So Ā£72 over the average lifespan of a card.
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Thatās one heck of a markup! If you deduct the Ā£3pm for Monzo Plus, itās an extra Ā£2.50 per customer per month Monzo are pocketing.
You would have thought the offering would be cheaper than the Pluto price point due to referral discount.
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Personally, I donāt think the price should be compared directly to the constituent parts if you go separately.
The idea is that itās a convenient, packaged account ā¦ Similar to how people go for package holidays or travel agents vs doing it themselves.
If youāre breaking it down so granularly, itās probably not for you.
Iād probably assess the cost, and look at it as paying my way into Monzo (outside of investment!). My one requirement, would probably be the option to pay annually (and probably pay 10 months + 2 free?)
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Cost certainly isnāt the only problem - I donāt like how they tie you into everything for 12 or 6 months myself
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nothing in my feedš