Monzo Plus - Small Scale Trial


(Dan Mullen) #634

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.


(Ben ) #635

The Nationalwide Flex Plus package seems super hard to beat.

I didn’t know about it until this thread either. Really tempted to open an account!


(Nick) #636

I was just reading about this account on MSE. They say there that they calculate the insurance package is worth £700/yr.


#637

Packaged bank accounts is a way for legacy banks to make you feel like you can’t leave. I’m not sure why fintechs think they are a good money spinner


(Dan Mullen) #638

If you decide to then DM me and I’d be happy to share £200 with you sir! (£100 each when you switch from another bank.)


(Dan Mullen) #639

All my banking is with Starling but I still pay for the FlexPlus account solely for the benefits.


#640

Snap but with HSBC rather than nationwide


(If there's the wrong end of a stick, you'll find me holding it.) #641

And fee free foreign ATM withdrawals


(Dan Mullen) #642

Yes, forgot that one!


#643

HSBC advance used to have that but it disappeared when the price dropped to £9.95


(Morgan Perry) #644

I’ve actually opened this account today. My phone insurance alone was £12/month so it was a no brainer to take advantage of the added extras! 3% interest alone earns you £74/year.


#645

I hope you used the referral to get £100


(Dan Mullen) #646

If he did it wasn’t mine :sob:

:smiley:


#647

You can do that after applying for the account.


(Dan Mullen) #648

Only if it was a CASS full switch.


#649

Isn’t the reward dependent on full CASS switch regardless of whether referral is used before or after account opening?


(Matthew Teft) #650

If they had travel AND phone insurance I would be all over that.


(MikeF) #651

I wonder how many ‘Plus’ flavours would be required for maximum appeal? (I.e. max coverage of the customer base)


(Jordan) #652

In my honest opinion if you are going to run with a “set” product (and not a pic ‘n’ mix) only one ‘tier’ should be available - otherwise you get this weird sense of limbo between wanting the top tier, not wanting the lowest tier and the middle tier unlikely to do enough for it to be worthwhile.


#653

Phone, travel and breakdown is extremely useful to have. Nationwides is the best and if Monzo can best that then it’d be great.