I have an idea
Why not give people free Plus if they hold a specific balance in a truly locked format - like a 2/3 year bond X thousand minimum
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Why doesnāt monzo bring nationwide on board with their account package as a marketplace product?! It would be beautiful
Is there such a thing as fee free cash withdrawal other than with Starling? My understanding is that they offer this because business accounts subsidise the current amount offering.
I was really happy using my Monzo card on holiday in December and recognised they canāt offer absolutely everything for free as thereās a cost to them for things like cash withdrawals.
My feelings are theyāve the right balance at the moment with trying to get people to use contactless/card payments rather then cash.
We canāt expect them to offer absolutely everything for free and absorb the cost themselves. Unless they can subsidise it from other things like business accounts.
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Dozens now also offers free ATM withdrawals and Mastercard fee free transactions abroad, I believe
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Starling had free foreign ATM withdrawals before they introduced business accounts. I think the free withdrawals, free cash deposits, credit interest, etc. are down to the multiple revenue streams Starling have.
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Heres one for youā¦ do you think if monzo were to ārelaunchā foreign atm withdrawals (launch now theoretically if wasnt already available) would they even give users a Ā£200 fee free limit?
Going by recent feature launchs anyway i dont think they would but thats just my opinion 
Seems to be theyre prioritising profits or break-even-ability more than beating or even matching the competition more so this year than they would have previously.
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Probably not.
But Iām of the mindset that nothing should be offered to me on a plate. Banks / companies etc are a business and need to make a profit somehow.
If they offer me a serviceā¦ for instance a way for me to withdraw cash abroadā¦ itās there for me to use within their terms. I can go elsewhere to get that service if the terms are different and fit into my needs better.
If I feel like if want to go outside their terms (like take it more than Ā£200 out in foreign withdrawals in a month) then I personally need to accept thereās a consequence to that, and pay them for that service.
It sometimes feels like on this forum people want to get something for nothing, which just isnāt how the world works.
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I agree with you in partā¦ monzo arent a non-profit and should be rewarded for all the great work that they and the other āneo-banksā have done in shaking up the market and pushing features that would never have seen the light of day if it was left up to the legacy banks.
Ive noticed the majority of people on this forum have their heads screwed on and want to make the most of the money that they have. Be that using marcus for 1.5% savings, dozens for the new 5% bond, starling to save the 3% fees on surplus foreign atm withdrawals.
The reason i chose monzo as my main banking app over starling is because it felt more personal, like a group of 200+ people at that time who actually wanted to build something that changed the world of banking minus the hidden fees and terms. Starling just felt overall ātoo corporateā if that makes sense.
My fear is that recently with all of the small trials or company decisions it feels to be lossing that personal feel for me.
Of course i cant fault monzo for wanting to get profitability as fast as possible as they have big plans and time is of the essence to be able to get a bigger footing in the us and eu with all the other competitors also growing. Whilst this makes me happy for my investment its starting to make me sadder as a customer that profits are starting to be seen as may more important than the customer experience
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Any chance of some Mobile Phone Insurance Monzoā¦ Id pay for thatā¦ Along with the cardsā¦
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Iām more interested in mobile phone insurance and breakdown cover, I usually get one off travel insurance which is cheaper because I donāt travel often
Indeed, if Monzo offered an insurance package as good as Nationwide, that would be a good. I absolutely donāt mind paying the Ā£13 a month it costs for my Nationwide packaged account, worldwide travel, mobile phone and breakdown cover for both mine and my Wifeās cars. We earn about 6 quid a month in current account interest and so I just use that in my head as a discount on the package.
For me the best set of features would be:
Gadget insurance (ideally for up to X gadgets in a household) with a reasonably low excess (say Ā£50)
Breakdown cover
Holiday Insurance
and as a bit of a left field option: fee free trading.
Ā£10 a month for the lot seems reasonable. Iām used to paying Ā£10-Ā£15 and generally get a lot of tat added on that I donāt need for that. If the cover and offerings were really very good then perhaps Iād consider going up to Ā£15 again but not if itās just one good product and a load of irrelevant, low use, add ons that are just there as filler.
Gadget insurance seems like the no brainer to me, itās an app based bank and we obviously all have mobile devices to be a customer.
Breakdown and holiday cover are staples that people are used to having with a fee based bank account and are incredibly useful. My N*tWest insurance once saved me a Ā£1000 bill on holiday in Spain as my daughter picked up an eye infection that wasnāt covered, somehow, by the post office policy weād also taken out.
The free trading is something that is something Iām personally interested in and seems to fit in with the āmodern way of bankingā style of things that Monzo are keen to promote. Might be a bit too much out there but it was worth chucking in.
If weāre talking about setting a yard stick, then we should be benchmarking against American Express and other credit cards instead of current accounts.
Earning points on every transaction and then having a marketplace to exchange those points for airlines, hotels etc would be huge.
We should also look at the US market when it comes to value add accounts. Those products and benefits blow anything we have in the UK out of the water, and itās those things that other banks donāt offer here that would add value and appeal to those that are holding back from switching.
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Would an insurance bundle be better? So you would get travel insurance, mobile device insurance etc in a Monzo Plus bundle. I donāt know if the extra cash and emergency cash thing seems worth it and that makes it just a travel insurance purchase at Ā£11 a month which seems expensive.
Love that idea plus would encourage people to go Full Monzo
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Yeah, we want mobile phone insurance Monzo 
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I agree totally. I mean no company is perfect but some of the decisions Monzo has done has made me shake my head.
Donāt be shy, which are they?
I ask because it is easy here on this forum and elsewhere to be a critic, but both harder and more constructive to suggest alternative, workable suggestions
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In the spirit of that point, and because I have not added my thoughts to this thread yet, I am not sure any offer would attract me to this or any other add on package by a bank
I have never had mobile phone insurance, but have also never needed it across 20+ years of ownership
I paid such a paltry sum for my annual travel insurance recently through MSM that it would be hard to compete on that alone
I have contents insurance with my legacy bank that probably could be beaten on price, but by a package of things I do not use, maybe not
I think I am personally much more likely to be positively impacted by things like energy switching - I have been hopeless about finding the time to do that down the years
For me personally some that have made me rethink are:
- Oversight of savings pots popularity and withdrawal
- Pushing of loans to meet holiday pots
- Locked pots removal
- Sent from monzo ( fixed very quickly thankfully)
Just some i cant think off the top of my head that have baffled me a bit.
As for monzo plus I would be interested but only if they beat my current providers on price:
Ā£8.75 pm for mobile
Ā£38 annually for travel (inc snow)
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