Monzo Plus - Small Scale Trial


((╯°□°)╯︵ ┻━┻) #717

The same could be said about risking money and investing into a startup bank with no guarantee of returns. Essentially gambling, when there are homeless people on the street.

I think we should refrain from making sweeping generalisations like this when you have no background information on anyone.


#718

You got that far? I didn’t.


(Ben ) #719

People are willing to do lots of things with their discretionary income after their basic needs have been met…

It’s also possible to donate money to charity & causes one cares about and spend a few quid here and there on non essential things.


(Stephen Spencer) #720

£3 x 6 = £18 total for a tshirt of £19 value (looking at others in the shop), stickers maybe a couple of quid, and a card which I think costs £3 to make. So yes it is a superfan package, but it’s not a) breaking the bank or b) a big ripoff. In fact it’s cheaper than the parts separately, so it’s an inverse ripoff, a ripon if you will.


(Simon B) #721

Can’t believe you missed this opportunity :see_no_evil:

https://www.crunchbase.com/person/paul-rippon


(Dan Mullen) #722

Surely it’s £18 every six months, otherwise the card will stop working. Or will it?


(Stephen Spencer) #723

Oh wow, I didn’t know, kicking myself!

I was under the impression it was a fixed term then you kept the card until it expired “naturally”, but then I wasn’t presented with the offer or the smallprint myself. If the card did “die” after 6 months, they’d have to send you a new default-hot-coral one to replace your Plus one, which seems a bit wasteful. But if you did get to keep it, what card would you get as a replacement if you lost your Plus card after the 6 months? Hmm curious!


(Simon B) split this topic #724

A post was split to a new topic: Removed Posts 23/02/19


(👨‍💻) #725

You’d think so, wouldn’t you. It’s got monzo plus written on the card, so you’d assume you’d have to keep paying to maintain that status.


(David Bryant) #726

Nationwide 13 pound a month , fee free overdraft upro 250 pounds , world wide family travel insurance , family mobile phone insurance and not just for upro year old phones thinks it’s up to 3 or 5 years or no ages limit , fee free on all cash withdraws and purchases abroad and car break down cover , family mobile insurance UK and abroad for mine and my kids phones alone is a good deal and would love Monzo to try that as well


(Anuj) #727

And the increased international withdrawals are still less than what many other providers offer for free !


(MikeF) #728

“For free” or with an e change rate markup? Truely free is a small list I believe?


(Bruce) #729

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


#730

Why doesn’t monzo bring nationwide on board with their account package as a marketplace product?! It would be beautiful


(Adam) #731

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 can’t offer absolutely everything for free as there’s a cost to them for things like cash withdrawals.

My feelings are they’ve the right balance at the moment with trying to get people to use contactless/card payments rather then cash.

We can’t expect them to offer absolutely everything for free and absorb the cost themselves. Unless they can subsidise it from other things like business accounts.


#732

Dozens now also offers free ATM withdrawals and Mastercard fee free transactions abroad, I believe


(Dan Mullen) #733

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.


(Nathan) #734

Heres one for you… do you think if monzo were to “relaunch” foreign atm withdrawals (launch now theoretically if wasnt already available) would they even give users a £200 fee free limit?

Going by recent feature launchs anyway i dont think they would but thats just my opinion :man_shrugging:

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.


(Adam) #735

Probably not.

But I’m 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 service… for instance a way for me to withdraw cash abroad… it’s 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 £200 out in foreign withdrawals in a month) then I personally need to accept there’s 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 isn’t how the world works.


(Nathan) #736

I agree with you in part… monzo arent a non-profit and should be rewarded for all the great work that they and the other “neo-banks” 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 “too corporate” 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