Monzo Plus - Small Scale Trial


(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


(Sam Phyall) #737

Any chance of some Mobile Phone Insurance Monzo… Id pay for that… Along with the cards…


#738

I’m more interested in mobile phone insurance and breakdown cover, I usually get one off travel insurance which is cheaper because I don’t travel often


#739

Indeed, if Monzo offered an insurance package as good as Nationwide, that would be a good. I absolutely don’t mind paying the £13 a month it costs for my Nationwide packaged account, worldwide travel, mobile phone and breakdown cover for both mine and my Wife’s 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.


(Alex Barrett) #740

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 £50)
Breakdown cover
Holiday Insurance
and as a bit of a left field option: fee free trading.

£10 a month for the lot seems reasonable. I’m used to paying £10-£15 and generally get a lot of tat added on that I don’t need for that. If the cover and offerings were really very good then perhaps I’d consider going up to £15 again but not if it’s 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, it’s 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 £1000 bill on holiday in Spain as my daughter picked up an eye infection that wasn’t covered, somehow, by the post office policy we’d also taken out.

The free trading is something that is something I’m personally interested in and seems to fit in with the “modern way of banking” style of things that Monzo are keen to promote. Might be a bit too much out there but it was worth chucking in.


(Robi Gyorky) #741

If we’re 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 it’s those things that other banks don’t offer here that would add value and appeal to those that are holding back from switching.


#742

Would an insurance bundle be better? So you would get travel insurance, mobile device insurance etc in a Monzo Plus bundle. I don’t know if the extra cash and emergency cash thing seems worth it and that makes it just a travel insurance purchase at £11 a month which seems expensive.


#743

Love that idea plus would encourage people to go Full Monzo


(Chris Bigg) #744

Yeah, we want mobile phone insurance Monzo :+1:


(Leon) #745

I agree totally. I mean no company is perfect but some of the decisions Monzo has done has made me shake my head.


(Michael) #746

Don’t 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


(Michael) #747

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


(Nathan) #748

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:
£8.75 pm for mobile
£38 annually for travel (inc snow)


(Leon) #749

I’ve said most of them in other threads and I didn’t think people wanted to know again as I do go on about it.

The 50p a day overdraft fee is the first one that comes to mind.

As I just think that a bank that is interested in making your money work for you and all of that, wouldn’t be so expensive vs APR*. Yes it’s transparent I’ll give them that but it’s still really expensive. For people like me that use their overdraft it’s as easy as doing the maths, £2.50 or less then a pound# for 5 days using your overdraft?

*Other banks charge similar amounts nowadays as Monzo do for overdrafts but I happen to have a current account with a overdraft that charges APR.

#The above depends on how much you borrow from your overdraft and for how long. The more and the longer you stay in your overdraft is the more you’ll pay.

Another one is the paying in of money. Monzo charges to pay in money into your own account? So I’m paying Monzo for Monzo to keep my money less us not forget without interest. That’s another thing as where is the interest that should of been paid on everyone’s account going? Who’s eating the interest?

For me the 2nd added to the first one makes me think once again as great as Monzo is it’s gonna be hard for them to win over the unbanked, that will probably be using and paying in cash on a regular basis.

As it’s been said by Tom, Monzo will not be the bank for everyone and the more I look at it, it probably isn’t the bank for me and that’s fine. Always the bridesmaid, never the bride. (That refers to the bank, not myself. :bride_with_veil::joy:)

The average salary (100 thousand +) paid in to Monzo is higher then mine so maybe the average full Monzo customer doesn’t have to worry about such trivial things as above.


(Michael) #750

Thanks, appreciate that


(Leon) #751

No problem. Don’t get me wrong I’ll still have a Monzo account but it will be on the whole unused.


(Jordan) #752

Is there anything else that doesn’t align with what you’d want out of your “main bank”?

I only ask as the FCA are changing the way overdrafts work and so Monzo will have to, due to regulation change to an APR based overdraft fee.

And I think (please correct me if I am wrong) paying cash in will be changing soon also.

The only think left then being the paying of interest - which I would hope as Monzo begin to make more money per customer won’t be too far away.

In short, I think Monzo aren’t the best, but they are trying to change some of the things you have outlined - so is there any room for your mind to change?


((╯°□°)╯︵ ┻━┻) #753

Where did you get that fact from!?!? :scream:


(Leon) #754

If they change the overdraft and the paying in of money I’ll more then likely switch to them. As for paying interest the bank I am with at the moment doesn’t offer interest either. (Smile bank)


(Leon) #755

It was on a video presentation that Monzo did about something and Tom said that the average salary paid into monzo was the above. I was surprised as well.