It sounds like a MasterCard network wide feature (vs something bespoke to Monzo - although I’m sure the in-app management of it would be) - and in theory can allow for emergency cash within 2 hours. Cannot actually see many banks in the UK offering this as a feature - and certainly sounds useful as a travel back up.
I won’t be closing blah blah bank anytime soon lolz megalolz
I’d need a few more bits myself to close my Nationwide, but I do find it odd that people jump to this response. Why not say what it would take to close your other account, give critical feedback or make comparisons that would be useful for market research?
I’m not sure why you’re so hasty to jump to the defence this time. Beta or not, test or not, this offering is poor. If it doesn’t undergo changes it deserves to fail.
I think the two variations - £3/month and £11/month - are so bad, it’s difficult to give constructive criticism.
£3/month - a different card colour and some stickers.
£11/month - a different card colour and travel insurance.
I’m not really sure what Monzo are thinking, or what sort of feedback they are expecting. For a bank that has positioned itself as being “for everyone”, it seems a bit of a joke to be honest. I know it’s a very early iteration but come on… surely even the most ardent Monzo fans are underwhelmed by this?
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Anarchist
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Nor me. Maybe these are just for the fans. I’m sure I remember a post some time ago (maybe back in the pre paid days) by someone asking how they could donate to Monzo.
The current offerings are pretty bad. But these may just be the baseline at each end of the spectrum from which they can add bit by bit until they find a comfortable spot.
I’m not saying that is what they’re doing, but if it is then it’s a better approach than over offering to begin with and then having to scale back.
I think when it comes to some of the softer benefits it’s just harder to quantify what people actually want.
I don’t know what I want but I know this isn’t it…
The common theme in the previous thread was indeed “Better travel benefits” - and you can certainly argue they have brought some of these features. But it’s just not better than The Market, so they’ve got a harder sell for sure.
I said myself in the previous thread;
For me, a premium account would mean […]
Competitive selection of insurance packages […], £0 excess […], with better cover for gadgets
Removal of certain restrictions / limits - ATM fees etc.
Aside from a Metal Card, and something else I mentioned - this ticks off some of the things I said I might want. But it’s not quite there yet.
So you know, steps in the right direction hopefully, and I suspect doing small scale trials like this are far more valuable (and cost effective) than focus groups and research agencies will cost.
Don’t get me wrong, I don’t think this package right here right now is great, but I think the info that this generates will lead to the next valuable iteration.
£18 for a different card colour. Some people want it. I like the hot coral so not something I need. Don’t want travel insurance. Don’t want tech insurance. Don’t want cash back. Still going full Monzo next month.
Being a bank for the people doesn’t mean only doing things everyone wants, I couldn’t care less about international transfers but I’m not going to kick off that they’re doing it
One thing that I’d ultimately like from a paid account and I’d happily pay a fee for, is money advice; such as how can I make my money grow. Perhaps a quarterly chat with someone at Monzo to assess how can I best save for a house deposit, or save up for that new car (just to give examples).
I think advice on how to make money go further is one of the best things that someone could have.
Most legacy banks offer £200-£300 fee free overdraft on packaged accounts…
On top of £11 a month Monzo want to charge 0.50p a day for overdraft over £20?
No thanks!
The variety of different opinions on what it should and should not include, both before and after this trial of two extremes, probably goes to show why they have decided to stop with the talking and try it out for real
It is indeed a very small scale test with some A/B testing going on… Not much of what you see here is being held as sacred. Anything could change and much of it will.
I will try and get some of the folks specifically working on this to answer some questions for you.
per person.