Monzo Plus - Small Scale Trial


(Richard) #123

Also to add that the travel insurance offered by RBS/Natwest covers winter sports, and if you claim for something on the policy, they’ll continue to cover it in the future.

It only starts to get tricky if you have a condition, that usually requires a premium


(Nathan) #124

Personally I’d need winter sports cover if i was going to take the yearly travel insurance. Otherwise thats 1/3 or 1/4 of my yearly holidays not covered.

I see alot of people saying that the didn’t expect a discount from the actual rate provided by the supplier themselves.

Did tom himself not say he could use the bargaining power to lower this as a tribe mentality? The convenience just is not worth paying that much for me in this case when… buying travel insurance isnt that hard at the moment.


(Dan) #125

Speaking to a COP now regarding this and they’re asking for personal correspondence. I deleted all my personal correspondence once the meeting was over. Have I been too trusting?

Also cannot find the thread where I booked the meeting :pensive:


(Jamie 🏳️‍🌈) #126

Monzo must know who took part in those focus groups, surely? @SamanthaD can you help?


(Sam) #127

I sent an email to Luba yesterday evening to see if she could follow this up, as I too haven’t received it yet. Hopefully she’ll follow it up for all of us.


(Chris Rimell) #128

I’d say 183 days (i.e. 26 weeks - half a year) seems like a reasonable amount of cover to me.

Most insurance policies cover a maximum number of days per trip, usually 45 if I remember rightly.


(Nicholas Carter) #129

:-1: :-1: :-1: :-1:

Still don’t like the idea of “premium” accounts at all :-1:


(Andy) #130

Delighted to see this innovation.

Disappointed with the very initial and preliminary offers. I’m sure they will improve as the trial develops.


(Michael) #131

Whereas I have never done winter sports, and never will, so I would not want to be paying for that to be included when I could get better cover from them for holidays not involving slopes

They need these options out there so they can begin to unpick whether there is any chance of keeping enough people happy

Not sure this thread will be that encouraging for them thus far!


(lee) #132

The offers are very weak.

You can get an annual worldwide policy for circa £30 (defacto 5*) or for even less. Not to mention its probably next to worthless because most insurance policies have clauses in that invalidate if you’ve even been to the doctor about anything for a number of years prior.

Emergency cash is what just accessing your own cash?

And all the card colours do is flip the argument about only providing hot coral cards “we only give hot coral because thats our brand etc” (though i dont mind hot coral myself).

Monzo always seem to aim low for this type of stuff (examples - interest rates, overdraft fees), feels more like an exercise in how little they can get away with. I also feel it’s a strange stance to take of putting forward something pretty rubbish, charging for it whilst pushing it as great/plus/premium. I think that message is way more off brand then none hot coral cards.

This is exactly why i think they’ll run into issues with pushing third party products too - because commercially they’ll need to push whats more attractive to them, not whats best for their customers.

If Monzo wanted to do this why couldn’t they have been best in the market? Look at nationwide for another £2 you get breakdown cover, mobile insurance and travel insurance.

If monzo want to be held in higher esteem and be better then any other bank, then they have to deliver it.


(👨‍💻) #133

Let’s not forget, they have a £3 pcm option where you get a T shirt and stickers.

I’m interested, would anyone actually wear the T shirt out in public?


(Valeri) #134

People do buy these:

So… I suppose, yes.


#135

You have insider knowledge of the sales figures?

£19 for a tee … ouch.


(👨‍💻) #136

I know nothing about fashion. Fact.


(Peter Shillito) #137

£132 a year breaks down to:

  • £40 a year travel insurance (roughly, from experience buying annual travel insurance)
  • £72 a year for an extra £200 a month international withdrawals, (3% of £200 is maximum £6 of fees each month saved), or nothing if you use a bank or card that doesn’t charge for this.
  • £20 a year for a custom card colour (or £92 a year if you use another bank for free cash withdrawals)

I’m good thanks.

Oh, and £3 a month for a custom monzo.me link when you’re refusing to change them for those who use a preferred name other than their legal one is obscene.


(Rika Raybould) #138

Could you DM me any details about this? The policy is that it must be a reasonable full variant of your legal or preferred name.

Here’s the line from the internal support page on changing Monzo.me links. :point_down:


#139

Did someone say merch? :open_hands:t2: ^grabby hands^


(Peter Shillito) #140

I’ll ask the person in question to DM you, I just witnessed the support thread happening.


(Jordan) #141

A little underwhelming yes - but this is just a small scale trial (akin to how features are tested in Monzo Labs).

I think as a community we have thrown a lot of ideas at the Thread on Monzo Plus and I sincerely hope that Monzo were listening and that those are in the works - we need to remember though that the whole point/ idea of Monzo Plus would you would naturally be paying a premium on getting those things all together in one place (but granted both offerings could do with being tweaked).


(Ravi) #142

I’d imagine that’s the exact opposite of the point of a bundle. You package them together to offer them at a discount relative to their individual values.