I think people need to look at these with an open mind.
I do not think that the packages are value for money. So if I was offered a trial I would have said no.
Doesn’t mean though that someone somewhere isn’t willing to try them out.
@simonb has already mentioned that these are trials. Not the end product.
The whole point of trials is to see how something works if it does at all. I think Monzo will definitely be amending this at some point or scrapping it but until they have had the opportunity to trail it they won’t know.
I agree on this, however, I guess some of the feedback is because we are used to the “wow” factor Monzo bring. Should they partner with smaller startups (cuvva, marshmallow, etc) and maybe get better deals? As it is now it wouldn’t be a yes for me.
The £11/month offering also includes an additional £200 of fee-free foreign ATM withdrawals, which would ordinarily be £6/month. That leaves £60/year for the insurance, and the soft features (cards, emergency cash abroad, etc).
I understand your maths… but I think it’s a stretch to say that the insurance costs £60 because that requires someone to consistently use £400 a MONTH overseas JUST from cash points which I think is highly unrealistic.
Well, the insurance is available from their provider directly at £65/year, so I’m not entirely sure estimating it at £60/year is a stretch.
Again, I’m not saying these plans offer good value for money. However, I think it’s easy to see how someone could package these things together and set the price at £11/month.
Exactly. And I would hazard a guess that Monzo will want to make some money from it, so if anything I would suggest that it will be higher than the £65 in truth.
I still don’t see how this can get to £11 a month, honestly. I’d love to know data on how many people end up withdrawing more than £200 a month overseas because that’s when we will be able to see how much that, on average, costs Monzo per person and from that we can work out better how it breaks down. As much as is possible.
Presumably that is the rationale behind this trial of Monzo Plus. Monzo don’t know either.
I’m still confused by this. If you add up all of the benefits, their costs exceed £11/month. Claiming that you won’t use them to justify a lower price point is the baffling bit.
It appears to me that Monzo are stuck between a rock and a hard place!
On the one hand they do not (yet) have enough ‘weight’ to gain the profitable packages that others offer like the Nationwide FlexPlus. However I do accept that Monzo should offer something.
I personally think rather than giving an underwhelming package for all, the pick 'n mix will be of greater benefit to the masses moving forward AND when Monzo get more customers which I’m sure they will then the packages would be more attractive/competitive.
I haven’t seen Kinsu, will take a look. It appears you have to sign up just to get a quote? I will be amazed if I can get my Pixel 3 XL, my wife’s Pixel 2 XL and my daughter’s iPhone 7 Plus insured for less than £13/month. And that’s just for the phones - no travel insurance or breakdown cover!
This is frustrating. I haven’t said that I think it’s good value for money, and in fact, I’ve explicitly stated that I don’t.
I don’t make £400 of foreign ATM withdrawals from my Monzo account every month, and I don’t want Pluto travel insurance. If I did want both of these things, this is the cheapest way to get them. Not wanting them doesn’t suspend the arithmetic, and all I’m arguing against is the idea that £11/month is wildly overinflated for what the packaged account has.
Might be greater for the masses… but it’s not going to be cost effective for Monzo/the providers.
It’s more cost effective if one provider provides a discounted produced with the chance to attract X of thousands of customers. Rather than X,Y & Z having to present an option that people can pick and mix from (which is freely available on the open market).
Probably worded this badly… but makes sense in my head.
