After Monzo Plus was launched, we had a very quick (just a couple of days) flash poll to take the immediate temperature of folks on here.
The results were interesting:
We had lots of voters (212 on the first yes/no question): 64% said they had subscribed to Monzo Plus.
Of 83 people who wanted to explain why not, 51% felt there weren’t enough features of interest for them yet.
46% of people said that they would stick with Monzo Plus if there were new features in the pipeline. 31% of voters said they’d stick with it come what may.
The top three features were virtual cards, custom categories and other accounts in Monzo. The least popular feature was the offers.
For the next Plus features, there was an overwhelming preference to link virtual cards to pots (54%), for mobile phone or gadget insurance (37%) and for more connected account providers (34%). (A separate poll shows Amex as being the overwhelming leader there).
Now we’ve had some time to live with Plus for a while, I wanted to repeat the poll to see how opinions have changed (or not), to include some other feature suggestions from the discussion and to give folk much longer to think and respond.
So, without further ado, here’s the Big Plus Poll! Open until the end of August - or sooner if there’s a big Plus feature launch before then.
Edit: I’ve closed the poll today (19th August 2020) as we’re just over a month in from Monzo Plus.
Have you subscribed to Monzo Plus?
If you didn’t, why not?
No, or not enough, features of interest
Disagree with paywalling features
I haven’t yet but I plan to
No joint account support
Something else (tell us below)
If you did, will you stick with it?
Yes - it’s fine as it is
Yes - if I get new features
Top 3 Monzo Plus features?
Other accounts, in Monzo
Interest on balance and regular pots
One free cash deposit per month
Fee-free withdrawals abroad
And the big one… What do you want next in Plus?
Categories, notes and the Monzo experience for connected accounts
Great opportunity here for Monzo to disassociate from Babylon health, could just about get away with claiming that it was just an accident that they ended up on the side of people looking to privatise the NHS by the back door.
I don’t really understand why people want gadget insurance - you can already get that by just paying an insurance company for it. Whereas you can’t get, say, custom categories or virtual cards on your joint account. It’s also in the antipattern of indirectly paying for random stuff via your bank account, which I strongly hope Monzo avoid doing. Want insurance? Buy some damn insurance!
I can understand the desire for packaged insurance if you think it’s going to represent good value but I’d be against trying to lump software features (like budgeting) with the insurance bundles. It strikes me as a weird mish mash of features that’s unlikely to please anyone.
I’m definitely in the opposing camp of bundled in insurance.
At least as far as the Core tier goes.
I can appreciate the value, perhaps, if it’s an incremental tier to the current one - but I’m currently really unlikely to sign up to an insurance-bundled offering - as I’m currently decently insured for the things I need right now.
If the current Plus started offering Gadget insurance, and then pushed the price up by £4/m, I’d end up closing it down, because I don’t need the extra insurance, and I don’t want to pay £4 more for the current set otherwise.
The same holds true if there are different features (i.e. software features, not financial products) in a Premium tier, that come with Insurance products.
I’d be much more likely to splurge on the features on the Premium Tier, if the Insurance isn’t integral to the package. Happy if that means Premium then bolt on additional insurance though.
If you give it to everyone, then you have a lot of infrequent travellers effectively subsidising frequent travellers who are more likely to need to claim, thus the cost per-user (taken out of your Monzo Plus fee and paid to the insurer) is lower because a lot of people are paying for something they rarely use.
If you make it opt-in, then people will only take it if they are going to actually need it - the infrequent travellers will just take single-trip policies from insurers as they need them, rather than take on an transparent/unnecessary regular expense. The insurer will end up with more claims per user, and thus will charge more.
Balancing/hiding costs like this is a tricky game that only works at scale - like say a nation-wide scale :).