Monzo is the half-baked bank it seems
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Counting down the seconds until I can cancel monzo plus for free. What a waste of a time and resources. It needed some imagination and bravery and it got none of either.
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I think I’m gonna be cancelling mine also, as there’s no signs of improvements to it at yet at least, and the features I’m not really using only the virtual cards for my Netflix payments but that’s pretty much all deffo not worth the £5 for me just for this add on.
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I feel like Monzo Plus needs more work, yet again Monzo has released a product that was over promised and severely under delivered.
For a start, the offers available are really poor and more importantly the card quality is poor. My numbers have already started to wear off on the back.
I find the virtual cards useful, because it will save me having to enter new card details for subscription services if I ever need to replace my current card, however I still don’t feel the fee is worth this.
I just think Monzo Plus should have been delayed until a product was perfect. To say I’ve been disappointed is an understatement.
I’m hoping new features release soon
I agree with you overall but what have they over promised and under delivered?
After the dissolved the old Monzo Plus, they said when they release it, it will be bigger and better and offer some of the features we asked for.
They released it with just one card variation, which was a poor effort in my opinion, that was the selling point of the first Plus and the offers this time are even worse, there’s less of them.
The newer features like virtual cards and better roundups are nice yes, but I wouldn’t say that’s a huge leap from the last Monzo Plus
IDK I just feel like the Monzo Plus team are getting lazy again, especially with offers - I’ve had plus since it relaunched and no new offers are yet to be added, whereas other challenger banks release new offers weekly
Sadly, I’ll be cancelling without any new features.
The absolute killer feature for me would be transferring money into a pot to pay off my credit card. I use my Amex and Mastercard credit cards for all of my spending, and have to manually do this myself, full disclosure, I sometimes forget, I have a busy life. If this was automated, honestly, I’m sold, that’s worth £5 a month for me.
The ability to assign a virtual card to a pot is also a great feature, honestly I don’t think I would ever use it now with my spending being on the CC’s, but past me (Or younger me) would have absolutely killed for that feature, so I want to see that for others. Adding a virtual card to Apple Pay again would be awesome, Curve is an okay workaround though.
But the rest of the features as they stand are a bit meh.
Linking your other bank accounts shouldn’t be a paid feature, no other bank account i have charges for this, and surely it flies in the face of what Open Banking is all about?
Interest is absolutely miniscule, yes it’s a decent rate but because you can only gain interest on such little amounts it’s hardly worth it.
Credit rating in the app is also fairly useless, in a world where everything has an app, it’s just as quick for me to open the MoneySupermarket app and check my credit score there than it is to do it via Monzo, and it’s free.
I’ve been using custom categories and I love them, but again, I can definitely do without and I don’t really see why that is a paid for feature, Money Dashboard does the same thing.
Holographic card is meh, I’d prefer metal, I didn’t even bother to order mine, the “Offers i’ll love” i’ve actually never heard of except for HelloFresh, probably more London-orientated I guess, and the autoexport to sheets, 1 free cash deposit and fee free withdrawals abroad are two things I’ll never use.
I get the allure of being able to do everything in one app, and I’m sure for some people they will find it worth it, sadly even typing this out I appear to have set my mind in stone that im going to cancel. It just needs that one or two extra things that really cater for me and I’ll be straight back.
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I’d love this too, would make my life a lot easier. Combined with auto enrichment for transactions and categorisation etc for external credit cards would mean I’d pay.
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That’s actually what I meant haha, maybe my explanation is just bad!
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Yes definitely. It’s weird, I’m not particularly imaginative so if someone asks “What features do you want” i’d not have a clue, give me a list of ideas and I’m like “Damn, how have I lived without these features all of my life?”
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That’s the whole challenge with innovation, right? They need to find what the consumers need, before we realise we need it. I think that’s where Plus may be a struggle, there’s nothing in it breaking new ground.
There’s a quote I think from Steve Jobs that comes to my mind:
“Some people say give the customers what they want, but that’s not my approach. Our job is to figure out what they’re going to want before they do. I think Henry Ford once said, ‘If I’d ask customers what they wanted, they would’ve told me a faster horse.’ People don’t know what they want until you show it to them. That’s why I never rely on market research. Our task is to read things that are not yet on the page.”
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In fact, spending on my CC’s instantly moving the money to a pot, and putting the roundup into the…roundups pot. The dream. Instead, I’m using Tandem to “round up” my credit card purchases but it’s not the same.
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I wonder if we will see the fruits of the call for suggestions on what to see in Q4 Monzo Plus they did on Twitter a few weeks ago
Assuming that’s a calendar Q4 (October to December), I’d suggest that we’d need to wait for 2021.
Which leaves the question: what (if anything) has Monzo been working on for Q3?
;
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I hope they will use the bitter tears of ex-Plustomers to quench the freshly-smelted hot coral metal cards.
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Really good poll.
I want to say thanks to the Monzo guys. Loving the plus features, can’t tell you how great it is to use your app at the centre of my financial life. Keep up the good work.
Online banking also
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I think it’s petty.
I bought EA access to play Fifa early, £4.99 for a month. I bought it about 3 weeks ago now.
I set a reminder when I did it to cancel it so I didn’t get charged a second month. I cancelled it yesterday and they gave me two options;
Cancel at end of billing period - No refund
Cancel and lose access now - £4.99 refund
So they’ve given me it all back even though I’ve used it for 3 weeks. I think that’s probably a bit over-generous, but within a few days Monzo should give you back £5, especially if they would penalise you yesterday.
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No doubt this will result in a complaint being filed, and the customer advocacy team throwing £20 at you to make you go away.
Thus wiping out any profit made from you and probably one more Monzo Plus customer since it launched.
Edit: Facepalm directed at Monzo, for clarity’s sake