I think that monzo thinks these things donāt cost a lot to provide is an indicator of how out of reality they are. Thereās a reason good budgeting software costs money, itās difficult to get right. You just wouldnāt give it away for free. But monzo seems to be thinking about that not because there hard to make but because they need the money.
I think there in for a surprise.
In a similar vein, less and less people are commenting. If this update was posted a month ago there would be over a hundred comments by now. Now, it seems, people just do not care. Replace the word āpeopleā with ācustomersā and you can see the problem. There is just no interest any longer.
I used to have a Lloydās premium account because the price of the account was exactly the same price as a similar phone insurance product. I got some of other stuff I never really used but it was free so I had it. I broke down once and it saved me a decent sum. However, on the whole I do agree with your point here because for my story to really work out and be told again with Monzo at the heart of it, itās got to be incredibly good value. The short history that Plus has shows us that good value is unlikely to happen.
This post today was exactly the reason why I kept my Halifax account in the background, and never truly went full Monzo.
Monzo have built themselves up and now theyāve got loyal customers, you want to take things freemium!
The second there is a paywall in place, my money will be moved out and Iāll close my Monzo account down.
Like everyone above me is saying, you are a BANK, budgeting at a cost defeats the purpose.
Please letās keep the tone civil, imagine if you read this about your own work?
Iām mostly ambivalent about the idea of subscription bundles (which appear to be very similar to the old plus), so I didnāt fill in the survey and wonāt comment further on that; Iām probably not your target premium customer. Best of luck with the relaunched plus and glad to hear the marketplace idea is not dead.
The one big problem I saw with the old plus was simply lack of clarity and conviction. So hopefully when you do relaunch it will be clear exactly what the offer is and at what price point and that offer will be stable.
Iād just like to echo the majority of others here and on all the other threads and say please donāt charge for features (as opposed to products or bundles).
I sincerely think itās a dangerous path for Monzo to go down - it undermines your mission, is much easier to build than financial products and thus will tempt you into building new features as plus only, and will inevitably distance your interests over time from those of your customers, particularly the ones on low incomes who need budgeting and saving tools the most.
I mean it in the literal sense. My understanding itās in the early stages so at least they can ignore or consider that I think the idea that it wonāt cost a lot is delusional.
Iāve read similar about my work in the past.
Maybe moving away from the Monzo Plus term would be beneficial. If you really want to start afresh, new name for this feature or features would be possibly a good start.
I want Monzo to succeeded, Iām also personally invested in the bank and for the most part, I think it has been different from lots of other banks. And certainly many of tools are great, so I hope they donāt go behind a paywall.
These would have to be pretty amazing for me to consider paying you to tell me how I can earn more from myself.
I think itās the completely wrong direction to go.
Plus should be about offering products.
The fact your app is the way I interact with my money held by you (which you earn interest on and I donāt), you shouldnāt be asking me or anyone to pay for said app features. The app features are what should attract customers to you, and for them to choose to have their salaries to be paid into their monzo account.
Once those features have done that, then sell products, loans, insurance, etc. to earn more from your plus customers.
Properly advanced budgeting is a product. Just because itās a feature monzo might offer in app doesnāt make it any less of a product.
Not to me, to me it is the service that should be used to attract and keep customers.
Plus offerings should be kept separate.
Without not knowing what the premium feature is, I guess Iād be open to the idea of payingā¦ but itād have to be pretty mind blowingā¦
Just gonna leave this hereā¦
Thatās still a product. Free or not service or not itās a product all of them are.
Call it what you want, I donāt think it is a product/service that should require payment when monzo is making money from pretty much all of my money either through not paying me interest on my balance which they are earning interest on, or through a commission earned from 3rd party savings providers.
Their app and itās features should be wholly available to me.
Same here too - to me the whole thing just slips into a typical legacy bank offering.
They say the surveys point towards people being used to this, but naturally theyāre going to be when thereās nothing that separates it which is why excitement came in droves when Monzo said theyād be offering Plus customers the ability to pick and choose what products they wantedā¦ I was more than on board with this even if it meant paying slightly more so I didnāt have to look around every year and keep it all in one place.
This might just be me, but I felt like the survey wording was very much putting me on a singular track in Monzoās favour - some of the answers either werenāt really applicable to me or had a āchoose one onlyā approach when a few answers were more appropriate to me answering effectively.
Again, just my opinions and forgive me if Iām out of orderā¦ a tough pill to swallow I suppose 
And me too 
So everyone seems to think Monzo should provide banking services for free. How about providing ideas on how to generate revenue and profit??
Becoming moneysupermarket is not an idea.
The era of virtually free capital is coming to an end. Wework is dead, Uber is slowly dying, most tech IPOs are significantly down. Monzo has to be a profitable business or it will die.
Traditional banking services.
Just offer them in a much better way like theyāve done with savings and loans.
They need to attract the type of people that need them though - but they need to beef up their current account offering first but thatās just being neglected for now in favour of minor features.
I agree but pay walling seems like double dipping to me.
Economies of scale will kick in if they are able to get a large enough customer base, they should be able to make plenty by selling other products rather than app features.