I’m referring to card replacements in general being a basic and free feature of every other notable bank, in response to the comment that mentioned a fee for replacing the card.
Personalised cards are not a very common feature of banks in the UK right now, but for banks that do have them (as mentioned, Barclays), the replacement is still free.
However, I personally can’t see Monzo getting anywhere near it in terms of coverage, quality etc. Frankly, none of the other packaged accounts can touch it, it’s probably a loss leader for Nationwide.
My salary is going into my Monzo account.
I’m literally putting in £13 a month into Nationwide, and they take it out again… that’s all I use the account for! I was actually surprised that they don’t have any minimum requirements.
I think you’re taking a total amount that we’re not charging and only including the features it currently includes to make this argument £36 would be more accurate (if you assumed that we now didn’t change Monzo Plus at all for the next 12 months)
No, the cost Monzo has decided is £72, whether it is half price as an offer now is neither here nor there.
Are you telling me that actual tangible benefits will be included in the future, such as insurance, because that seems to be something else to pay for?
I think we can make something competitive with both of these. The aim is to offer the additional features at a really, really great price. I haven’t got the exact prices to hand, but will share these tomorrow Travel insurance is a great deal (in my obviously very biased opinion)
Does this from the blog mean Plus is replacing the marketplace and you won’t be able to access that without signing up to Plus?
From the blog post:
But in time, we want it to be a bigger, more customisable extension of your main Monzo account that takes away the stress and hassle of your finances.
Finding and choosing the right deals and tariffs can be confusing and take up a lot of your time. So we’ll scout the market to offer you competitive tariff and plans. And we don’t just mean money-saving deals. We’ll actively work with providers who offer things like market-leading customer service and eco-friendly energy too.
We’ll make it simple to sign up and switch to a new service provider or plan direct from your Monzo app and with just a few taps.
What base features will it actually have down the line? Right now, all that seems to be talked about is the features you can “add on”. If you want to make the £3/£6 seem worth it down the line, you need to actually be clearer about what you plan to include into the base “upgrade” to Monzo Plus in the future.
In the 8th (ish) post of this thread the £3 price was explained as due to the limited offering currently available, hence the £36 total is entirely relevant (in my view, anyway)
I don’t want someone to sign up today on the basis of that — we have a bunch of ideas that we’re exploring, but frankly, sharing them now wouldn’t be useful — they’ll change and we’re not sure yet. As we get closer, we’ll share them and then customers can make an informed decision.
If you’re not interested in Plus now (or ever), totally fine! We’re not forcing anyone to sign up at all. If however, you want to help us shape it and can see our end goal, we’d love to have you
Right, I’m signing off to go home now I genuinely enjoyed debating Plus this afternoon and will take a look again tomorrow. I know many people here don’t like it — and that’s exactly why we share these things early. I hope we all look back on Plus in six months time and can barely recognise it from today’s initial announcement.
And to the nearly 2k people who’ve signed up already, thank you
An honest answer: to get something out into the wild, test the systems with and get feedback from real customers and be able to start iterating in public.