I’m really excited about this. I like that Monzo are starting slow, main reason being what happened to Curve earlier this year, their subscription was such a shambles that I instantly withdrew my subscription and I genuinely haven’t used the service anymore… it left a really sour taste for them and I just can’t be bothered with their services anymore, that’s how bad the experience with them was.
Without echoing too much what the last 300 posts said £6 seems really really expensive for what you’re getting but hopefully with some cash back offers in there it might be more feasible.
Hopefully this could be the start of something really good!
Echoing a lot of what other people are saying here. To commit to a monthly subscription I have to receive something that is going to improve my life in some way which a coloured card and URL that I will never use do not.
Features that spring to mind that would tempt me to sign up:
Discounts on popular subscriptions if managed in the app (Spotify, Netflix, Amazon Prime etc.)
Regular retail offers such as those included in Three’s Wuntu app
Access to higher rate interest ISAs/Savings pots
Gadget insurance
I see that some in this thread are comparing this early stage of Monzo Plus to investing in Monzo during the crowdfunding. I really don’t see that as a fair comparison. Investing is a decision to buy into a companies future with a long term outlook and a level of risk involved. Deciding to invest is based on how much the investor believes in the company. Monzo Plus, on the other hand, is a consumer product from a bank, and therefore should be judged accordingly based on the value it offers its customers. If more features are offered I will reconsider my position, but as it stands this feels like it would be £36 down the toilet.
That said, I am always grateful to Monzo to its willingness to listen to it’s customers and investors. This thread is a prime example of the transparency I hope will continue.
100% on this. The mere fact we are discussing this is testiment to that, which should always be core to Monzo.
On this one I think they have gone too far, but this is where we can voice our opinions on a company that generally we have invested time and money into and care about it’s future.
But no where has it been alluded to that this “base” fee will be the only fee on offer, it may transpire that you may be able to forgo this current offering, and straight to insurance?
But they have, which for all intents and purposes would suggest that some research has been done and there are clear arguments for doing so. Why is it a ludicrous concept? People in their 1,000s every weekend pay to get into clubs to then buy overpriced drinks. People will pay for this package and will in all likelihood receive something for their loyalty.
Why not? Monzo have openly showed that more is to come and that this isn’t the final offering?
The second part of this sentence is slightly disingenuous, you are making Monzo out to be stupid and idiotic, maybe they can’t say exactly what some of the offers are right now because they are being finalised and to do so would be more detrimental to the deal?
I’m comparing the idea that in no way shape or form do I see Monzo Plus as a “finished article” like when I invested. There is always room for growth.
Taking your house analogy. A house with no land around it will likely be worth less than that same house with a little bit of land because of what you can build on it. I’m not saying don’t be sceptical of this current offering, but it is clearly a product that will grow and change.
This made me come back to forum after coming across this on Facebook. Just wanted to check bit more detail. People here have already said everything I wanted to say.
I am so disappointed with this offering and also by the responses from Monzo. Monzo were suppose to be financial hub with aim to save me money not ‘mug’ me (Sorry for using a strong word).
Just for a brief comparison, Barclays blue rewards account costs £3 and pays £7 back as long as there are 2 DDs and £800 deposit. It also offers online cashback with some well known retailers. A monzo.me equivalent link is available via their pingit app (it’s not custom) Barclays has also started offering Flex receipts, spending breakdown etc. They also offer custom cards for free. Any appropriate image can be used.
On the question what you would like to see? My simple answer is value for money. Make it a good proposition by explaining it better or offering real savings on purchases/direct debits etc…
I might be missing something you are saying…but there is an outcry because this exactly what Monzo is doing.
The majority verdict, is this is not a good direction.
I’ve quite clearly stated that I don’t think it is a great deal, but I’m hopeful that it’ll turn into a good product - not defending the current offer at all, but trust the process.
So our difference here is that a consumer should never have to just “trust” a company will provide worthwhile products in exchange for their money in a monthly committment. Never.
I would still argue that concept is likely against advertising regulations.
Not quite, your perception and my perception of the offer is that it is not “worthwhile” - certainly that could be said for anything anyone has ever bought.
But for some, they will see this as worthwhile and will sign-up and they may/ are likely to receive something else as part of this offering down the line which for some may even be a ‘plus’.
I’m not Monzo’s lawyers so without any reference to any regulations I can’t really comment - although I would have though this would be boxed off.
Who? I suspect people are signing up on the hope that it improves. Surely, SURELY nobody thinks £6 a month for what is currently on offer is worthwhile??
If a marketer has not sold a product before and wishes to offer it at an introductory price lower than the intended standard price, they should make clear it is an introductory offer rather than discount. Using scored-out future pricing, for example, is unlikely to be suitable. It is also likely that marketers will need to state when the introductory offer will end. At the end of the introductory period, they should ensure the price is increased as indicated.
Well they A/B tested Monzo Plus with this being one of the testing options, they clearly saw interest. People said the same about the Investec Pots.
Just because you or I wouldn’t take it up, doesn’t mean someone else won’t. I personally wouldn’t spend £5,000 on a new bag (even if I could) but there are some people out there who do.
This looks to be just the advice/guidance on how to use the terms for introductory offers and not the legislation/ regulations behind it. However, as I said, I’m sure the lawyers at Monzo would have looked over it.
I’m in pretty much the same as most on here regarding the announcement. The offering is disappointing but what is more disappointing is that this path seems to be the priority over the technical app features.
I did not join and invest my own money in Monzo for the flash card colour. I certainly did not join in the hope that one day I’d be able to get my travel insurance through the app. I joined because of the technical innovations that differentiates Monzo as a bank.
Instant notifications.
Budgets
Pots
IFTTT
Easy payments to other people.
Splitting tabs etc.
These are awesome features that I am regularly using to convince others to join.
The progress in this area seems to have stopped in preference for legacy bank type features.
How long have people been waiting and asking for.
Committed spending pots
IFTTT for joint accounts.
Sortable pots
Custom categories.
Im a software developer myself so understand that there is only so much you can build with the resources at hand but the general theme recently is disappointing.
Why would I want to change energy suppliers or event mortgage providers through Monzo when there are companies who have been focusing on precisely this for years.
Many people seem to want different card colours and URLs etc (I personally don’t understand this bu that’s fine).
Why not offer this as a one off in app purchase don’t follow suit with the legacy banks who btw are investing huge amounts to catch up with the interesting things that have been listed above.
I love Monzo and would gladly pay for a premium account in the future but I think the focus should be in keeping the good momentum if the tech features.
Has anyone confirmed if there are limitations on the custom monzo.me url?
Previously, you could get it changed for free, providing it was a variation of your actual name.
Will Monzo Plus allow you to change it to anything, or are their guidelines?
Also, when you finish your Monzo Plus subscription, will you lose access to that URL? I saw a post saying you’d keep the card until it expired (which pleasantly surprised me), but what about the URL (as this has no expiry)?
On what though? It literally is just advice, it isn’t part of the Code to which Non-broadcast advertisements actually apply? The FCA I believe also throw their hat into financial promotions so would likely have to look at BCOBS as well.
£3 a month for some features - some people will be fine with that and sign up knowing that in the coming months, that £3 a month will get them first access to [insert Plus feature here].
Once the number of Plus features/offerings is adequate, I can see it being a good thing to investigate.
If you don’t like it, don’t sign up now. Wait.
If you do, enjoy!
There is a LOT of noise being made, some rightly, but they’ve pretty much stated this is an introductory thing whilst they figure out how it will best work. Presuming two main streams of activity, one to get things in the app working (bearing in mind there is a new UI also being tested from today), and another to get the real value add offerings in place.
And once again, this is optional. If Monzo announce next week (or hey, this week?) that they will have travel insurance, phone insurance and… I dunno, a free coffee voucher every month, then great, you are getting that for £3 if you want them.
As I’ve said, I’ll wait until I see more details, until then, crack on Monzo, show us what ya got!
