In all seriousness, we believe Monzo Plus can be an amazing coming together of “features that provide huge value to customers” and “features that drive revenue for Monzo”. Imagine a future where you can access really high quality, trustworthy financial products from one place in one tap. I find it so time consuming trying to find the best phone insurance, the best travel insurance etc. etc. and would love to be able to get it really simply.
We’re not there yet though and in the way we do things at Monzo, want your feedback, your input and your suggestions. We won’t build something people love in a vacuum without sharing it with you. We’re 100% committed to that! So please give us helpful feedback, constructive suggestions and more
This is really great, constructive feedback Nick. Thank you!
I can totally see your point of view. How would you value “access” to all of the other add-ons in a future where there are 10-20 high quality ones? Or not at all?
This doesn’t seem a world away to me, that a combination of Monzo core bundle plus those extras you value — total of £13/month doesn’t seem unattainable.
For £6 it needs to add something to my life. What is on offer is cool but adds nothing adds nothing particularly useful. From the face of it it feels like £6 is mostly just to allow me to access further add-ons that cost more money. It doesn’t add up as it offers nothing of value for that price.
Do you really? I don’t mean to sound disbelieving, but isn’t this what the comparison sites have been doing for years?
I can literally go and find the cheapest available deal on a load of things through those sites.
For a lot of these types of purchases, they tend to be once per year and I never need to interact with them (insurances and so on), so the extra 1 or 2 mins on a comparison site is worth it.
On these types of services, it comes down to cost.
Monzo could partner with the best insurance provider (whatever best actually means), but if it’s significantly more expensive than an average provider for a like for like policy… I’m going with the cheaper option every time.
Please don’t take this the wrong way, but it feels a little like the idea behind Monzo Plus and the future vision of where it can go, has been discussed and worked upon internally, but the message isn’t quite getting through to us yet?
Is the product itself likely to change within the lifetime of say the “early adopters” - so if something else is added, would the early adopters get the chance to move over?
If things are likely to chop and change for a while I’d be likely to wait until it is all firmed up.
To be honest, if you made the current “Monzo Plus” offering £6 a year, I might consider it. That would cover the cost of the initial card plus any replacements for the year. The cost to Monzo would be slightly higher than your standard cards because you’d be producing smaller batches of them. The custom URL costs nothing, but having a monetary barrier stops people creating accounts and picking all the popular ones up, so I can appreciate that.
OK, so living in a “perfect world” scenario for a second…
If Monzo could be as competitive as the market leaders (so far, the “features” that have come to Monzo have all been well below the market leading rates/offering, and instead work the “convenience” angle, hence my scepticism earlier)…
Travel insurance isn’t a big one for me, as I don’t get away too much. Family phone insurance would be great - Nationwide lead the way here.
Preferential rates on financial products from my bank (savings or mortgages).
Possibly others that I can’t think of right now
So if you could get that, at a market leading or equalling rate - I’d sign up.
I agree with you on this but, evidently, some people are very attached to their “premium” bank accounts and the services that go with them. (No, I don’t understand it, either.)
Having said that, I don’t see why those people looking for travel insurance, breakdown cover, etc would be remotely interested in spending £3/mo on this offering.
Now I’d never join Revolut because they do all sorts of dodgy things but for 0.99p more (£6.99) you get all this INCLUDED:
No fee ATM withdrawals up to £400 per month
Overseas medical insurance
Delayed baggage & delayed flight insurance
Global express delivery
Priority customer support
Instant access to 5 cryptocurrencies
Premium card with exclusive designs
Disposable virtual cards
LoungeKey Pass access
This is why £6 for Monzo Plus seems ridiculous to me. What they’re offering is way more added value for slightly more money. How can what you offer be justified when they’re throwing all this in?
Gee. Now that it’s only £3 a month for 12 months I won’t even be signing up at all. Not trying to be rude, I love Monzo, but I feel this needs to be rethought considering the competition.