Right okay, caught on now (not had enough coffee evidently).
I do see the point, I suppose they have seen that the feedback from the A/B testing was enough to argue that currently it is worth £3 and then with what they add will take you up to the £6 mark.
However, as you say, the problem being how many people actually want/ value what is in the £3/£6 offering (even if it is eventually value for money - whatever that subjectively means) but would want access to the insurance, foreign withdrawals etc etc.
My only thought is that the £6 may help to subsidise further add-ons that when you start picking and choosing, allow for a better rate when taken at a complete package value - either way I have no idea and I think I’ve just confused myself even more
@jonas should the £3 show up in scheduled payments? At the moment you cannot tag the payment as recurring and it is not in the scheduled list so you could easily forget when this is next due.
Right, but I think what is clear from this thread so far, is that the “one feature we all wish we could remove” is the £3, or £6 monthly fee which so far gives absolutely nothing.
Perhaps @jonas you could share your vision around this point specifically? What is it likely to include to make the £3/6 be deemed worthwhile? This seems to be the biggest sticking point…
For my two cents, I don’t want to pay a monthly fee which gives me very little, only for the opportunity to buy extras. I’d be much more interested in not having to pay any base fee, but having the opportunity to buy the extras that I needed (£4 travel insurance for example, perhaps phone insurance also).
I’ve been looking for something reasonable that offers airport lounge access for some time.
Using it a couple times a year on some of the more expensive credit cards is simply not worth the cost. If monzo do it, that would be amazing. Ties in extremely well with the lack of fees for international purchases.
The base package is currently worth £1 a month. £12 for a card to be posted and a few mins of COps time to check you’ve not asked for monzo.me/bumholes. If it’s subsidising the bolt-ons, then why is it possible to have just the base by itself?
Increasing the base rate a bit to add virtual cards, lounges or such things will be fine, but having it set to anything higher at the moment is just rude. But virtual cards and lounges are things that not everyone might want, so surely under the + ethos, they would be separate bolt-ons?
I take issue with @jonas’s stipulation that Monzo has always been about collaborative discovery - yes, but for example when I came to the office to get my current account card early, the promise was “if we screw anything up, we will refund you no questions asked, even if a delay in payments causes a 3rd party to fine you, we will pay that fine” - basically you were treated with an impressive level of respect and generosity for helping out while the offering still had rough edges. I’m not getting that impression here. Anyone signing up now feels like they’re subsidising future users or paying for nothing until all the features appear.
£400 limit still seems tight. In countries where Monzo doesn’t work e.g. Korea, the limit should be wavered for Plus members
Insurance is nice…but price is very important
Bolt-ons could be separated into categories - think: travel, gadgets, health & fitness, gourmet etc. That way you could shape your package to your lifestyle, rather than random extras that become hard to manage.
3i. Would love to see airport lounge inclusion in a plus package.
As general feedback on the way Plus is being implemented, one of Monzo’s initial selling points was that you don’t have a complex fee schedule like legacy banks. Not sure how well this will work out once you have not only an optional monthly subscription but a bunch of extra bolt-ons at various price points for various features.
Edit - To throw my 2c, I personally (if i can afford it) prefer to pay for things in lumps, rather than a monthly payment, if its a yearly commitment the option to pay for the year would be nice to have.
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