I assume it isn’t Monzo that set this limit but the insurance company.
I imagine Monzo may have looked for a better deal initially and will hopefully move towards a more inclusive insurance company once they launched Monzo Plus to a wider auidience
1 Like
I completely agree with you. But Monzo has selected the insurance company, and settled on a policy that discriminates. I imagine that for a slightly higher premium, they could have negotiated a more inclusive policy.
It feels ultimately self-defeating to develop offerings that are only available to less than 50% of the UK population.
Nobody would consider for a second that it was ok to develop product offerings that were only available:
- to 50% of the population on the basis of gender
- to 60% on the basis of ethnicity
- to 70% on the basis of sexual orientation
- to 80% on the basis of religious belief, OR
- that were only available to neurotypical customers
I care deeply that Monzo don’t get blindsided by the youth of the majority of their team into believing that products are ok if they discriminate on the basis of age.
I shared this article a couple of years ago by one of the creators of the iPod, on how important diversity is when designing products. It’s an interesting read in this context (though not 100% relevant): Tony Fadell on designing inclusive products
6 Likes
Do any banks actually bundle airline lounge access into packaged accounts?
I thought that was only available via frequent flyers programs or business/first class tickets.
They’ve mentioned that they’re talking with many others to bring on board. So this means there will be more variety and something for everyone 
Fingers crossed. I look forward to seeing what they come up with. But to reiterate, if their first proposition was one that was only open to 50% of the UK population on the basis of gender or sexual orientation, could you be comfortable that they could still potentially deliver additional propositions for everyone, or would you feel that something didn’t feel quite right?
1 Like
They haven’t rolled it out fully yet so I guess we shall see 
They also said that they might release a plan for the future this week, so that should help clear up a lot of speculation too.
I think perhaps we’re making mountains out of molehills here. Some mainstream bank accounts will only cover you with their travel insurance up until your 70th birthday, other car insurance policies won’t insure you under the age of 25; this is simply their policy, and it won’t suit everyone. Realistically, Monzo is appealing to its primary demographic in the first instance.
This is literally the first iteration. I’m sure we’ll see policies that suit everyone soon. If you don’t like the policies on offer, vote with your feet and take out an appropriate policy elsewhere.
6 Likes
I appreciate the idea that you are effectively leaving out a large majority of the UK population, but it is acceptable within the Insurance Service Industry to assess age as a risk factor.
It could be that a general trend is that insurance post 46 is more expensive and therefore can’t fit into the price for the add-on as is currently set-up.
I’d highly expect that Monzo will introduce something that is either all-inclusive or deals with the post 46 age group - but I also don’t see a problem with how it is currently set up as the idea is that things will be chopped, changed and added going forward.
Don’t think so. I was just mentioning that the usual lounges that you buy your way into don’t make your trip much better… But I guess that depends on the lounge/airport. Aspire in Edinburgh & Glasgow leave a lot to be desired…
1 Like
I agree, if the decision was up to me, I personally don’t think you should be able to discriminate on age.
However, lots of industry do it.
Car insurance is more expensive for young people because they are deemed more at risk of claiming
Just as travel insurance is more expensive for older people because they are deemed more at risk of claiming
Monzo may have done it (I hope just initially) so that they can offer the best value of Monzo plus that they can.
A question I have for you
If Monzo paid a premium for all age groups who should pay it
- Every customer even those who are below the age that caused the premium to be added?
- Only the customers over the age that caused the premium to be added?
4 Likes
N26 do (not that I would use them as a benchmark for anything) and I think some HSBC cards get you into their own lounges in certain parts of Asia.
Usually it’ll come from the card provider more than the bank (ie. Mastercard).
@don_quixote, it’s a fair question. For the product offering to be considered most inclusive, I personally feel that with the scale we’re talking about, the premium that should be absorbed by all. However, so long as there was an offering available to all, I wouldn’t object to differential pricing - whereby older customers pay more.
Lloyds’ AVA travel insurance is available to customers up to the age of 80. Nationwide’s limit, I’ve just been told, is 69. American Express’ is up to 79 years of age on European policies, and 69 years of age on Worldwide policies.
It seems a little draconian for Monzo to set it at 46.
2 Likes
Isn’t this more ageist than simply refusing access to the product itself? Charging someone who is older for the same product seems harsher than not offering the product in the first place.
I’d suspect that the insurance with Lloyds and Nationwide you pay the same no matter your age. I would expect Monzo to develop a product that will apply to +46 which may be at a different price point due to the spread of risk.
2 Likes
@JustJordds, I see your point. Tbh, I don’t know what I’d consider most ageist. I guess it’s an ethics dilemma.
1 Like
Its a weird one, because I do agree that the current terms are more favourable to those who are younger, whilst it is legal to do so it doesn’t sit well as you say. Whereas, offering the same product but saying “oh you need to tell us your age because it may cost 50p more” seems worse IMHO.
Hopefully, a product that can be offered for those 46+ is being worked on though!
1 Like
N26 don’t - the Metal card provides ‘discounted access’ - their marketing is misleading. With a bit of research you can find coupons for entry at the same price or lower.
As a frequent flyer I am very glad I have access to airline lounges - the pay for entry ones are often zoos, the only benefit being you don’t have to pay airport inflated prices for a drink.
2 Likes
This is basically what any provider does though, so as far as lounge access, this is normal.
With RBS… you don’t, they give you a voucher for free entry
That’s good. Unusual, but good 
If Monzo had lounge access and did that they would be above the game. I suspect highly that they wouldn’t as it’s probably not very cheap for them to offer.
1 Like
The “catch” is… you have to book through RBS travel service… however I’ve found them to be competitive at getting discounted flights/packages (probably because I push them to check their non RBS systems)
1 Like