“Progression”.
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It’s even worse than that. At least with a ‘unlock all features’ you get everything. This is an upgrade to allow you to buy more upgrades. !
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Do you like or want any of the things currently on offer?
I don’t think people are saying they don’t like what the things on offer are.
The issue is the cost. And the fact you need to pay to access things that also cost more. Why would the insurance need an upgraded account to access? Please tell me if there is any other bank anywhere requiring that?
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As others have said there’s nothing of value for the £3/£6 fee. For the £3 I’d expect at least the 2 ‘custom’ features of travel insurance and enhanced travel money. I can get a years travel insurance for £20 so I’d still consider it expensive. At £6 no chance.
I’d probably pay £3 a month for access to:
- A whole-market comparison service which auto-switched me to the best car/home/travel/health insurance.
- A whole-market comparison service which auto-switched me to the best mobile/internet deals.
- Reduced cost Netflix, Spotify etc. subscriptions.
- Cashback on card spending.
- Cashback on bills.
- Interest on my current account balance.
- Discounts or enhanced cashback at specific retailers (that I already spend money at).
- A concierge service to arrange things that need doing, for example at the minute I need my guttering doing. If in-app I could say I need my gutters cleaning, select my availability and then say 24-48 hours later I get an alert that you’ve found 3 companies with prices and I can accept directly in-app and it just happens (Monzo taking a referral fee from the company as well).
I’ve never had a packaged account, never seen one that would save me money so maybe I’m not your target market. I see merit in making individual elements ‘custom’ so that people can tailor to themselves and get as cheaply as possible but for me, every element needs to be cheaper (If I’m paying a fee) or at least as cheap (if I’m not paying a fee) as I can get myself from doing a whole-market comparison.
Monzo should be earning their money on the referral fees from companies or offering prices that beat the rest of the market for a particular product.
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Don’t disagree.
What would you pay for these things?
phone/device insurance would be amazing
But you do (or did) offer custom Monzo.me URLs for free - I had mine changed by CS.
If you genuinely believe that this is good value then fair enough but I really think the vast majority of people on here would appreciate if Monzo came out and said, “We hear you, we’ve got this wrong.”
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I cannot see any link for joining the waiting list within my account options in app at all?
Personally I firstly wouldn’t pay JUST to access the insurance. No way.
Overall it completely depends on the insurance offerings. I’d probably pay in the £10 mark for fairly standard mobile insurance/gadget insurance.
Travel insurance I would prefer to pay per trip, so I don’t really have a ballpark figure.
In any case, I’d shop around. Monzo should have done this basic research first, I hope.
It’s in the next release.
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Should we be successful in getting offered one of these accounts soon are there going to be other features added for our £3/£6 a month or is the offering just as listed at the moment and anything else will be an additional cost item?
Have they? They’re building a product that will be added to in the future. Give it a year and see where it’s at. I have no intention of signing up now but I will keep an eye and see where it goes
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If we disregard the current benefits of Monzo Plus, the problem with this current model is that you’re asking users to pay x amount of money per month in order to add more services which cost yet more £ per month.
You either use a subscription model that is similar to other banks - including a few benefits for £6 a month, and maybe even a higher tier account with more benefits for slightly more per month. Or, you scrap the whole ‘Plus’ thing and just allow people to add benefits to their account for additional fees.
The latter seems to be what you’re trying to go for, but I’m not entirely sure why you’re locking it behind having to subscribe to Monzo Plus.
To quote from the blog post:
Many banks offer packaged accounts or premium bundles, but you often end up paying for things that you don’t need or want. You might find three out of the five things in that bundle useful to you, but you still have to pay for the two that you don’t.
Okay, I don’t want a new card or “exclusive swag”, can I just have travel insurance/mobile phone insurance/cashback please?
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Yes, IMHO (and the opinions of most others on here). Charging £3/month (ignoring the price increase) for what is on offer is ludicrous.
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To expand on what @danmullen said above.
So what you’re saying is that they’ve launched it prematurely?
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Neither would I.
I wouldn’t pay that much.
Same. As my comments on the other thread about Monzo+.
Your argument, correct me if I’m wrong is;
‘I don’t like this iteration of the offering, but would pay it if I got gadget insurance thrown in and the price was around £10.’
That’s really a shame that Android users can’t join the queue at all until the mistake gets corrected and will then presumably have to wait longer.
“We’re starting off small so we get it right”
Nope. That’s why it’s £3 now
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Shame the blog doesn’t mention this! 