Monzo Premium Banking for the famous

General Chat
1

After a quick flash of my metal card in a supermarket, had a weird conversation with someone asking if I’m a rich man!
Since I didn’t want to disappoint him I smiled and carried on. Now I have a mate who has a “Black natwest” card, and American Express. Since my brain likes to over think, I wonder if any millionaires or the famous would use monzo after seeing the “Premium” card?
Or would they prefer the more exclusive private banking that needs 5 million to join!

2

I think private banking does come with extra benefits that Monzo Premium doesn’t. So is hazard a guess they’ll go with the offering that provides a concierge and a personal banker

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3

I agree, you need wealth management support & that’s what these specialist banks offer. Monzo Cops wouldn’t be my preferred choice for wealth management and concierge over coutts for example :sweat_smile:

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4

I think it depends how rich and famous.

David Beckham probably doesn’t care about Monzo and has his wealth managed by something with benefits. But Greg James? Maybe he’d like Plus.

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5

I don’t think millionaires need lame Monzo budgeting and a confetti animation congratulating them for underspending by £1.29 one month.

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6

Reminds me of a story from a friend who used to work at a resort in the French alps. The super wealthy all spend on credit cards with insane limits and barely touch their cards. They just hand them over when they arrive and expect the staff to sort it all out. I suppose it’s just not worth their time to keep getting a card out of a wallet!

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7

I imagine if Bill Gates used a ATM outside Tesco he’s balance wouldn’t be 50 billion?

Thanks for your replies :+1:

8

I imagine the wealthy wouldn’t give a toss what a card looked like either, does it function and pay for that wild night out. :white_check_mark:

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9

I think if I were a millionaire and I had to wait 25-ish hours for chat support to raise my limit every time I wanted to buy a new yacht, I’d just leave Monzo.

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10

I’m sure there are famous people who have Monzo cards - I have a vague recollection of an old AMA where someone alluded to this, and possibly Tom has done so in an interview as well, if my fuzzy memory isn’t entirely misleading me.

Not all famous people are rich, so they won’t all have private banking and the like anyway. And even if they did, they could still have a ‘spending’ account separate from their ‘turn my millions into billions’ account.

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11

I remember this too. I want to say that it was in a discussion around how many digits are accounted for in the app.

It would also be a big risk/foolish to keep millions in a Monzo account when you’re only insured for £75k.

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12

This…

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13

Didn’t Lily Allen used for had monzo?

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14

It was a while ago… Maybe she still does :man_shrugging:

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15

They are probably using charge cards with practically no limit.

I agree with other posters who say that the real wealthy would use Coutts, C Hoare & Co or another private bank specialising in providing services tailored to their needs.

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16

If you are a millionaire you do not care to show your status in shop with a premium card. You simply don’t care. However, if you pretend to be one, you will be the first one to do it.

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17

I personally suspect at that time just a clear app and spending notifications along with almost instant 24/7 in app help was the game changer, even for a rich person. Mondo were the only bank doing this really.

Sadly this has… let’s say altered since the Mondo days.

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