Monzo Premium - coming soon?

Maybe a bit controversial but a fast track customer service line would be a good addition. I don’t for one minute believe that fast customer service should be behind a paywall but I can’t see any other way as it’s just falling further and further backwards in my experience.

The last time it was brought up, it was hugely unpopular so brace yourself :laughing:

I think Monzo just need to be stricter on educating people who raise nonsense queries like “when is x feature going to be released” or have a better system that detects these and sticks them right to the back of the queue with the lowest priority.

Likely to generate division, though.


Freetrade have just introduced priority customer service for their plus service, there’s something about it that just makes me feel uncomfortable having to pay for that.


Anything specifically? :smiley:


+1 for the “none of the above” crowd. Half of the stuff is fundamentally broken, too. Paying money to get more “free” cash withdrawals abroad, or paying money to get more interest directly pits the customer against Monzo and that makes for bad business and bad products. And additionally I have no interest in packaged insurance - a bad precedent set by legacy banks that really should have no place in Monzo.

The only thing that would be decent is an Emma-like financial planning system, but I don’t support putting that into the highest tier - that’s not “making money work for everyone”.


I think there’s a couple of things I would like:

  1. Family banking - Not for me personally at the moment but it would be useful to have.
  2. More “vulnerable banking” for example partnering with to provide support for vulnerable people as you’re unlikely to get them(Grandparents etc) as customers but you might get their children.(Kalgera actually just straight up works with Monzo, I’ve just tested it now)
  3. Financial advice/access to financial courses - This is something that I recently did through WiseAlpha’s bond school(for free) my mother pays for Which? advice which is really good when required.
    Really there is forever the revolving question of how to monetise things when you’re used to not paying for them(Really its the WhatsApp question)
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Sure to generate some discussion :eyes:

Barclays do it very well though…

What, if anything, would you put in the highest tier?

I think the issue with Monzo doing it is that currently the customer service experience is poor and then when people pay, whether it gets worse or not for those that don’t pay, they’ll think its because they want you to pay.

For arguments sake:

Normos - 3 hours

Normos - 3 hours
Plus+ - 1 hour

That’s a big improvement for those that pay. But I don’t think you should have to pay to get help and those that don’t pay, won’t remember that it was always that bad, they’ll say it’s now bad because Monzo only care about people who pay.

If it was like this

Normos - 10 mins

Then they made it
Normos - 10 mins
Plus+ - Under 5 mins

I don’t think the non-payers would care.


I agree that I’m not sure it would be right for Monzo now - was just saying that I’m sure there will be strong opinions after the chap’s post suggesting it :joy:

Well, as I said:

And outside that set I have nothing to add. I think that’s because there is nothing to add. You know the phrase “a solution looking for a problem”? Well, that’s sort of what we have here. “We need a higher tier premium account to make more money”. But the Monzo product is already the product. It’s just that in the banking space people are averse to paying for services - at least in Britain.

I think that the worst-case scenario would be to put all the rich money management stuff into a high tier, because that’s something that would make Monzo even more broadly appealing, but £10 or £15 or £20 a month “for a bank account” isn’t going to fly outwith a quite limited set of people.

But this has always been Monzo’s core problem, that they have never managed to solve. They’re in a space where people don’t want to pay for their product because no other company charges for it. It’s the old “??? \n Profit” joke, but with an added sting that nobody actually wants to pay. They originally wanted to take a cut on referrals for bills switching, an idea that largely seems to have been killed as the primary revenue stream. Now they are floundering trying to square this circle. I don’t have a solution here. It would be amazing if people were willing to pay £15 a month for a bank with a rich feature set, and to let Monzo actually be paid for delivering their core product, but that seems unlikely.

So I guess that they get to imitate legacy banks by creating an insurance side-sell premium product. And likely imitate them by enlarging their loan book. Kind of the opposite of what Tom had envisioned, really. But they’ve ousted him now and replaced him with a more traditional CEO, so I suspect that’s what we will get.


I’d pay for instant savings pot withdrawals.
And anything that tidies up my feed/statement, like pot to pot transfers. Nested pots. Pot descriptions.

In summary,

I :heart: pots.


I don’t want to be “that guy” but this is what every other bank I deal with has…for free…

The pots are great, but the delay on moving stuff is ridiculous. I kind of understand logistically why it happens with them being 3rd party accounts, but it is annoying,


I get that, but it’s what every other bank doesn’t have (the budgeting tools, the visibility, the customer service ((yes, in my own experience it’s always been excellent)), the instant notifications) that’s makes me want to keep all my money in one place.

Sure, you can get each of those things I’ve listed above elsewhere, but I’m not aware of any FCSC registered bank that provides all of them. Which is why I’d be happy to pay a small monthly fee for that convenience.


I get it - and that’s why I use Monzo, because I like the app’s functionality a lot more than others - but it seems like you’re really saying you’d pay for that functionality, rather than instant pot moves, as the functionality is the differentiator?

Sorry, there’s no need for me to be a pedant like that… I get what you’re saying. I agree, except I’d not pay for it :slight_smile:

I need to find the original post, but one member of staff said that your account statement needs to be an accurate history of your account. So you can’t hide rows or make things not appear.

Given that the functionality is currently free, but if instant pot transfers were included in premium and I’d happily pay for premium on that basis, I guess what I’m saying is that I’d pay for instant savings pot transfers.

Understood, sorry

I know. It needs to accurately reflect the bank’s ledger. :pensive: The obsessively organised part of me longs in vain.