Over the past few months we’ve been testing and trialling out a new subscription product for our customers. Our Pro subscription is now available in the app - you can see a new shiny “Pro tab” in your navigation.
With Pro we are offering: 2% cashback on eating out and groceries (up to $3000 per month) 3.75% APY interest on your Savings Jars Tracking and budgeting across all your money with unlimited connected accounts Increased Savings Jar limits Get paid up to 2 days early
I took the changed string in the latest app version (6.32.0) to be Business Pro, when in fact it is US Monzo Pro
<string name="add_money_add_card_allow_credit_body_us">By continuing, you authorize us to charge this card if your Monzo balance can’t cover your Pro payment.</string>
Early payday? Offered free with all major US banks
Unlimited Connected accounts? Offered free with all major US banks.
2% cashback? This is just a refund on the credit card fees you charge businesses already, which are tacked on to our bill already.
The only thing worthwhile is the 3.75 APR but even that doesn’t pay for the $10 monthly cost. When I get back from my vacation, I’ll be looking for another bank
I don’t think Monzo really cares about the feedback. The bungled the Pro rollout so royally that it tells me they just don’t care about losing customers.
I really like Monzo, but it’s not worth $10/month without Mobile Check Deposit and Online bill pay. Until this two items are available, I won’t be joining Pro and have moved all but a few dollars from Monzo to another FinTech.
Keeping my Monzo account open for a while and hoping Monzo adds Check Deposit and Bill pay. Then I’ll re-evaluate. This is a very sad turn of events. I had high hopes for Monzo in the US.
I a trying out both Envelope Money and Crew. Both have some features missing, but are in active development. And I’ve already sent feed back to both development teams, who did respond in a timely fashion. Both seem to be up and coming with active development schedules.
Check deposits and BillPay are a monster when it comes to fraud controls and losses. While checks use is decreasing, the dollar amount is increasing every year. They add a significant amount of risk and controls. There is always the option of letting another bank/credit union take that risk and move money over with Add Money > debit top-up.