New to Monzo Plus: interest on your money and exclusive discounts šŸŽˆ

UK Monzo Chat Monzo Plus
64

Thatā€™s great, Joe! Thank you ! :pray:

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65

Hey! I have a question.

If I already have a cornerstone account, will I be able to use the offer, and if so, how?

Cheers :slight_smile:

66

What are you referring to by saying a ā€œcornerstone accountā€? Also what offer are you interested in?

67

Shaving company - plus customers get 10% off.

68

Ahhh I skimmed through all the offers but donā€™t use any of them, so it didnā€™t register :slightly_frowning_face:

69

What would push it over for you?

70

Monzo are checking if the partner I currently use will honour the discount for existing customers.

The inā€“app flow in Monzo is geared up for new customers :confused:

Iā€™m going to wait for the answer before judging how good this new set of perks is.

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71

Whatā€™s the interest rate? Seems a bit counter intuitive to have to pay to get interest - IMO everyone should be getting interest, itā€™s a bank account after all.

72

I think what we have now is almost there, but the discounts are for brands that I wouldnā€™t use. I think a few bigger names/popular chains on board, and Iā€™d jump in.

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73

1.5% on balances up to Ā£4,000.

I think the idea is Plus isnā€™t just going to be purely for interest but for other perks and features.

However, if you can maintain a balance of around Ā£2,500 in a savings pot then the interest pays for the other features for you.

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74

Out of interest which perk is it?

75

How many banks pay interest on all their U.K. current accounts? (Yes I can name some that pay on some accounts but even thatā€™s not an automatic default position).

Better question, how many loss manning banks pay interest on all their U.K. current accounts?

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76

@Rat_au_vanā€¦ How are you planning on dealing with the interest leaving your balance unrounded? :grin:

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77

<3 Monzo! Butā€¦ Plus only being on my personal account is an absolute pain. My partner and I share a primary (Joint) account, and each have a secondary personal account.
ALL bills, subscriptions, most savings and so on, come from the joint account. Only a fraction of our spending and none of our regular payments come from personal accounts. This would reduce the point of centralising our finances and money management.

Please bring Plus to Joint Accounts. They should be on-par with the personal account whenever possible. We would take insurance, and many other add-ons, IF we could pay centrally, and not then have to both with standing orders, etc to work out who paid for what.
Thanks!

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78

Agreed, this is important. Or I may as well cancel my HelloFresh Subscription and sign up againā€¦
Oh that and that fact all bills are paid from a Joint Accountā€¦

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79

Missed out on the Ā£3 offer! Was tempted today but at Ā£6 month it is not worth it for me. Good to see some progress though.

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80

Itā€™s being transferred to a pot the second it gets added. Even if itā€™s 3am I will wait up just to move it the second it appears

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81

My feed still says Ā£3 then go on it says Ā£6 a month

82

So to my understanding, my interest would essentially be subsidising my membership to Monzo Plus? This is almost like other packaged bank accounts where rather than being put forward as an interest offering, itā€™s an offer of a fee free account if you sustain a balance.

83

Subsidising, yes but not fully funding.