Just got the email. Such a shame… I like paying my low early adopter fee and don’t really see any benefits for me in upgrading to the new Plus or Premium as the interest no longer covers the cost.
We’re turning your version of Monzo Plus off on 4th January 2021.
There aren’t many people using your version of Monzo Plus since we launched the new one (and more recently Monzo Premium). Which means we’re going to stop supporting it.
We’re turning it off in 61 days from now, in line with our Monzo Plus terms and conditions.
We won’t close your Monzo account entirely, it’s just your version of Monzo Plus that we’re turning off. Your Monzo Plus card will continue to work as normal.
You’ll lose your Monzo Plus features
From 4th January 2021 you’ll no longer have your Monzo Plus features. These may have included insurances, increased fee-free withdrawal limits abroad, balance account interest and emergency cash. If you order a new card it’ll be our original hot coral Monzo card.
If you have Urban Jungle contents insurance or AXA travel insurance, your cover ends on 4th January 2021. Any claims that are already in progress can continue, in line with your policy terms and conditions.
If you have any questions you can message us in the app and we’ll do our best to help.
The Monzo team
You’ve hit the nail on the head here as to why they are discontinuing it.
As a company losing money it makes no sense whatsoever to offer a packaged account which loses the company more money.
I think Monzo just ended a contract with Urban Jungle…
Or it could be for the reason they listed, which is:
The admin to continue supporting a product that has only very little customers isn’t worth it. Makes perfect sense.
Also, not to mention the additional code throughout the apps, and backend systems to support the discontinued services etc.
I never got the original iteration of Plus. I have been enjoying Premium so far mainly because I wanted a Metal Card and Phone Insurance
Just got the email as well…
Plus v1, you will be dearly, dearly missed
I think the biggest takeaway from that email is that we are already in early January in just 61 days time
There aren’t many people using your version of Monzo plus
I’m on Plus v1, just out of interest who else? I’d like to know how many people will be losing it
Monzo won’t tell you that.
It’s a secret
Does anyone know how to cancel Plus v1. I know it’s closing in January, but thought I may as well cancel it now, but I could only see an option in the app to upgrade – which I don’t want to do.
You need to message in app
For anyone else reading, this is only for Plus V1 - new Plus users can do this in app.
I am still there. it was actually a bit of a joke. I kept it on simply because fortunately for me the interest was marginally more than the fee so I didn’t think there was any urgency to change.
I seen mention in the email about insurance. I don’t remember ever getting any information about that. Offers were extraordinarily poor and there was also some ‘mention’ of swag which although not important only a select few seemed to come by. this is all old news of course but probably typifies the whole initiative.
Was very disappointed and am also a little disappointed that as a willing paying customer there’s not much attractive in terms of the existing accounts… so be it, I’m not owed anything and the money stays in my pocket but it feels like there are lots of people who would gladly part with subscriptions for even a bit of value. Feels like a bit of a missed trick
Well, the reason for shutting it is obviously that, but he’s right on the reason that the new accounts aren’t functionally free - it’s quite obvious that it’s useless to provide a product that makes no money.
I got the email. I was on v1 without any insurance products added.
I decided to upgrade to Monzo Plus v3 because of the features. The main selling
point was the connection with other accounts.
It’s a shame, but I get the commercial and technical reasoning behind discontinuing the original Plus offering.
I had the £3 fee come out of a separate pot every month so I didn’t notice it but, honestly, I didn’t actually mind paying a monthly fee to Monzo. It felt like I was supporting them in a way.
The 1.5% interest on balances up to £4k was great to have, and I usually find myself topping my account up so that I’m maximising the interest I earn each month. Now that it’s coming to an end, I’ve looked at the new Plus and Premium offerings and I can’t see myself upgrading.
Nationwide give me phone and travel insurance, as well as breakdown cover for £13 a month. Paying Monzo more money for less insurance (despite the metal card and 1.5% interest on balances up to £2k, which is tempting) on their Premium offering doesn’t make sense.
Likewise, I don’t need the new Plus features - virtual cards are good, but I put everything on my credit cards each month so that’s one main selling point that doesn’t work for me. The 1% interest on balances up to £2k isn’t worth it when I have an instant access savings account paying 1.2% (yeah… I know… big whoop ).
Sadly, I’ve come to the conclusion that I’m probably going to move my day-to-day banking away from Monzo. I’m one of those weirdos who can’t stand to have any money sat in a standard current account not earning any interest, and paying £5 and getting less out of it with the new Plus offering doesn’t work for me.
It’s sad, because I love Monzo. Genuinely! Instant money transfers to your friends who are on Monzo is great. The app is fantastic (literally the best banking app out there, bar none).
I’m keeping the account open for when I’m abroad, and for getting BACS payments a day early (another great feature), but that’s all I can see myself using Monzo for now