I’m a newbie to the Monzo Community Forums but otherwise a customer for a few months
My question is around Package Bank Accounts.
I am currently with Halifax as my secondary bank (already replaced by Monzo, all DDs and SOs moved) - however, I do really like the rewards they offer with their Ultimate Rewards Account.
What matters to me is mainly:
- Mobile Phone Insurance (I have a join account so it covers both me and my partner)
- Worldwide Travel Insurance
- AA Roadside Assistance including Home Breakdown Cover
- Emergency Home Cover
There’s other benefits too but I don’t really use them. I get all of the above at a monthly cost of £17.
Now - I really do want to close my Halifax account (see more below) as I am not particularly fond of their service, old school practices, rubbish mobile app (in comparison with Monzo at least) and the issues I’ve had with them over the years and how they dealt with them.
My question to fellow community members - is it worth waiting for the ‘new’ Monzo Plus accounts re-launch? Do you have any other packaged bank account that can offer similar benefits at a reasonable price? I looked at Curve Metal but not yet convinced. I also tried to tot up individual insurance policies for all the above benefits and it works out a LOT more expensive compared to my current £17 a month. Especially Mobile Phone insurance policies are at least £8 a month themselves and that just covers my device (not my partner’s!)
So do I continue to stick with Halifax and just move the funds over to Monzo with a SO each month?
As an additional note:
Monzo (and other Challenger Banks) are the future. So damn convenient, easy to use app, great feature set, fully mobile based, great customer support, saving pots, IFTT integrations, instant transaction and DD notifications as well as in-depth spending analysis.
In stark comparison, I was on the phone for 46 minutes (during working hours) with a run of the mill high street bank (one of the big 4) just to make minor changes on my account. Completely archaic practices that are frustrating for the customers and a complete waste of time! I would never ever open another high street bank account and I am genuinely considering closing my existing accounts and moving my salary to