I’m honestly thinking of cancelling premium at this point.
The only thing keeping me on premium is that I can’t simply Downgrade to plus.
I think my most used feature is VCards, and to get onto Plus instead I lose them.
In my view I think the travel insurance is not as all encompassing as it could be, certainly with respect to covid related matters vs competitors. I would really really like for claims and the policy to be generally managed in app too - this is my biggest gripe for the insurance from an app only bank - that I’m still locked into an archaic insurance system.
I just got a new iPhone and opted for the apple care plus, so don’t require the Monzo cover.
Lastly the addition of Flex and a few other features mean my Google export sheet is broken, and any IFTTT things I had on the back of it are redundant.
Genuinely the thing stopping me cancelling is the Virtual Cards for now, but once I do, and all the old cards are gone - I don’t really have any desire to upgrade to Plus.
I suppose to be fair they make it very easy to cancel the whole thing. But the downgrade point is pretty poor.
This is what they said when I asked:
I’m afraid there is no way to switch from Monzo Premium to Monzo Plus without fully cancelling Monzo Premium first. This would mean you’d lose any virtual cards, custom categories, or connect account.
You can cancel Monzo Premium from the Premium tab, by selecting “Settings”, then “Cancel Monzo Premium”.
Sorry there isn’t anything more we can do here.
Let me know if there’s anything else I can help you with, otherwise have a great day!
The virtual cards (and funding them from pots), mobile and travel insurance, and to a much smaller extent custom categories are what attracted me to, and are keeping me on Premium.
Sure I wish there was more development (I’d like to see my Skipton Cash LISA in monzo) but I’m equally just as happy with the product as when I started so I’m not really considering cancelling it.
I’ve never bothered with insurance for domestic holidays, but I guess it might make sense in some circumstances.
Supplier failure would be covered by credit card. Most places will let you cancel, but I agree there’s a risk this might catch you out if you have to do it at very short notice. Health is covered by the NHS. The risk of losing your luggage is lower generally. I don’t think I see the value insurance, especially after you pay the excess to claim.
(And, yeah, seems high to me as well. I’d expect to pay about a fiver for insurance for a quick European city break.)
That’s a false economy, surely, if you wouldn’t bother signing up after the trips. If you’d drop it so easily, why bother keeping it in the first place?
I hear you but it does seem crazy to me to pay for something you don’t need and wouldn’t miss.
To bring it back round to Monzo, the bank is going to have to work very hard to justify Plus and Premium soon, such is the massive impact on the cost of living everyone is facing.
I have been swithering (great Scots word) over getting Plus for months. I’m always interested in new features so my first instinct is to upgrade, but I guess ultimately I haven’t been convinced that the features are worth £60pa (for what I would use, anyway). I’ve been wanting custom categories for a while so that was the main thing that appealed, but equally felt a bit miffed that now they’d finally arrived, they came with a price tag. But you know, I appreciate that these things take development time so figured I would probably hit the button at some point.
Fast forward to now, and my boyfriend and I are about to move to a new house. Budgeting and analysis will be more important, so it feels like Plus will be more valuable. I go to upgrade and—for once!—read the terms and conditions. I see two things that make me hold off, again:
Plus isn’t available on joint accounts, which we’ve been planning to set up with Monzo. And of course that’s where I’d really want the trends analysis.
You can’t change the Plus payment date. Today is the 27th, but I get paid on the 28th each month. I know a fiver doesn’t seem like a lot, but I use pots a lot and my main balance can get pretty down to the wire. It’s my general policy to avoid setting up regular payments for the end of the month.
I’m guessing the reason for (2) is that although the subscriptions are monthly, they’re also instant. They start right away, and if you cancel, they take effect right away. But if a subscription service is set up in such a way that it puts users off purchasing when they want to (even in favour of coming back later, because that may not happen—this is now the second time I’ve swerved at the finish line), then to me that’s flawed.
Btw, (1), in addition to the discovery that there’s no easy way to move direct debits from my personal Monzo account to a joint Monzo account, is making us reconsider the whole joint account idea…
You can’t change the day on which plus fees are due but it is the date you sign up on, for example if you wait to 1st of month to sign up to plus it will always be due on 1st.
You can’t CASS a single person account to a joint account or vice versa. So if you want the direct debits on a joint account, you have to do it manually.
I’ve just done the same and most companies let you do it online yourself.
And while Plus isn’t available on a joint account, you do get Trends for your joint account. You get trends regardless of Plus, you get graphs if you’re Plus.
Absolutely; which is why I’ve set a reminder for myself to sign up on Tuesday But I did that before and ended up changing my mind… Anything that causes the user to hesitate at purchase should be carefully weighed up by the product team. I wonder, for instance, if it would be possible to choose your start date.
But if I’m in the minority finding this a stumbling point, then it may not be worth the time/effort/admin to implement!
But I did that before and ended up changing my mind… Anything that causes the user to hesitate at purchase should be carefully weighed up by the product team. I wonder, for instance, if it would be possible to choose your start date.