What’s the best amount we should ask users to top up with when they register for a Monzo card?
This is a question we have been asking ourselves since we launched our first alpha cards in November last year. On one hand, we don’t want it to be prohibitively expensive. Not all users will have money available to transfer to a new card. On the other hand, cards are expensive to produce and send out, we are a startup with limited resources and we want to ensure that cards we send out will be given a chance and not just end up in a drawer.
The first users were asked to top up £50. Back then, you could only top up with a bank transfer which can be a bit of a faff to set up and takes a day or two so to go through this pain, you needed to be convinced that it is worth doing. £50 doesn’t necessarily buy enough time for a new user to experience the value of Monzo. A couple of visits to the supermarket or a big night out and the money is gone. So we increased it to £100 and have kept it there since.
Topping up £100 has worked well in many ways. It gives people a fair chance to give it a go and see if Monzo is something they want to keep using. But £100 can also be a significant amount of money - especially at the end of the month.
To find out what the right amount is, we’ll be running an experiment over the coming weeks: Some users will be asked to top up the usual £100 while others will be asked to only top up £25.
We wanted to let you know here to be as transparent as possible and reduce any confusion users might have from this. But we’d also love to hear your opinion! What is the ideal amount we should be asking for, that will not only allow most people to try out Monzo but also allow most people to experience whether Monzo is something for them or not?