# Value added accounts /premium accounts **URL:** \ **Category:** Feedback & Ideas\ **Created:** [3 April 2016 08:10 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673 "2016-04-03T08:10:14Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![Vekariya17](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/vekariya17/32/944_2.png) [@Vekariya17](https://community.monzo.com/u/Vekariya17)\ **Post date:** [3 April 2016 08:10 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/1 "2016-04-03T08:10:14Z")
Good Morning, Just something to maybe consider, I currently bank with Lloyds and one of the main reasons for myself is that with our join account we have the following benefits; - Mobile Phone Insurance - Travel Insurance - Break down Cover. I know this won’t be for everyone but for myself I would be happy to pay a monthly fee. Linked to this I think some sort of profile system to categories users would be great, an app which adjusts or displays certain information based on the type of customer you are. My needs from a bank when I was a student is now very different working full-time, if saving money is more important then display tools / services that can help me do that. ---
**Author:** ![billinghamj](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/billinghamj/32/131_2.png) [@billinghamj](https://community.monzo.com/u/billinghamj)\ **Post date:** [3 April 2016 14:23 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/2 "2016-04-03T14:23:12Z")
Heh. All the banks are currently being sued over misselling those kinds of accounts because they often don’t cover what they appear to cover, and they’re almost always a waste of money. I would definitely not expect Mondo to offer account bundles, but it would be interesting for them to offer integrations with other financial services (Cuvva + Mondo = ❤️:heart:️:heart:️ eh? 😉) ---
**Author:** ![Vekariya17](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/vekariya17/32/944_2.png) [@Vekariya17](https://community.monzo.com/u/Vekariya17)\ **Post date:** [3 April 2016 16:44 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/3 "2016-04-03T16:44:10Z")
Don’t see why other banks misselling should stop them from offering these types of accounts. It might not be for everyone but I’m sure it would be something some users would like. ---
**Author:** ![anon50039658](https://avatars.discourse-cdn.com/v4/letter/a/6de8d8/32.png) [@anon50039658](https://community.monzo.com/u/anon50039658)\ **Post date:** [5 April 2016 09:06 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/4 "2016-04-05T09:06:17Z")
Interesting, thanks Chatan! Personally I think that feels like a distraction for us but who knows 😃 ---
**Author:** ![anon47431397](https://avatars.discourse-cdn.com/v4/letter/a/77aa72/32.png) [@anon47431397](https://community.monzo.com/u/anon47431397)\ **Post date:** [6 June 2017 10:16 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/5 "2017-06-06T10:16:25Z")
Hi, This is my first post so please go easy on me! I’m actually a big fan of these value added accounts. Yes, they’ve been mis-sold to people who don’t need them, don’t qualify for them, or can’t get value out of them but they work for us. On a joint account, we pay RBS £16 pm for travel insurance (which we’ve had a good experience claiming on), breakdown cover, mobile phone insurance etc, one of those “taste cards” etc. For two people with two cars, this is pretty good going. I totally get that Monzo don’t want to be bogged down in providing something like this, but from what I can tell, most banks use a third party to run these accounts anyway (I think they’re called Lifestyle). Could they not be invited to the “marketplace” to offer a value added type “add-on” for those people who are happy with what they are paying their existing bank for these services but would like to move to Monzo for other reasons? ---
**Author:** ![anon47431397](https://avatars.discourse-cdn.com/v4/letter/a/77aa72/32.png) [@anon47431397](https://community.monzo.com/u/anon47431397)\ **Post date:** [6 June 2017 10:18 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/6 "2017-06-06T10:18:18Z")
Sorry. Just realized how old the initial thread was but wanted to bring it up as this would personally be a potential barrier to switching! ---
**Author:** ![alexs](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/alexs/32/2443_2.png) [@alexs](https://community.monzo.com/u/alexs)\ **Post date:** [6 June 2017 10:25 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/7 "2017-06-06T10:25:42Z")
Hi Greg, welcome to the community 🙂 The idea is Monzo users will be able to purchase all services you’ve listed in Monzo’s [marketplace](https://monzo.com/blog/2016/02/04/marketplace-banking/). That means that rather than having to sign up for whichever bundle of services your bank’s decided are best for you (&/or most profitable for them), you’ll have a choice of providers for each service. So if you need cover for action sports in your travel insurance, for example, you won’t have to worry about whether that’s included & the providers will be competing, which should drive down prices. By creating the marketplace, Monzo will (hopefully) make it easier for users to access these services & certainly make them easier to manage - as they’ll all be linked to your Monzo account. They’ll also be able to do clever things like spot when you might need travel insurance but forgot to buy it, before you left the country or remind you to cancel your breakdown cover, if you don’t renew your vehicle tax. How does that sound? ---
**Author:** ![anon47431397](https://avatars.discourse-cdn.com/v4/letter/a/77aa72/32.png) [@anon47431397](https://community.monzo.com/u/anon47431397)\ **Post date:** [8 June 2017 00:49 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/8 "2017-06-08T00:49:26Z")
Thanks Alex. This is food for thought! I guess that what is so exciting about what you guys are doing is that you have the ability to pull a deeply flawed system to pieces and redesign it from scratch. The marketplace idea is fantastic and I suppose it is exciting to envisage your banking app realising that you are at the airport for example and ensuring you’re covered. I guess you have had preliminary conversations with potential marketplace partners. How is the response? Are they open to new ideas? ---
**Author:** ![alexs](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/alexs/32/2443_2.png) [@alexs](https://community.monzo.com/u/alexs)\ **Post date:** [8 June 2017 09:33 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/9 "2017-06-08T09:33:28Z")
It’s great to hear that you’re excited about the marketplace idea as I am 😃 > [@anon47431397](#): > > I guess you have had preliminary conversations with potential marketplace partners. How is the response? Are they open to new ideas? Great question, I don’t work for Monzo though so that would be a question for Phil. But since he only joined Monzo last week, I’m guessing that it might be a little bit too soon for him to answer that 🙁 > [@New Joiners at Monzo HQ](https://community.monzo.com/t/new-joiners-at-monzo-hq/7981/10): > > Hi Everyone! wave My name is Phil and I joined Monzo this week as Head of Partnerships. About Me: I grew up in North Wales mountain, studied Computer Science computer at Cambridge and spent the last 10 years working in a variety of business and technical roles at Microsoft, Google and Facebook. Before Monzo: I worked in strategic partnerships at Facebook, most recently focused on the Messenger Platform (bots) robot What I’m doing at Monzo: I’ll be working to build out the Monzo Ma… ---
**Author:** ![anon67803503](https://avatars.discourse-cdn.com/v4/letter/a/977dab/32.png) [@anon67803503](https://community.monzo.com/u/anon67803503)\ **Post date:** [8 June 2017 11:15 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/10 "2017-06-08T11:15:06Z")
Hey Greg - I’m only Day 8 into Monzo, but from the conversations I’ve had so far, we’ve got a lot of partners who are keen to work with us! It’ll take us some time to work on these partnerships and build these great experiences, but watch this space and keep sharing ideas and feedback! 🙂 ---
**Author:** ![anon47318147](https://avatars.discourse-cdn.com/v4/letter/a/ce7236/32.png) [@anon47318147](https://community.monzo.com/u/anon47318147)\ **Post date:** [16 July 2017 10:27 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/11 "2017-07-16T10:27:54Z")
Hi all, unsure if this has been raised or not but me personally would like to pay a monthly fee for some premium services I know we aren’t to far from the launch 🚀 and I would quite personally like have to the option to pay a monthly fee for premium service just a thought but what does everybody else think? ---
**Author:** ![j06](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/j06/32/97044_2.png) [@j06](https://community.monzo.com/u/j06)\ **Post date:** [16 July 2017 10:25 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/12 "2017-07-16T10:25:57Z")
What does your premium service look like? How much does the monthly fee cost? ---
**Author:** ![alexs](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/alexs/32/2443_2.png) [@alexs](https://community.monzo.com/u/alexs)\ **Post date:** [16 July 2017 10:31 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/13 "2017-07-16T10:31:29Z")
Hi Louis, I’ve moved your post here as the team’s shared their thoughts on this type of account before earlier in the thread, I hope that helps 🙂 As for me, this is my guess is this ⬇ is the way that Monzo will go - > [@Value added accounts /premium accounts](https://community.monzo.com/t/value-added-accounts-one-for-the-future/1673/7): > > Hi Greg, welcome to the community slight_smile The idea is Monzo users will be able to purchase all services you’ve listed in Monzo’s [marketplace](https://monzo.com/blog/2016/02/04/marketplace-banking/). That means that rather than having to sign up for whichever bundle of services your bank’s decided are best for you (&/or most profitable for them), you’ll have a choice of providers for each service. So if you need cover for action sports in your travel insurance, for example, you won’t have to worry about whether that’s included & the providers … but it would be great to hear your thoughts if we’ve missed anything here. ---
**Author:** ![anon47318147](https://avatars.discourse-cdn.com/v4/letter/a/ce7236/32.png) [@anon47318147](https://community.monzo.com/u/anon47318147)\ **Post date:** [16 July 2017 14:11 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/14 "2017-07-16T14:11:27Z")
Thank you alexs I couldn’t find it thank you ---
**Author:** ![patrice58](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/patrice58/32/15708_2.png) [@patrice58](https://community.monzo.com/u/patrice58)\ **Post date:** [16 July 2017 22:12 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/15 "2017-07-16T22:12:50Z")
So will this marketplace be free for companies to join? If not then it’s no different to what the banks are doing via their packaged accounts. ---
**Author:** ![BobT](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/bobt/32/5151_2.png) [@BobT](https://community.monzo.com/u/BobT)\ **Post date:** [16 July 2017 22:38 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/16 "2017-07-16T22:38:56Z")
From [https://monzo.com/invest/monzo\_investment\_deck.pdf](https://monzo.com/invest/monzo_investment_deck.pdf) (page 13) “Long-term, profit sharing and affiliate fees on third-party products will be the main source of revenue” ---
**Author:** ![anon49486890](https://avatars.discourse-cdn.com/v4/letter/a/9e8a1a/32.png) [@anon49486890](https://community.monzo.com/u/anon49486890)\ **Post date:** [13 October 2017 08:59 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/17 "2017-10-13T08:59:44Z")
I would switch in an instant if Monzo did breakdown cover, mobile phone and travel insurance and a credit card. I need a credit card that shows me transactions carried out in real-time not in the next monthly statement. ---
**Author:** ![anon56235072](https://avatars.discourse-cdn.com/v4/letter/a/898d66/32.png) [@anon56235072](https://community.monzo.com/u/anon56235072)\ **Post date:** [14 May 2018 11:45 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/18 "2018-05-14T11:45:10Z")
For those those of us, like myself, that sometimes have to top up by card, why not place it behind some kind of monthly premium service to cover the costs and remove or restrict access to card top ups from/to those that don’t wish to pay? ---
**Author:** ![simonb](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/simonb/32/78198_2.png) [@simonb](https://community.monzo.com/u/simonb)\ **Post date:** [14 May 2018 12:04 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/19 "2018-05-14T12:04:28Z")
It’s certainly an idea we’ve considered. As long as all standard functionality is accessible to all, there might be some potential for paid add-ons. We’ve not committed to it, but it’s one idea that’s part of a wider ongoing conversation about revenues. ---
**Author:** ![Bruce](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/bruce/32/59147_2.png) [@Bruce](https://community.monzo.com/u/Bruce)\ **Post date:** [14 May 2018 13:50 UTC](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673/20 "2018-05-14T13:50:05Z")
Great idea, but paywalls can have some major impact in terms of people’s pahychology towards a product, even if it is delivering a benefit… [Next page](https://community.monzo.com/t/value-added-accounts-premium-accounts/1673.md?page=2)