I’m sure they can; I expect it’s a loss-leader that they get a very good deal on. I can’t imagine that the premium accounts are directly profitable for them though, I’m pretty sure it’s just a way of locking people into the rest of their banking service (and it’s obviously successful at it as it’s giving you pause for thought about moving to Monzo).
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Has there been any progress on this? It is the last thing that is really stopping me from switching to Monzo and leaving Natwest behind.
- Travel insurance
- Mobile phone insurance
- Breakdown cover
- Taste card
- Up to 40% off Cinema tickets
- 2% cashback on certain direct debits
That’s a really big list of benefits for £20 a month. I’ve used the mobile phone insurance a few times over the years as well as the travel insurance so to someone like me, it’s a really big missing piece of the puzzle
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There is unlikely to be ‘progress’ on this since premium accounts isn’t the Monzo model as things stand.
The marketplace seems a way off yet (where these things might be available individually) so I wouldn’t hold your breath at the moment.
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Now that the crowdfunding round is complete, the next steps for Monzo are to focus on user growth and revenues. As an investor I don’t understand why there is still no ‘premium’ account? Surely, Monzo being almost a fremium business has to have a premium or a selection of premium accounts like most other banks. There is a new trend of having new transparent/metal/vertical cards designs and some people are obsessed with these (with other benefits too, like unlimited foreign withdrawals, etc). Surely this is too obvious of a way to increase revenue and give users an option to get some premium features? If so, why is it not in the works or at least I haven’t yet seen this announced yet? Its seems like an easy way to 5-10x the revenue without compromising customer support and without inventing a wheel. Any ideas if this is in the works?
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See this thread:
Hey @Tomyes, I’ve moved your post here like @rolanddeschain suggested to keep everything in one place. Hope that’s okay!
2 posts were merged into an existing topic: What does Monzo premium / value add mean to you?
Some banks offer added benefits in a collection at a monthly rate.
Would it be possible to offer selectable benefits rather than a bronze, silver, gold type of offering?
This could also provide additional profit margins, but a single place for an account owner to choose.