Last month we announced the new bundles for Monzo Plus, as a way to make Plus simpler while still letting you choose the most relevant option for you. But we heard loud and clear from you that this isn’t what you wanted. So we wanted to hold up our hands and say: we’ve missed the mark here.
Not only did we get the product wrong, but we didn’t communicate with you enough during the process. We want to change that, and make sure you’re the first to know when we take a new approach or need your feedback. And that starts today. Here’s some updates on what we’re up to.
Bundles haven’t been performing very well. So we’re pausing this direction for now.
We’ve seen a significant number of people sign up for the Supporter bundle, but not Traveller or Home. (For context, we didn’t do a big push on social media or elsewhere - because we were still testing out the new bundles). But overall, take-up of the new bundles isn’t what we’d hoped it would be.
People can still sign up for the bundles if they like what’s on offer, but we’re not migrating existing Plus customers over to anything just yet. Until we know exactly what you’re migrating to, we won’t move you.
We’re looking again at other models
We’re accelerating our research and planning into a different structure for Monzo Plus.
Previously we’ve said that single bundles don’t offer great value, and that’s exactly what drove us to build and test the previous models - the Core and Custom features we launched the first time around, and the most recent bundles. But there’s no point in building something that’s super personalised if only a minority of customers want it - to make Monzo Plus a success, it needs to work for a significant chunk of our customer base (which will soon hit 3 million! ).
We’ve removed The Home bundle
We discovered yesterday that we’d mistakenly removed some key information from the latest flow. It’s not something we could easily fix so we removed the bundle entirely. We won’t add it back until we’ve figured out the direction we want to take Plus in, and the best way to offer contents insurance generally.
Metal cards are coming, but not right away
We’re still finalising the details of the metal card prize draw, and waiting on some prototypes to be delivered - so these plans may change.
But our current thinking is that once we’ve fully tested metal cards (hopefully towards the end of September) we’ll start running prize draws for all new customers who’ve bought the Supporter bundle and for all customers who’d signed up to Monzo Plus previously, but haven’t had a chance to switch to The Supporter.
The "buy 3 bundles, get a metal card free" offer will apply for anyone who did so before we removed the Home bundle. As we’re now reconsidering the future of Plus, it doesn’t make sense to extend the offer more widely. If you’re eligible, we’ll be in touch when we’re ready with your metal card.
We’ll make sure that anyone who wants swag gets it
We’re finalising the details of swag as we speak, but anyone who joined Monzo Plus as an early bird (i.e. if you’re paying £3 per month for your Core features) who feels like they’ve missed out on receiving swag will be included in the first swag run of the Supporter bundle. This is even if you choose not to switch to the Supporter bundle in the future (if that becomes an option). We’ll let you know more about this when we can!
We’re testing adding deposit interest back in
You told us that you were unhappy about us removing the interest on balances. As of today, we’re testing adding it back in. We’re doing it as an experiment, which means some people will get it, and some people won’t. We know that can be frustrating but bear with us. If the test results look good, we’ll look to make it available more widely.
How you can help
Something the last few weeks has shown us is that our Community is great at letting us know when we’re on the wrong path. You know what makes Monzo awesome - you helped us get there!
So please keep telling us when you think we’re on the wrong path. Explain what doesn’t feel quite right. Tell us what you personally would expect and like to see us do. We can’t promise we’ll always do what you suggest, but we’ll always listen and consider it.
Please share your feedback in the knowledge that the Monzo Plus team is working hard to build something awesome - but we’re only human, and we make mistakes.
We’ve made some missteps so far, but we’re confident that we can build Monzo Plus into something really amazing with your help. Thanks for bearing with us!