Just brainstorming a new structure of Monzo Plus which hopefully might be of use
The idea of having add-ons you can choose yourself is definitely better, however in the interest of simplifying things for people, you could put add-ons into sections with relevant products.
Iāve put an example below as an idea of what I had in mind that could work (prices are what I think might work for what youād get):
Airport Lounge Access - Ā£3PM
4.Car MOT (at say National Tyres & Auto Care) - Ā£2PM
Total: Ā£19PM (Apply a discount after each add-on chosen above so the price reduces with each product selected.)
Personal Section
More Than Contents Insurance - Ā£10PM
So-Sure Mobile Phone/Gadget Insurance - Ā£6PM
PureGym Membership - Ā£8PM
Funeral Cover (up to Ā£5000) - Ā£4PM
Total: Ā£28 (Apply a discount after each add-on chosen above so the price reduces with each product selected.)
Miscellaneous Section
Select Any 3 Merchant Discounts - Ā£3PM and Ā£0.50 per Merchant Discount chosed after that
Monzo Monthly Prize Draws (e.g. Tickets to Gig, a Year of Free Costa Coffee etc.) - Ā£2PM
Music and/or TV & Film Streaming Services such as Spotify, NowTV etc. - Ā£7.50PM
Cineworld Unlimited Card - Ā£10PM
Total: Ā£19.50 plus X Ā£0.50 Per Additional Merchant Discount (Apply a discount after each add-on chosen above so the price reduces with each product selected.)
Again, I donāt know how feasible the pricing of all the above would be, if all of them could be implemented or even if other people want any of them.
At least this way you have full control of what you want with the ease of being able to browse per section so itās broken down better. And the only thing thatās really ābundledā is the Basic package because some of those features either doesnāt constitute a monthly fee or should come as standard for any Monzo Plus add-on regardless of how many choose.
Iāve added a poll to this too in case people want to cast a vote on it
I would like to see family and joint account focused bundles/addons. Iām thinking;
Cards/Pots with Cards for Children. I would happily pay a premium so that my daughter could have a card or account from a young age, that I could manage, so she could learn the value of money.
Life insurance (joint or individual)
For me personally I am not fussed by any Monzo branded merchandise and for it to be included in a basic package would be a bit of a waste.
I think that all accounts, plus or not, should have some form of interest (or cashback on direct debits - just some kind of auto-earning element) but there would be a higher Plus rate.
Iām glad you changed your mind on this and listened. I am also glad I will actually get some swag now!! (on the Ā£3 early plan)
However, I echo what a few people are saying on hereā¦ itās going to take time to recover from thisā¦ we are now 2 launches down both fell flat on their faceā¦
I am annoyed that time has been wasted as I have lots of products I am holding out on getting to support Monzoā¦ they areā¦
However, I just keep waiting and waiting and with trips coming up soon I am worried I am going to have to go elsewhere
Letās get it right this timeā¦ let us pick what we want when we wantā¦ I know its hard to implement but Apple does it with Apple Music, iCloud, Apple Archade and TV+ā¦ so why canāt Monzo
I still think pick n mix is the best option. Core Plus membership to include the āsupporterā items, then other items can be selected as and when for the minimum period. Items to include: interest, phone insurance, travel insurance, metal card, CDW, cashback, no fee overseas, lounge access norm Ā£15/visit), gadget insurance and maybe a monzo credit card. Thanks
I think if the interest is going to work, I need to have the opportunity to make more than the monthly fee with the interest. If the cap is too low then thereās no point. If there was more discounts with monzo plus it would be acceptable. If they could go back to the Ā£3 price for everything the offerinng would be more acceptalbe with the discounts and interest.
Ahh I didnāt know about this. Still, like I say they were only ideas I had on how you could break the individual add-ons down into an easy-to-digest format whilst also offering a variety of different things for the majority.
The brands I mentioned are ones I personally find offer the best for your money. But again, itās only in my personal opinion on how it could be built to work all roundā¦ kinda like browsing a shopā¦ you wouldnāt expect to find rice in with the light bulbs
I was on the early bird Ā£3 and also cancelled based on the bundles, I appreciate Monzo are taking stock of the situation but not only are there now people on the original plus (some at Ā£3 some at Ā£6) there are people on the bundle model and people who cancelled Plus based on the bundles.
Since itās changing again there are going to be a lot of people annoyed about it.
I hope Monzo take into account the people who cancelled based on the new bundles and the removal of interest etc when releasing the new iteration.
There are some great ideas in here and the other topic but one thing that always concerns me is how people come up with their figures?
So many people say things like:
It should be X for a metal card
Insurance should be X per month
I want to earn more than I pay
Airport lounges should be free
But they never justify them. Is it not a given that people want their products at the lowest possible price?
Instead of going round in circles and arguing over pricing which nobody knows anything about on a commercial level. Canāt we just say what products weād like to see and let Monzo do the negotiating on cost? Iām sure theyāll do their best to make it as competitive as they can
This has always baffled me given it depends on what commercial deals Monzo can strike. Iām sure if as long as its good (not necessarily market leading but not bad either) people will sign up for it.
Same with people comparing to FlexPlus. Its a great place to aim for but you canāt build that sort of deal overnight.
In what world is it ever reasonable to expect more money back from interest than you pay on the account fees? Interest is just one of several benefits on a paid account, the interest alone should not be what gives the full (or potentially greater) value to you.
There were a few people kicking off over the price of insurances & products under the bundles in the other thread, mainly because they could source the insurances elsewhere at a cheaper rate with better cover etc. so the pricing is another cog in the Monzo Plus machine thatās being built.
You are right in the fact that not everyone knows about pricing on a commercial level, however we all have an idea in our heads what we should pay for XYZ (even if some have very unrealistic expectations lol) which I think Monzo themselves would appreciate so they can make it competitive.
The pricing I gave earlier were only examples based on what Iāve paid for other packaged bank accounts and insurances in the past, then added a couple of extra pounds on because those prices wonāt be the same now compared to what they were previously
As Iāve said before though, my own experiences wonāt equal the experiences of others but if weāre all throwing ideas into the mix then thereās definitely a good chance the majority of us will be happy with what Monzo comes up withā¦ 3rd time lucky eh?
Yes the core package makes zero sense to me, as does paid monzo plus as some sort of special gateway to lots of products - why restrict your audience like that? Perhaps itās because none of the bundled products would make monzo money otherwise?
To me plus is fine for those who want to be special supporters - have a metal/plus card, swag, all stuff that doesnāt have to cost monzo much and is free advertising. Most customers donāt want this, nor should they.
Then just offer everyone else products in a marketplace (as you started building last year and backed out of). Everyone wants different products and thatās ok.
The value monzo can add here (and it is a lot of value) is in super-easy one click onboarding and vetted clear and simple terms, opening a new cash savings isa in one tap (DONE), s&s isa in one tap, moving your home insurance without filling out all the tedious forms more than once, moving energy supplier, getting phone insurance, easily remortgaging etc. A control centre for your financial life.
Yes some people are super price sensitive and would not want this, but most value convenience over price and would happily buy more products via monzo. Do not attempt to compete on price.
I, too, hope for a v3.0 where there is no Core package, and just an a la carte selection of reasonably priced useful features.
I would like the metal card; though I understand that they want to take their time to make sure they get it right. However, paying for a draw for a chance to win one, Iām not interested at all.
Iām definitely in the demographic for lounge access. However, paying Ā£9 a month for the privilege of paying Ā£25 each visit - might as well not bother at all. Especially since I get lounge visits for free with Amex (which is what Monzo Plus is trying to compete with, no?)
I might find the deposit interest useful. Iām vain enough to want a custom monzo.me username, even though I never use it.
10% discount for some subscription I probably would never consider getting anyway does not appeal to me whatsoever. I already have travel insurance. I donāt withdraw cash abroad or at home. The contents insurance didnāt deem me a suitable customer back when it was available.
All in all, I just want the metal card and the monzo.me username. Maybe a T-shirt or something wouldnāt go amiss. I would pay for these. I wouldnāt pay Ā£4.95 to Ā£9 a month for these.
