What does Monzo premium / value add mean to you?

(Rob McKenzie) #205

Yes, it cannot imitate others it needs to innovate and remain different and better than the others. It doing pretty well so far.

(Rob McKenzie) #206

Most packaged bank accounts bundle in breakdown cover and travel Insurance which are available quite cheaply so I don’t see the need to have these with a bank account. Some people want Airport Lounge Access, Gadget Insurance, Metal cards, the ability to have pots of foreign currencies and Virtual disposable cards for online transactions. These I would find much more beneficial.

(Splodf) #207

Imo things like these two should not be encouraged as premium features. These should be core banking features available to everyone to use.

Insurance of any sort, breakdown cover, lounge access is more ‘bolt on’ and something, I agree, should be paid for.

(Rob McKenzie) #208

Yes, fx and virtual cards are not premium I agree, I was just saying the whole account needs to be different and ‘bolt ons’ are a great idea.

(Jordan) #209

For me I did it because Monzo worked so much better as a hub than the previous account I was having my salary paid into.

I can easily siphon off money into pots for my different savings but hold them there until a few weeks into the month in case of any “emergencies”.

I can easily move the required £s into another account and back again to get the interest on that account.

And then once all is said and done and all committed spending is gone - I know exactly how much I have left. There is no annoying disparity between what one number says is in my account and what the “available” says is in my account.

One thing that would just solidify it all for me would be better budgeting power - for me right now its just a bit too basic. It works for sure (after I exclude all my movements which aren’t actually me spending money) but just a little bit more power would be great.

TL:DR - Monzo just makes it easier to manage my money so I trusted them to use it with the most amount of money I have at one time!


Hi Ben,

Thank for your interest in taking part. Well spotted, although I’m afraid that this week’s slots in my calendar are for a different project - my original post was regarding the last Friday slots only and that round of calls is now complete.

Any slots booked for this week will have to be cancelled, sorry for any confusion. I’ll be in touch if anything else suitable crops up :blush:

Have a great week!



:eyes:different project eh

(Kris Littlewood) #212

Agree, we have this account as a joint account so we can both benefit from the covers under the same low fee. Although we use Monzo as our day-to-day joint account.

We just have the account left open and have a standing order to cover the monthly fee. It would be great if Monzo could match or exceed nationwides premium offering.

(Gavin) #213

I think some form of phone insurance would be the most beneficial. I had it with an old Halifax current account and it was great, but for an account that is reliant on a phone, it makes sense.

However, I would be wary of including features that could otherwise be available free in other accounts at other banks. It would certainly leave a bad taste in the mouth.

(Jake Tame) #214

I think the ability to pick and choose which aspects you want. I think Barclays to something similar.

Base Package - Higher withdrawal, metal card with color choice
Travel Pack - Travel Insurance + Family
Phone Pack - Phone Insurance + Family
Car Pack - Breakdown for person not car

Each adding slightly more onto the base package

(James Shrager) #215

Nationwide FlexPlus is the benchmark for this - of all the packages accounts this is by far the best in terms of what is offered and value for money. If you keep £2.5k in there you can get the fee down to only £7/8 a month. And holding it jointly covers me and my wife.

BUT, i think Monzo’s value is being able to enable a pick and mix style approach to this, where people can add on the things they need.

(Daz Fisher) #216

I also use the Nationwide FlexPlus, as it gives worldwide travel cover, family mobile cover as well as car breakdown, again for both of us as its on the joint account.

(Matthew) #217

Don’t see the point in packaged travel insurance it’s inexpensive even if you get an annual policy with sport cover.

The sole reason I havnt switched from Santander to a Monzo is the 123 account I use for my bills I pay a monthly fee and get cashback on most of my bills Utilities, Comms etc if Monzo offered this I would switch everything tomorrow.

I would be willing to pay a monthly fee for bills cashback but nowhere near the £13 been thrown about. Maybe where Monzo can differentiate from the rest of the market is to offer a tailored premium service so people can select the package and not end up with loads of paid features they don’t want or need.

(Chris C) #218

Can you still sign up to give feedback on this?


great suggestion… One time and many time single merchant virtual cards would be a nice next gen banking security feature…


It’s a (very) small trial, so you can only sign up if you have the offer in your app. But this is the place to register any thoughts or feedback!

Edit: I think I’ve confused myself, and probably you too - the user research is now, I think, finished. Monzo are trialling Monzo Plus with a very small user base which is what I was referring to - there’s a thread on here somewhere about it!

(yas) #221
  • Mobile phone insurance
  • AA breakdown cover
  • Worldwide travel insurance
  • Interest free overdraft

(Qais Patankar) #222

Having insurance would make me move all my stuff from my existing bank to Monzo, for usre.

(Qais Patankar) #223

Having insurance would make me move all my stuff from my existing bank to Monzo, for sure.

(Sarcasm is the finest form of wit.) #224

I’m sure there are plenty of ways Monzo can mark themselves out differently and smartly from other banks.

I’ve never paid for a bank account, I’ve always gotten better deals for insurance, car breakdown, etc elsewhere (largely through money back schemes), but I know a lot of people would use something like this when offered.

My fear is that ‘Premium’ takes cues from other apps, and new features in the app become limited and only some available to ‘paying’ users. Given Monzo is a mixed model and the app is the differentiator for many, I can see the appeal from a business view point.

E.g. Monzo introduces granular notification settings, but you have to be a Premium account user to get them.