I’ve only briefly skimmed over this threat but I replied a couple of times to the original thread in 2018 when someone highlighted the idea of premium monthly bonuses for a set fee.
Personally with TSB I love the features, I use the AA road cover(sadly, as little as possible), the mobile phone insurance(iPhone XS so an expensive device) and annually a couple of times I use their holiday insurance as it does actually cover winter sports as well as the sunny holidays.
The top and bottom line I see here is that people don’t want the features as they feel they simply either don’t want them or fear they’ll miss out on a unique card because they don’t. For me, if I pay £9.99 for the premium features I want the features not the card, it’s not important to me - although a metal card would be extremely nice, I wouldn’t be disappointed if the card wasn’t unique and it’s our standard card. Bearing in mind the premium features are completely optional, it’s not something you have to have.
At the moment, these missing features are holding me back from moving away from TSB whilst actively using my other online banks, monzo primarily obviously
EDIT - Also please add airport lounge so I can act important but more important support crypto-currencies
The only reason I haven’t fully switched from Co-op to my Monzo is because of the premium (£15.50) service that gives me:
World wide travel insurance
mobile phone insurance
roadside (RAC)
Airport lounge (nice too have)
the other 3 I really would like. And, I would pay more too.
Hope that helps!
n
I guess having now removed my “old” high stret bank from my life ( another thing on my non existent bucket list ticked off , I can fully embrace the API world andpost my first post , my thoughts are that if you are going to stick it to the old banks then a premium account must be just that, better more exciting different , offer whatthe others don’t , travel insurance is rather last century don’t you think, maybe offer a bit better than that, just a thought … think beyond the next century!!!
Travel insurance may come across as being ‘rather last century’, but personally, I’m happy to pay my 13 quid a month with Nationwide because I and my Wife take several holidays outside of the UK (mostly US/Caribbean) each year, and so the travel insurance aspect is worth every penny to us. The vehicle breakdown and mobile phone cover, well we’ve never had cause to use either so far, but at least it’s there if we need it. Different things for different people I suppose.
I think a add on service would be the best option to implement the premium service because not everyone would use travel insurance or breakdown cover or whatever, for me I’ll morely add phone insurance and breakdown cover
I’m with HSBC and have their Premier service - it’s free and includes a number of benefits such as travel insurance, appliance cover, lounge access etc. It’d be nice if Monzo offered something similar.
I’ve just looked at the eligibility criteria for an HSBC Premier account. An annual income of at least £75k or savings of £50k…that’s me out lol! I’ll stick with my £13 a month Nationwide offering.
