What does Monzo premium / value add mean to you?


((╯°□°)╯︵ ┻━┻) #21

I agree with the views of @rarther and @Feathers in regards to premium accounts not being a good idea.

Before I jump to any conclusions though I’d like to hear why @SamanthaD is asking this question in the first place? Perhaps Monzo want to investigate if they could offer some “premium features” for free as part of the standard package to help attract more people to switch? Or they want to start forging some relationships with providers to kickstart the marketplace?

Until then I’ll reserve judgement as I think everything I would say has already been said :slight_smile:


(Dan) #22

I suppose it’s fair to want one, rather than to need one. I’ll never question wants.


(Terry) #23

I really like the idea of a metal card, hot coral would do fine :wink:

I like the idea of insurance products, Mobile Phone, Breakdown and Travel Insurance are the ones that come to mind. Maybe something like ‘Refund Protection’ like AMEX has where if a retailer won’t refund you for any reason, Monzo would refund you.

I also like the idea of maybe not charging for paying money into PayPoints and a higher foreign ATM withdrawal limit.

Exclusive rewards / offers like AMEX do, but would have to be decent ones. AMEX have offered deals like £5 off a £10 spend at Argos, Primark, etc which were really good.

However, this all needs to be priced reasonably. I wouldn’t pay anymore than £12.99 a month for such a service.


(NM) #24

Out of interest how would you stop the argument of “I’m a premium customer as I’m a shareholder”


(Elliot ) #25

Tier accounts goes against I personally believe monzo stands for; financially freedom and stability for everyone. I hope there better ways to make money, even if they partnered or offered an insurance product I would probably get it just for convenience. Surely there are other products they could offer?


(Nick) #26

This wouldn’t be the only feature I’d want in a premium account, but one which would be really good to have if you could find a way of doing so would be:

Full YNAB integration.

I looked at YNAB in the past and couldn’t justify paying their subscription fee. It feels a bit wrong to spend money to save money in this case, when I could take the principles and just try and apply them to budgeting myself.

However, if it was an extra thing, where you’re spending the premium subscription money to get some stuff and the YNAB integration is added on top, that might be the little thing that tips me over to subscribing to a premium account.

Phone insurance and travel insurance on their own? Eh, maybe. Maybe not. YNAB integration too? Actually, that might be worth a shot.

tl;dr, it really would have to be the right package, and represent real value for money.


(Charlie) #27

I agree that Monzo should stick with the Marketplace idea and the non tiered accounts system.

I feel like keeping everyone the same level and everyone having the same card is very nice. Also doesn’t get too confusing for people and also people wouldn’t get features they don’t want. For example, a family member of mine uses Natwest for breakdown and travel insurance but that’s it even though there’s a few other options budled in.

I would much prefer the marketplace way. Monzo could partner with small insurance companies that are extremely dedicated to customers and also share monzos ethics etc, obviously would be vetted heavily by Monzo but this would be a better way.

E.g. partnering with a company like “so-sure” who are also more of an “app only” kind of company. They are small but dedicated but also pretty cheap for mobile phone insurance. Monzo could partner with them and give monzo customers a small discount?

I would rather pay let’s say £6 a month for phone insurance and then like £10 per person per week for travel insurance. This way I’m not paying the entire year for features it’s also cheaper for me but probably makes more money for monzo and the third party offering the service.

This way you would also know what people are more interested in and you would be aware of customers needs. For example, you would know someone has an active travel insurance for their trip and you could kind of anticipate that a small percentage of those people may make a claim, rather than just guessing.

Obviously all the small details would need to be worked out and such but that’s a rough example of how I picture my ideal Monzo in the future in regards to “premium” features.


(Luba Chudnovets) #28

Super interesting discussion - very helpful for us to understand what types of things you value!

Thank you so much to everyone who signed up to speak to me this week! We are out of slots now, but we may organise more interviews in the future! :slight_smile:


(Richard) #29

See this is where I would disagree. Whilst I get the attraction of having the marketplace to offer products etc. It’s not necessarily always going to be the best choice for each individual user.

If Monzo do go down the premium route…

  • Phone insurance - you’re a mobile bank… this makes sense

  • Travel insurance

That’s the 2 minimum things I’d recommend.

Metal card would be a nice to have and I’d be willing to pay for that alone (or an alternative to a hot coral card…)


#30

Oh hi every other bank here you are, with your premium features. I thought Monzo was different? I don’t want to pay for my account.
I know Monzo needs to make money, and for that I think that’s what the marketplace is for. Going on holiday next week I’ll just jump onto Monzomart and get my travel insurance, need gadget insurance it’s on there too along with all other things it will have. I say no to premium account, yes to martketplace.


(Charlie) #31

This is the problem, if they did go the premium or marketplace route… Either way the benefits or service you get would have to be better than at least the majority of things already out there.

If I get mobile insurance from Monzo either in a premium account or marketplace then i would want it to be good, fast replacement or repair, cheap excess, etc

I’m not totally against a premium account but if they did do this then I would want a slightly different card and I’d only want it to be one premium account and not things like nationwide have with their like 5 different tiers. Just a simple “free” account and a simple “premium” account and I’d be happy to tolerate it and would even probably use it myself.


(Richard) #32

If Monzo offer through the marketplace… it might be slightly discounted versus normal rates, with no guarantee for the insurance provider to make money.

If Monzo offer a premium account they have the ability to negoiate potentially better packages with insurance providers and better rates for the company (with the ability to make a profit)


(Bruce) #33

Netflix or Spotify membership mimicking mobile companies

A VIP card / Apple pass (vanity)

Higher % savings

Access to different savings products

Tax certificates (yes lol)

VIP entry to major events / festivals

Ability to earn points for air miles

Ability to gift friends something once a year / quarter - such as cinema tickets or £X for joining monzo


#34

But Monzo wouldn’t be forcing anyone to pay for anything.

A premium account would be a different account altogether - One with benefits which may or may not benefit people.

People seem to support Monzo when they are focussed on helping those in need (gambling block, vulnerable team etc), or adding budgeting features to help people manage their finances.

But as soon as there is something which is seen as costing money, or focussing on the “premium” end of the spectrum - People instantly disagree with it. I don’t get it?

“Making money work for everyone” means just that - Everyone. Rich, poor, old and young.

Right now, there are 100’s of thousands of people (likely millions) who wouldn’t even look at Monzo because they don’t offer certain things - One of those things will be premium accounts and other benefits.

Why shouldn’t Monzo have an offering for those people?


(Shreyas Zanpure) #35

I am going to put it in my phone wallet and stick it to a magnetic car mount :wink:
Bring it! Just kidding.


(Sacha Zarb) #36

I’m just a bit meh about Premium accounts, unless I can see that by using it. it’ll save me the £200 a year a lot of them cost to run.

The offering would have to be really appealing, and add something more then phone insurance (I get that on the house content insurance) or Travel insurance (just don’t travel enough). I just can’t see what that added extra is, and it certainly not a metal card!


(MikeF) #37

I don’t think it’s that hard to understand. Most people want Monzo to put their time and effort into features that they themselves will use with money spent elsewhere on ‘things for other people’ providing no direct benefit to them.

For me (as I said above) it’s more about the perception of customer ‘value’ than the direction of investment. If they can manage that successfully then there shouldn’t be a problem.


(Shreyas Zanpure) #38

I don’t agree sorry. Freemium allows you to cater for high spenders. If they followed the AMEX model for example and offered me 2% cashback on everything with £25 a year fee, I would seriously consider it. There are add-ons that cost money which can be offered for a fee. Like a free Tastecard subscription? Normally it would cost over £50 a year, I enjoy eating out at high street restaurants and currently use Vouchercloud for free, but if I get more discounts with Tastecard, I will again be very tempted by it. Or like someone mentioned Netflix subscription (which I pay for monthly). Essentially they could make “bundles” with tiered premium packages, and I am they will find lots of takers.
Those that feel left out will most likely be low spenders, otherwise I do not see why anyone would pass up an offer that nets your most of the benefits in one go. I would rather have one bank account with most of the benefits, than 15 cards with each offering a single benefit. The only bank that does it currently is Santander in terms of cashback, and Nationwide with their flex account. One is geared for cashback, which the other is geared for insurance add-ons.


#39

There’s no reason why Monzo can’t create their own premium features and stick them in the marketplace, thus leaving the core account alone but offering a pic’n’mix as previously mentioned.

Bolt ons to your current account but not an actual separate premium account.


#40

Isn’t this always the argument though? I’m not saying you are wrong, but it doesn’t come across that people are wanting Monzo to spend their time elsewhere.

It comes across that they don’t want Monzo to offer premium accounts out of some principal.

If Monzo said “Hey, we are going to develop premium accounts which is going to take up most of dev time for 2019”, then sure, I could see the issue “most” users would have.

But the question was simply “What does premium/value add mean to you”, not, “should Monzo add a premium tier”?

Are you telling me if Monzo could offer you a host of things you already paid for (home insurance, phone insurance for example), that were cheaper than your current providers, you’d not take them up on the offer?