What does Monzo premium / value add mean to you?


#121

Hmm, I know these are typical but I really don’t like them. Especially for the type of thing. We’re not dealing with state secrets here!

It also makes conversation really difficult - there are now the “knows” and the “know-nots” in this thread. So I think that means I’ll sit out the rest of the convo, unfortunately.


Using "NDAs" for Monzo User Research?
#122

I’m not sure how much of it was a bog standard “to cover our own backside… just in case” type scenario, and how much of it was a genuine concern (instinct tells me it’s the former).

As it’s in it’s infancy as an idea, I get the feeling so much will change, that they didn’t want anything getting out which may never see the light of day, or is twisted by an excited supporter into something that is actually far more mundane than it may appear.

There’s nothing worse than Chinese whispers about a potential feature, that turns from a pebble into Mount Everest, when all along, it’s just a little pebble :smiley:

Worlds worst analogy? You betcha :joy:

Although I don’t think the people who took part in the research have much more info than those who didn’t - The discussions above could all relate to everyone.


(Adam) #123

Exactly. I think this discussion is so they can gather general ideas from the community as a whole whereas the focus group was for specific feedback on specific ideas.

It’s really interesting taking part and having an opportunity to give my opinion! Some of which was positive, some not so much but all very honest.


(Daniel O Williams) #124

I’m in the exact same boat here. It’s the only reason I have left that account open.


(Daniel O Williams) #125

Big ones for me would be.

Mobile phone insurance. - That’s the only thing keeping me with nationwide.

Cashback/nectar points type rewards - only reason I use a credit card day to day. I have the cash in my Monzo but tend to pay on credit card to get the rewards then immediately pay the card off from Monzo.

Anything see would be a bonus but those two are the reasons I still use other banks.


(Ben ) #126

Not state secrets for sure, but it’s important for them to protect their assets. It’s common place for any form of R+D focus groups when researching products - largely because you’re doing things to gain some form of market share or revenue, you don’t want your competitors knowing what tricks are up your sleeves.

I imagine for them to warrant an NDA, it’s deeper conversations of the mechanics of the Premium thing, rather than just “hey you like insurance?”


(Ben ) #127

I’ve always liked Monzo’s natural tone of voice - and this is great to read too. Hopefully you’ll find a nice descriptor for when whatever you launch does indeed launch.

I’m certainly interested in a “bundled up” approach to Value Add things - I’d still add it would be nice to make “bundles” that can be a bit Pick and Mix - if you did have a travel one for example, I might want only 4 of 5 things, so having the ability to pick which ones would likely get me to use it.

The thing right now that stops me looking at other Upgraded accounts is that I’d be paying for a service I only use 50% of.


(Miguel Moragues) #128

I paid a Revolut yearly subscription in 2018. Cancelled it this year. I prefer a non-tiered system like Monzo’s, at least with what’s currently on offer.

Other than having travel insurance, the feature I really liked was having a 1 use disposable virtual card. It gave me lot’s of peace of mind when I had to give details over the phone or buy somewhere for the first time.

All-in-all, a strong market place (Starling’s for instance) would work better for me than a premium option. In any case if I were to list what features would be more useful in a premium account, which would definitely have to be configurable for each user, these would be:

  • Virtual disposable card.
  • Everyday cashback and offers AMEX style (Revolut spending perks after 10 transactions were shockingly bad).
  • Cheaper bill deals (i.e. Three contract or Sky or Netflix specials arranged by Monzo. The power of bulk!).
  • Access to tailored personal financial advice to make mortgage, or investment decisions, or for taxing advice. Or useful automatic tools that can provide that information within Monzo, perhaps curated lists of the top 10 Life Insurance deals etc.
  • Ability to store other currencies.
  • Anual subscription to sites such as Jack’s Flight Club (again, bulk power for Monzo to get it cheaper).

#129

coop premium love it, and wish monzo would do the same, as the overdraft charge is very high for no benefits. its a bit of a deal breaker currently.

for £15.50 a month
RAC UK and European breakdown cover with recovery for upto 8 people to anywhere in uk.
Worldwide family travel insurance
Mobile Phone Insurance
£300 interest-free and fee-free overdraft

and currently have the gadget option, but those are now insured under house, so will be switching to the airport lounge pass (no idea if that will be good or not)

but used the breakdown cover and mobile phone insurance and its been great and travel insurance saves me buying another policy but haven needed to use it yet.

oh the nectar point suggestion someone else posted would be an amazing addition.


#131

@neilh replying as you deleted :wink: WIth RBS it was an extra £98 on top of the monthly account fee when I was looking into it thought I would price it up be deciding on wether to join it or not and that was about 2/3 years again, as my boys condition is progressive I would imagine like most insurers now I would be close to £400+ for a one off trip ;-:wink:


#132

Yeah i re-read it and realised i misunderstood the first time round.


#133

If it worked like other premium accounts, then you would pay the same as you do now (assuming you have a Monzo overdraft) free stuff will never meet everyone’s need. That doesn’t make it bad, there are a lot of people who don’t have insurance students and renters being the largest two groups. So things like phone insurance are great for them.
At the moment the 50p a day for overdraft is far to expensive compared to other banks, when you get nothing for that with Monzo.


(Richard) #134

I guess that’s the difference though. The insurance policy offered by RBS is rather generic.

Infact my mum was in the same position as your son (as she has Crohn’s), so didn’t work for her and was cheaper to take out an annual policy elsewhere.

The point at where RBS is good… is that if you have a policy with them and say… break your leg while skiing… they’ll continue to cover you at no additional cost.


(Paul) #135

In a premium proposition I’d love to see…

A credit feature for a short-term loan for unexpected expenses e.g. a boiler replacement. That gives you access to a small loan immediately at a sensible rate e.g. 3% for a value under £2000 or a fixed fee. Think of it as ‘home emergency credit’ as I might not want a long-term credit solution/product.

If you offer a rewards/cashback scheme in any form let me choose the rewards. Nationwide’s and other schemes with Visa etc are often cumbersome and the retailer offers don’t match my behivour and spending profile.


(Splodf) #136

Isn’t what you’re wanting covered here?


(David I) #137

I know I’m late to the game but:

  1. Device insurance (phone, tablet, etc)
  2. car breakdown cover
  3. flexible (maybe you get to pick 3 items of 5 available options) most packaged holiday insurance policies will not work for me as I scuba dive :frowning:

I would much prefer a buffet or market place of services which we could purchase from than a sinle “premium account” option.


(John Biondini) #138

Realistically, Monzo could change that whole “packaged” account game with a pick and mix system.
You increase the discount rate with the number of items you add to your account.
Example - phone insurance is £5pm and breakdown insurance is £4pm, if you get them together you would pay £8pm (£1 discount per month). Now, what if I want to add another feature (i.e. airport lounges) which is £4pm? All three together the “package” would cost £10pm (£3 discount per month) and so on.
I think a lot of customers adding features based on their needs without alienating other customers and making them feel like they are not as important as “premium” ones. This could possibly even replace the idea of the marketplace.


Monzo Plus - Small Scale Trial
(Paul) #139

The difference here though, is that as a premium customer i’d be offered a low 3% low rate perl over say 6 mths for small home emergency loans rather than a standard overdraft of something like 20% APR or taking from my savings/investments. ie. being a bank that helps me.

As a responsible customer I shouldn’t be charged more for unhappy moments in my life (making a bad situation more costly). It seems OK in finance to give larger value loans for less, for what might be considered happy moments e.g. car/holiday/home improvements.

In my book that’s taking advantage of a person’s situation.


(Splodf) #140

Sorry I’m lost, isn’t that exactly what the link I sent you describes? Short term loans (not overdrafts) at a decent APR rate with flexible repayments?

Even at 15% APR borrowing £600 over 6 months would lead you paying a bit over £25

Seems fair.

No one is going to do it short term for 3%, only generates £5.26 for Monzo - they could have got more by opening their own Investec account.


(Rushan) #141

A one-off-fee for a metal hot coral pink card as someone mentioned above is a winner!, was tempted to go to n26 purely for the aesthetics of their cards as I only use Monzo to manage my budget- for now!