Do you mean on the previous Monzo plus?
Yes.
I’m not interested in insurance bundling. We’re pretty on top of things and like to research, switch and save on our own.
Assuming it’s in the order of £5ish a month per household (I wouldn’t want my husband and I to both have to pay given we only use the joint account). I would probably pay for interest in the main account and I would most definitely pay for instant withdrawals on savings pots and an overdraft for joint accounts.
Basically features that I want but it annoys me that we don’t have, like descriptions on pots and / or pot bundling or power budgeting features. However, whilst I would pay for these, in the same way that I chose to pay for iTunes or Netflix because I want them rather than I need them or think they are better value than the alternatives, I object morally to paywalling budgeting features.
Personally I’m not interested in flashy cards etc.
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What did they offer?
Dependent on which bundle/package you went for it was different. It will no doubt be on here somewhere!
Agree with this, I have a FlexPlus that’s only open because of the benefits package, and would definitely get Monzo plus if it offered the same package at a similar price. I use all elements of it, and can’t get anything close to equivalent cover for £13 a month (including coverage for wife/three teenage kids) buying separately.
Would also pay for a decent, web-based envelope budgeting application (think YNAB) with first-class Monzo integration. Wouldn’t want that in the app, too fiddly on a small screen, so would have to be web-based.
Can’t really imagine any other package I’d pay for - don’t care about card colour / material, and can’t see the point in paying for interest. Would hate paywalled features in the app.
Yep. I don’t imagine Monzo would come up with any packages of extras I’d be willing to pay for - I shop around for insurance and the like.
But paywalled app features would be a huge turnoff for me.
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I find the interest argument a bit strange (in my case anyway). Kind of like here Monzo have £10 of my money every month then pay me a percentage back where unless I’m holding enough balance in my main account I’m not going to make the money back in interest.
I’m sure someone on here is smart enough to work out a likely percentage they could offer and the balance you’d need to hold in your account to make that £10 back.
It’s a nice to have but other services do it better and it’s also smart not to have all your money in one place.
For me if I could stop paying for travel insurance and get a discount on airport lounges that would be good. Maybe discounted access to things like Jack’s Flight Club and a few things that are less polluting maybe access to presales on gig tickets for example?
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I have a Nationwide FlexPlus account for the mobile phone insurance & breakdown cover - worth the £13 a month imo. I’d love Monzo to do the same so I could get rid of that account!
Has there not been a thread or two on this already???
Getting a deja-vu feeling
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Déja vu all over again?
Not sure there’s anything they could offer to get me to pay up in all honesty, can’t see what any added value would be right now
I’d have a look at a more sophisticated budgeting feature to see if it was for me, but in all honesty, the simplicity of Monzo’s UI and pot system has probably helped me budget sufficiently for my needs anyway.
Other than that, I dunno. Some kind of snazzy hat?
I think you’re looking for YNAB and SyncForYNAB
As for what I’d want from Monzo I can’t think of anything; the only thing they had that was different from the incumbents was instant notifications and a marketplace vision as well as some (imo) tacky branding
The incumbents are getting instant notifications now, or are working on it. That leaves marketplace and tacky branding.
The marketplace might as well be ditched - they had the vision of the packaged account where you picked bonuses and forgot that packaged accounts need to include things people don’t use to get a profit margin at all (I believe Nationwide is likely selling theirs below cost, which is why the value is a lot better than anything else).
They built in switching your energy but don’t include people who don’t pay them a commission.
All it leaves left is tacky branding
What Monzo really needs to do is bring back their idea of the marketplace and ditch Plus entirely, to fulfil that original vision
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Monzo branded Amex cards with same Amex benefits for the same price.
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Amex don’t support bank branded cards any more.
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For me the main thing would be more control over/more complex budgeting and saving tools, as well as rewards that I could benefit from on a regular basis. Things like:
- More visualised data of spending
- Setting dates in pots for saving, and some sort of trend line (
) that shows if I’m on target to hit that date based on the money I’m moving into that pot - More projection data - Based on my saving/spending habits, how much could I have saved in 1, 3, 5 years? If I adjusted my budgets, how would that affect how much I could save?
- How my spending habits/savings compare to those in my area. Am I budgeting correctly compared to others who live/spend in my town/city? Monzo looks like it has this sort of data, so could utilise it in a way that helps you save
- Not sure how this could work, but some way of integrating with your calendar to remind you certain events are coming up you should be financially prepared for (e.g. ‘Remember you’re going to Glastonbury Festival this month. Make sure you set aside £X’)
- Rewards - Monzo Plus Rewards didn’t have anything that I felt Iike using. Meanwhile, Moneybox+ has just been released and has some great partners where you get % rewards for your spending which I could see myself benefiting from on a semi-regular basis (John Lewis, Hotels.com, Trainline, Asos, Expedia, Groupon, etc.)
- Monzo Points - was really excited about this feature when it was trialled in Monzo Plus, but it never really went anywhere. Did have a lovely Greggs lunch, though. Would be great if I could accrue points and use them in a similar way to how you can spend Amex points on Amazon orders.
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I really dont like these sorts of integrations whereby you have to click through an affiliate link (especially since in the case you mentioned these are all achievable through other cashback sites).
Id much rather be given discount codes but for things that arent widely available with a quick google search to make it actually worthwhile paying for.
I really liked Monzo points in the trial, was gutted they dropped it. If access to it was something wed have to pay for then I’d exepct the amount of deals to be much better than they were in the trial though (alot more discount etc.) to make your fee back
I think the way it works in Moneybox+ is that it recognises a purchase made at one their affiliates through the card you’ve connected with and then applies the reward. Similar to how Tail recognises you spending money at certain restaurants/pubs and applies cash back to your account without you having to do anything. Much better when these things ‘just work’ in the background instead of various manual steps.
Integration, automation and insights are the key pillars of ‘Plus’ accounts from what I’ve seen/subscribed to, so hoping Monzo Plus can tick all those boxes 