The only way I’d pay for Monzo plus is if one charge was applicable to joint accounts and the benefits were value for money - oh and it provided full functionality to the joint account cf personal- like overdrafts!
One of the reasons I’m hoping for something innovative and new from Monzo rather than a list of insurance options is that none of the products mentioned here are of any interest or use to me although I appreciate I might be in the minority in that regard. I came to Monzo in part because I was fed up with high street banks and their uninspiring and sensible trousers.
Please don’t put sensible trousers on, Monzo.
@davidwalton Please excuse me for quoting your post to make my point… this is very much about my personal needs and how they differ from others… Yours was just the closest to hand.
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Sorry I don’t get the thing with the different coloured card or metal card. Cards are seen even less now with Google pay or apple pay so the colour of you card is even more irrelevant than it was previously
Not a problem, we’re all different and have many different outlooks on our finances.
I came to Monzo for the same reason as you. And I’m also desperate to make my financial life less of an administration job by automating as much as possible and getting rid of a rather large number of legacy accounts. So while I also want Monzo to continue to innovate, I selfishly want them to absorb as much of my FinBag 
as possible (Financial Baggage 
)
Oh, I also want them to grow. Massively.
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Very often the banks that offer AVAs have services which are inferior to those that you could obtained if you bought that service yourself ie breakdown cover, travel insurance, mobile phone insurance etc. For example, I have an excellent deal with the RAC currently. It covers everything I need and the price is competitive. Sometimes what’s covered by AVAs isn’t as good. Having worked in this area within banking amongst other areas I know about this subject. AVAs have been the subject of a number of disputes with other banks for these reasons. You do what you want and if you’re happy great. I’m just passing my opinion from my own experience.
Seconded.
Like you, I have found much better value sourcing these things independently.
For example, Nationwide Flex Plus is very often touted as one of the best packaged accounts on the market. £13pm/£156pa
I have all of the products this account offers, but at a better price, or if not a better price, a better value product.
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Not always - another HSBC example but if you qualify for their HSBC Premier Account (which is free), you get free family annual travel insurance as well.
If it’s free that’s fine but this is about an account which you have to pay extra for by way of a monthly subscription. Comparing with a free account if one qualifies is not really relevant.
I’d be interested to know what you have
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Worldwide annual multi trip travel insurance, with no excess for me and my partner £122pa
European breakdown insurance free as long as I have my car
(I would have bought the car anyway, so this is a real bonus)
Worldwide mobile phone insurance included in home contents insurance (actually with Nationwide lol)
So what’s the total monthly cost if you have the multi-trip travel insurance for 2 @ £122pa, plus the portion of the mobile cover insurance (per month) within your bundled home contents insurance?
Here we have the problem with valuing individual items ‘bundled’ into AVA’s - then trying to compare. You can’t.
The only thing is to go with is what delivers most value for you
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The £122 is the total for the 2 of us.
Home contents insurance is something we would have anyway, so we see it as a little bonus, as are the car repayments.
Admittedly, if we were to have to pay for these separately, we would probably be better off with a package, but currently there is no value in any of these packages.
As you say, “the only thing to go for is what delivers value for you”
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There would have to be insurance bundles in there (travel, phone, car, home, landlord, life, dental etc)
Freebies. Everyone loves a freebie (it’s one of the reasons why O2 Priority was so popular). I would love a free meal deal from Boots every so often (is once a month too much)? Maybe a 3-4 times a year and we can select the redemption dates. Free treat from an independent coffee shop?
Interest in the main account
Regular Savings Account (not to be confused with the Easy Access Account).
Investments like Wealthify, or discounted/subsidised fees to such services.
YouTube Premium/YouTube Music Premium
A free monthly film rental on Google Play Movies.
Google One discounts
Cashback on spending with the Monzo card
Holiday insurance possibly
I paid for monzo plus before and i was happy to pay to feel just that more valued not saying that all customers aare not valued as i am certain they are, but its a feel good add on especially with choice of colour card (black with gold lettering would be cool). As to the perks, cash back is always a good incentive, interest on current account balance, an automatic £20 buffer near pay day or some such low risk amount. Even a tiered system where slightly better incentives are offered for maybe £10 could appeal especially when it is brand awareness, people love to talk about the incentives and perks their bank affords them. Also the types and colours of card. Classic colours say quality and class. Normal account fun colours sets Monzo apart saying modern, out of the box thinking, innovative. I would happily pay £5 or £10 per month, but i love Monzo Bank.
Emma, the money management app has pinged out an update this morning. With “Emma Pro” you get priority support - “do you have an issue or question? We get to you first”. I don’t have an issue with this, not a bad way of monetising, but I know if Monzo tried to do this we’d go into meltdown on here…
It is hardly the same though is it? Emma has nothing time critical about it.
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