Best iteration of the product so far, but still underwhelming. Hopefully it gets better soon!
Revolut offer the linked account feature for free. I don’t think this should be behind a paywall.
Credit score checker shouldn’t be behind a paywall when it’s free elsewhere imo
Revolut has virtual and virtual disposable (one transaction then auto delete) cards for free.
I’m not really interested paying £60 a year for £20 of interest.
Transaction splitting should be free for all users
Advanced roundups should be free for all users
Custom categories should be free for all users
The Virtual cards are fine to be behind a paywall, but I’d like to see one free a month or something for everyone to entice users. Revoluts premium and Metal accounts are far far superior imo.
A lot of negative stuff trending on Twitter about this. Hmmm, as a bank that just faced a down round, that really needs to generate revenue, I was expecting a much bigger attempt and push to generate revenue from Monzo plus.
The entire plus bundle is worse than Revoluts premium account and an argument can be made that every single feature in Monzo plus should be free for customers. They say their mission is Making money work for everyone, but lock basic things behind a paywall.
I think this plus bundle sums up the lack of direction, focus and strategy to drive Monzo to profitability while providing value people are willing to pay for.
But srsly, it’s all progress, and given the madness of the previous six months that’s very positive.
I think the comp to revolut is unfair in that profitability isn’t particularly high up on their agenda. The WeWork/Uber model is awesome until the music stops, as the former has sorely discovered. Same for Robinhood. I wonder what monthly costs or product offer would look like if revolut had to wash its own face…
The savings account they offer is protected - so just keep your money in that getting 1% interest (with no silly £2000 cap) and transfer over to your account as and when you need it to keep your balance low.
I’m underwhelmed by what’s included in their nulew account for the cost. They say this was ready to launch before covid so they can’t use that as an excuse but is this that much better than when it flopped last time?
Surely they test this with a beta group? Or did they just use internal employees?
Tbh Monzo’s consistent failure at releasing a premium account highlights how important it is for FT to get it right rather than rush in with a sub par product
I bet they could have released NO features but charge £5 a month for a metal card (maybe 6 months minimum term, metal card only stays active whilst paying monthly) and they’d have had a load of people signing up!
Unpopular opinion… Monzo’s product is mostly a gimmick targeting both the millennial culture and financially illiterate.
(Before anyone says it - i’m a millennial myself.)
I think the offering is pretty good (only real annoyance is lack of joint accounts), in particular:
Overall UX with open banking, credit tracker, etc all in one place
Real-time sync to google sheets
Increased foreign cash withdrawal
Custom categories (and hopefully improved budgeting features will continue)
I expect the offering to continue to improve.
I don’t see Revolut as a real comparison as they are not a registered bank in the UK. And Goldman only offers savings accounts to retail customers. I use both Revolut and Goldman but not as my main bank.
Monzo is now starting to act as a central hub for my finances which is great - happy to pay for this.
