So they are trying to copy Revolut - but offering a worse savings product? I’m good thanks.
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Monzo has just relaunched plus, will be interesting to see up take and whether it helps with profitability drive
another failure on the horizon. Bye monzo.
Trending in the UK
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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.
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In other news - Revolut is making 1 Junior account free for standard (free) users - so you can now give a 7+ year old a card to spend on.
I genuinely don’t understand who would pay £5 a month for Monzo’s offering unless they are Monzo investors and have some blinding loyalty.
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A big negative for revolut is not being a registered UK bank and having FSCS protection. Personally I won’t even consider it till that happens
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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…
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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
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I think they had to rework some of it, as I imagine it was quite travel orientated
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Not even a fancy black metal card for ppl to brag about. There is no way this plus version will work I’m sorry 
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!
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I don’t understand the £2000 cap for 1% interest when i can just stick as much money as i want in a Marcus account for free and get %1.05.
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Not now - they’ve closed to new customers.
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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.)
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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.
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They apparently didn’t tune in for the last AMA)
As a heavy Monzo user I find this a disappointing product launch, I won’t be upgrading.
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