Monzo launches new packaged account with a £15 monthly fee - MSE News 20 October 2020 at 10:39AM in Budgeting & Bank Accounts 5 replies 721 views

MSE_Petar

App-based bank Monzo has launched a packaged account – 'Monzo Premium' – with a £15 monthly fee. The account offers new features including travel and mobile phone insurance and a metal card....

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'Monzo launches new packaged bank account'

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underwhelmed_saver

seems expensive for a vanity card and a bunch of app features that should really be free.

also bit of a weird time to be peddling travel insurance.

the interest rate is a gimmick, I don't think anyone is going to get out of bed for a measly £2.50 a month.

I get the impression that this bank is grasping at straws...

Yahoo_Mail

underwhelmed_saver said:

seems expensive for a vanity card and a bunch of app features that should really be free.

also bit of a weird time to be peddling travel insurance.

the interest rate is a gimmick, I don't think anyone is going to get out of bed for a measly £2.50 a month.

I get the impression that this bank is grasping at straws...

Completely agree.  These "fintech" companies that are going to "shake up the market" seem to have forgotten that the mainstream banks offer current accounts as loss-leaders, to "encourage" people into their main line of business, lending money.  Other than overdrafts what lending are these fintech companies offering?

I suppose that it didn't help that they publically said they would take on the "financially disadvantaged" who were people with CIFAS fraud markers.  Oops.

agsteele

Be careful... I just checked... Ask any question about the insurance cover and Monzo cannot answer but refers you to the insurance provider. The insurer tells me that they don't cover any pre-existing medical conditions so an expensive but useless insurance policy.

Jlawson118

agsteele said:

Be careful... I just checked... Ask any question about the insurance cover and Monzo cannot answer but refers you to the insurance provider. The insurer tells me that they don't cover any pre-existing medical conditions so an expensive but useless insurance policy.

I can agree with this. I have the current cover on my Curve but looking to close it down as I don't get my use out of it anymore, and wondered if my January holiday would be protected if I closed that and switched to Monzo. But Monzo couldn't answer.
Think my best bet is to not bother with either

whitesmith

In general insurance is for for unforeseen conditions not pre-existing ones