Monzo launches new packaged account with a £15 monthly fee - MSE News

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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  • 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...
  • edited 20 October 2020 at 11:05PM
    Yahoo_MailYahoo_Mail Forumite
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    edited 20 October 2020 at 11:05PM
    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.
  • agsteeleagsteele Forumite
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    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.
  • Jlawson118Jlawson118 Forumite
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    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
  • edited 30 October 2020 at 8:36PM
    whitesmithwhitesmith Forumite
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    edited 30 October 2020 at 8:36PM
    In general insurance is for for unforeseen conditions not pre-existing ones
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