Monese will charge punters £4.95 a month
Options
SnowTiger
Posts: 4,461 Forumite
Monese has announced its current account will cost £4.95 a month. Punters who already have an account won't be charged the fee until 1st June.
Apparently "Monese accounts are up to 5x cheaper than highstreet bank accounts."
The account seems to be mainly aimed at people from other European countries who can't get a normal bank account in the UK.
Apparently "Monese accounts are up to 5x cheaper than highstreet bank accounts."
The account seems to be mainly aimed at people from other European countries who can't get a normal bank account in the UK.
0
Comments
-
Their '5x cheaper claim' is ludicrous. What does five times cheaper even mean?!0
-
Probably along the same lines of the CMA reporting that claims the average person pays a few £100 for their banking every year.
What this actually means is that those who never use an overdraft get free banking and those who go overdrawn all the time get royally kicked in the backside.
So accounts that charge a monthly fee and don't let you go overdrawn can say they are cheaper than the average, but it's only those who pay mega-bucks for their banking (and those would generally be the ones who are less likely to switch as they aren't as engaged in the marketplace [or can't switch for debt reasons]), who would actually benefit.
All in all, I think the new banks that are saying they're revolutionary by charging for banking is a barmy plan. The people most likely to switch are the people who are looking for perks.0 -
-
I guess TSB (&Lloyds?) £10 Control has a competitor though at half the price for people poor at budgeting. Which can be grumbled at.SO... now England its the Scots turn to say dont leave the UK, stay in Europe with us in the UK, dont let the tories fool you like they did us with empty lies... You will be leaving the UK aswell as Europe
0 -
Which, of course, technically they are - given that you could get a £25 a month Lloyds Premier account if you really felt so inclined.Apparently "Monese accounts are up to 5x cheaper than highstreet bank accounts."
But that's like saying that £1 for a mars bar is "up to 100 times cheaper than sports cars".0 -
Pretty terrible from them all round here. They promised basic access would be free forever.
They've gone back on that promise and now are also starting to block users who've criticised this move on Twitter.0 -
-
Perhaps they're inspired by Stella Artois's famous "reassuringly expensive" marketing campaign, which didn't seem to do them too much harm in building market share!
That campaign may not have done them much harm in gaining market share - but these days Stella is "worryingly cheap" in every supermarket in the country.
If the new fee-charging banks were inspired by Stella Artois's approach we should perhaps expect them to become some of the genuinely cheapest banks in due course!0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards