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  • FIRST POST
    • SnowTiger
    • By SnowTiger 29th Mar 16, 5:18 PM
    • 3,249Posts
    • 2,218Thanks
    SnowTiger
    Monese will charge punters 4.95 a month
    • #1
    • 29th Mar 16, 5:18 PM
    Monese will charge punters 4.95 a month 29th Mar 16 at 5:18 PM
    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.
Page 1
    • shortcrust
    • By shortcrust 29th Mar 16, 5:32 PM
    • 1,740 Posts
    • 2,483 Thanks
    shortcrust
    • #2
    • 29th Mar 16, 5:32 PM
    • #2
    • 29th Mar 16, 5:32 PM
    Their '5x cheaper claim' is ludicrous. What does five times cheaper even mean?!
    • Herbalus
    • By Herbalus 29th Mar 16, 5:56 PM
    • 1,976 Posts
    • 1,567 Thanks
    Herbalus
    • #3
    • 29th Mar 16, 5:56 PM
    • #3
    • 29th Mar 16, 5:56 PM
    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.
    • eskbanker
    • By eskbanker 29th Mar 16, 6:13 PM
    • 6,804 Posts
    • 7,054 Thanks
    eskbanker
    • #4
    • 29th Mar 16, 6:13 PM
    • #4
    • 29th Mar 16, 6:13 PM
    All in all, I think the new banks that are saying they're revolutionary by charging for banking is a barmy plan.
    Originally posted by Herbalus
    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!
    • diamonds
    • By diamonds 29th Mar 16, 6:26 PM
    • 5,987 Posts
    • 1,603 Thanks
    diamonds
    • #5
    • 29th Mar 16, 6:26 PM
    • #5
    • 29th Mar 16, 6:26 PM
    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
    • cheesetoast
    • By cheesetoast 29th Mar 16, 10:48 PM
    • 256 Posts
    • 165 Thanks
    cheesetoast
    • #6
    • 29th Mar 16, 10:48 PM
    • #6
    • 29th Mar 16, 10:48 PM
    Apparently "Monese accounts are up to 5x cheaper than highstreet bank accounts."
    Originally posted by SnowTiger
    Which, of course, technically they are - given that you could get a 25 a month Lloyds Premier account if you really felt so inclined.

    But that's like saying that 1 for a mars bar is "up to 100 times cheaper than sports cars".
    • crowding
    • By crowding 30th Mar 16, 12:34 PM
    • 648 Posts
    • 350 Thanks
    crowding
    • #7
    • 30th Mar 16, 12:34 PM
    • #7
    • 30th Mar 16, 12:34 PM
    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.
    • ceredigion
    • By ceredigion 12th Dec 17, 6:16 PM
    • 2,659 Posts
    • 3,468 Thanks
    ceredigion
    • #8
    • 12th Dec 17, 6:16 PM
    • #8
    • 12th Dec 17, 6:16 PM
    NEW MONESE ACCOUNT? get 5 with this code free!

    QPAG2KAH
    Originally posted by jaceq88
    You have only made three posts and all three are the same. Time to go.

    • Zanderman
    • By Zanderman 12th Dec 17, 8:13 PM
    • 1,473 Posts
    • 3,966 Thanks
    Zanderman
    • #9
    • 12th Dec 17, 8:13 PM
    • #9
    • 12th Dec 17, 8:13 PM
    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!
    Originally posted by eskbanker
    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!
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