Monese adds a more accessible subscription level to its offer

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  • Digital-only bank Monese has expanded its paid offering to include a more accessible subscription level.
  • In addition, the neobank is thoroughly updating its broader paid levels.
  • Insider Intelligence publishes hundreds of banking industry research reports, charts, and forecasts. Learn more about how to become a customer.

UK based

digital only bank
Monese has expanded its paid plan to include a new level of Essential subscription for £ 1.95 ($ 2.50) per month.

growth in digital-only bank account holders


Insider Information


Beyond the addition of its basic subscription, the

neobank
thoroughly updates its broader paid tiers:

  • Monese has partnered with Qover to roll out its new Bill Protection feature, which covers regular bill payments up to £ 600 ($ 769.42) if a customer is unable to work. Higher limits are available in its two more expensive tiers.
  • Essential subscribers will receive reduced fees for international transfers and currency conversions, as well as free ATM withdrawals of up to £ 200 ($ 256.47) per month.
  • Monese’s Classic and Premium plans will now include purchase protection for recent stolen or damaged purchases.
  • As part of the Qover partnership, all paid subscriptions have up to 30 days of daily payments ranging from £ 15 ($ 19.24) to £ 50 ($ 64.12).

Monese is part of a UK cohort

neobanks
determined to win over customers with their attractive paid offers. Revolution recently update its paid accounts with new purchase protection and new insurance benefits. Earlier this year, Monzo introduced its paying subscribers to new virtual card capabilities and extended functionality for customers who connect their external bank accounts to its application.

Wider adoption of Monese’s paid subscriptions could give it a more engaged customer base to which it could introduce more lucrative business lines.

A handful of British neobanks—Starling and Bank of atoms– flirted with profitability after offering loan products to consumers or small businesses. Monese could exploit its more than 2 million customers amassed since its inception in 2015 to sell its own potential credit products. his pots Solution is already helping users save for certain purchases, so providing personal loans for larger purchases would follow a similar strategy.

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