UK-based digital, mobile-only bank Monzo has closed its Monzo Plus packaged account following negative feedback from customers who signed up for it.
The move was announced on Monzo’s community forum saying that the Monzo Plus will now a fresh start with some fresh faces.
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A monthly fee of £13 was charged for the account, which offered exclusive card colours.
Users were offered a range of packaged service bundles such as additional ATM withdrawal allowances, travel insurance, airport lounge access, Monzo merchandise and discounts.
Monzo product marketing manager Tom Davies said things haven’t gone the way they should have with Monzo Plus so far this year due to several reasons.
“We’re going back to basics and starting from the beginning. While we are fortunate to see our customer base growing faster than ever, it’s important we take steps now to ensure we’re moving towards becoming a sustainable business.”
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By GlobalDataThe bank said it will now establish a new team dedicated to enhancing Monzo Plus, which will operate under a new name.
The team will be working 100% on a paid subscription offering and won’t be splitting their time across any other Monzo initiatives.
Monzo said it will provide weekly updates and continue to develop the product.
Davis confirmed that Monzo won’t be sending out any swag or holding metal card draws like it had hoped to initially.
If a customer selected the company’s Supporter bundle, it automatically refunds the amount they have paid in fees plus some interest.
