Monzo closes premium accounts to new customers
Monzo, the digital bank, has closed its fee-charging premium subscription to new customers after five months of launch and is also offering refunds to those who signed up.
Following criticism by customers, the app-based bank said that its Monzo Plus service wasn’t “the best it could be” and would be going back to the drawing board or ditch the service altogether.
The move was both a financial and PR blow to the company, which had just recently passed the 3-million customer mark and is particularly popular among millennials.
Tom Davies, a product manager, said in a post that anyone who had a subscription and wanted to cancel could do so by contacting customer support.