Dozens App

(Emma (#20 😎)) #21

Still not 100% sure about this but I have a lot of reading to catch up on around it. Have been put down as a beta tester tho (coz testing Fintech seems to be my speciality) so i’ll feedback when i’ve used it



Yeah, I find it weird too and also no mentioned of fees for selling early. I don’t think I’ll invest in this as I’m already with WA but will follow the updates.



A better/fairer analogy would be fractional shares imho… so to me this sounds more like fractional bonds.

Financial innovation/engineering for good rather than greed so to speak.


(Giridhar Tammana) #24

If it’s too good to be true it probably is.
Where is the risk? There is no free lunch.
One should be very cautious.



Refreshed article is even clearer as to the Dozens proposition: it’s legit.

Article amended 28 January 2019 — Detail added on the difference between Trust bonds and EM bonds.


(Emma (#20 😎)) #26

How many times have they slightly tweaked or clarified their explanation now? :face_with_raised_eyebrow:

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Once to my knowledge.

Are they not allowed to clarify their blog in response to feedback from prospective customers? Personally, I thought the original blog was clear but to some it wasn’t so they decided to tweak it. This interaction with their audience is a good thing surely.

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(Emma (#20 😎)) #28

How are they offering the £85,000 FSCS protection when they don’t have a banking license?



Your current account money will be securely held in segregated client accounts at a UK high street bank in accordance with the FCA requirements and the Electronic Money Regulations 2011.

I’m guessing it’s something to do with this which is on their main website, although they could be more explicit on this aspect.



Dozens isn’t offering 85k FSCS protection because they cannot as of yet



The issue in that screenshot is the non-bond cash element which suggests has the £85k protection, but earlier up in the same article it says “when we are a bank” which they aren’t as yet.



They are sending out mixed messages, just seen their advert on Monzo’s forum where the small print mentions the 85k protection. They are also throwing shade at Monzo, even though they’ve used their forum to promote their own service.



They consider this initial £1m 5% bond (in the “save” part of their app, not the “invest” part, btw) to be marketing, just like the bigger established banks and their ~5% but limited savers.

5% of 1m is only £50,000, which doesn’t sound like it’s a very expensive way to gain a lot of customers, and build trust.

Doing it this way instead of advertising (though they’re doing that to) is a fixed-cost way of getting real customers.

They’ll then make their money by taking a slice of customer gains in other products.

From their blogs and interviews my take is that they have an ethical stance, that they’re trying to do new things that benefit savers, and they’re doing those things in the best and most trustworthy way possible.

I’m disappointed by what I think their investment products are going to turn out to be though. I don’t think they’re any competition for Freetrade.



Monzo’s abrupt pause of Savings Pots makes me appreciate that Dozens have been upfront in staying the limit and allocation process for their Trust bonds:

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Talk about timing. Literally been telling my partner to set up a savings pot with monzo for weeks. She finally did it yesterday!


(Emma (#20 😎)) #36

Is it better than gold though?

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(Giridhar Tammana) #37

What am I missing, one could get more than 1%, so why create savings pot in Monzo?

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(Emma (#20 😎)) #38

User experience. Having it all visible in your banking app instead of somewhere else



Some people have cash as part of their diversified portfolio and prefer to have it in one location earning more than what they were getting. Especially if that money is earmarked for something like a house purchase in the short term :wink:

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(Emma (#20 😎)) #40

Looks good ( I’ve had words about the Miss Emma thing. It’s taken from my driving license apparently, whatever way the verification is done)