Dozens Discussion & Feedback


(Nick) #1

Just saw this one online

They seem to have an interesting proposition- focusing on savings. Website says they will be launching this autumn.


Dozens
#2

Looks interesting. Initial thoughts:

  • I like the look of it app and card, but it appears (to me at least) to be in mock up territory. I hope there’s working stuff behind it.

  • it’s not looking like an actual bank account (no banking licence). I wonder if this is the plan?

  • 5% savings look lovely. I do wonder how they’ll make any money, though.


(Dan Mullen) #3

That does look interesting :+1:t2:


(Only available in amateur ) #6

Don’t forget the cash prizes on top of the 5%. You’re putting the money into a bond by the look of it, but not sure what kind of bond and with who

Edit: signed up. Haven’t joined a waiting list yet this week


(Jack) #7

I’ve also joined the waiting list, curious to find out more, As @Peter_G states it all seems very work in progress / mockup at the moment.

Their visions for the app look very detailed.

5% interest seems too good to be true does it not?


#8

That’s my big worry!

But any good competition will be super helpful in keeping Monzo ahead of the pack.


(Dan Mullen) #9

Depends on the rules/caveats… Both Nationwide and First Direct offer 5% regular saver accounts.


( related to Monzo CEO, Investor in Monzo ) #10

Nationwide account at 5% for a year on £1500 of savings( total ) give you £75 ( ? ) it seems to be only open to current account holders (? ) who have to pay £13 / month for a current account ( £156 ? ) so in effect you’re paying £81 to keep “savings” with them and buy their insurance policy if you have the ability to save the full £250 a month ?

seems similar with FD , need to be a current account holder , £300 / month max i.e. total interest on £1800 @ 5% + need to meet certain conditions to avoid a £10/ month fee

basically both are buying your loyalty for about a maximum of 28 pence a day - as long as you do this this and this ??? :slight_smile:


(Rika Raybould) #11

Nationwide’s 5% Flex Regular Online Saver isn’t restricted to their FlexPlus (paid) account. It’s open to pratically anybody who meets their criteria for having their “main account” with them. :eyes:


( related to Monzo CEO, Investor in Monzo ) #12

they have to be a Nationwide member ? - i.e. have their current account with them @ £13/ month cost ?


(l8n.me) #13

Yes

No


(Rika Raybould) #14

Only the FlexPlus account is £13/month, they have other options that aren’t paid that still qualify. :slightly_smiling_face:


(Dan Mullen) #15

@iansilversides your maths is a bit out there… £250/month with Nationwide is £3000/year, £300/month with FD is £3600/year. And, as @Rika said, you don’t need the FlexPlus packaged account.


(l8n.me) #16

Plus of course £2500 in a flex direct with no monthly fee will get 5% for a year too


( related to Monzo CEO, Investor in Monzo ) #17

yes, but you’re only getting the full interest on half the years money ? you cant put £3000 and £3600 in on day one - £1500 and £1800 ?


(Dan Mullen) #18

Huh? It’s a regular saver, so the money goes in monthly, interested is calculated daily and is paid annually. As the interest is compounded you can’t do a simple “5% of half the money”. I think for Nationwide, paying the full amount in each month for a year would give you £81.25.


( related to Monzo CEO, Investor in Monzo ) #19

I ball park calculated it - as I said you cannot pay in £3000 (Nationwide) or £3600 (FD) on the first day - I appreciate its a regular saver - but this 5% on £3000 ( Nationwide) and £3600 (FD) is advertising BS as it would never be on the full amounts ? :slight_smile:


(Dan Mullen) #20

But no-one advertises that - it’s advertised as a regular saver!

My original point was that Dozens stating 5% interest isn’t necessarily “too good to be true” depending on what restrictions/rules/caveats are in place.


( related to Monzo CEO, Investor in Monzo ) #21

In the example Rika gave in the link - if you read the asterix it does state those are the conditions as far as I can see :slight_smile:

edit - sorry you’re right, I didn’t scroll down far enough into their myriad of offerings, you can have a CA without a fee as long as you meet other criteria :slight_smile:


(Nick) #22

Most likely they will make money through introduction to investment managers etc. Similar to a marketplace model.
But yes I agree 5% interest sounds too good to be true - but it depends on the risk.