Project Imagine (PI1 banking as a platform - formerly Dozens consumer fintech)

Dozens withdrawal penalty is pretty harsh in my opinion.

I did some research and found this other 5% AER deposit alternatives:

First Direct Regular Saver 5% AER for first year but limited to max £300/month. Similar to Dozens no partial withdrawals allowed and interest received only at the end of 12 months.

Also came across this on Medium. Looks like they also offer 5% AER but as far as I can tell there are no withdrawal restrictions. Will try them out as well.

What penalty are you referring to? Do you mean that we do not pay the final partial monthly interest? The interest up to that point will already have been paid to you.

Edit: I just re-read this and see how it might be read as sarcastic. It is not meant to be at all. I genuinely want to make sure we’ve properly communicated our offer and there are no misunderstandings. :slight_smile:

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hi rob, no problem.

yes the both fact that i can’t retain interest for the partial month and no partial withdrawal.

ideally would be great to have more flexibility on both sides.

I made by bid and would be surprised if I didn’t get it - unless I was just very very late to the bidding process.

The idea (as far as I can gather) is to promote smaller incremental savings - say they run for a year and you get £100 in each month, over the course of the next year you’ll slowly earn in the interest as well as have a place where £1,200 is saved away as well.

Those who have a few thousand lying around could probably be better served with products already on the market (IMO).

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I’ve had dozens for a while. I can’t access this 5% bond - I got send the card but that’s it.
Can someone help?

@phil86 I have put money in that 5% easy access account on Zeux. Put £50 in waited a few days, withdrew it, was instant and included the interest accumulated. I like that. Have put the £50 back in, but will probably put a bit more later.

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Key takeaway for me from Zeux is:

*This product is not covered by the Financial Services Compensation Scheme. Capital is at Risk. Zeux Ltd is authorised and regulated by the Financial Conduct Authority.

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happy to help - either here or if you need more detail either PM or on our own community. What do you mean by you can’t access it? You should be able to bid until Monday, and soon after that there will be a second, larger, issuance

Similar to Funding Circle, Dozens, Zopa and others.

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I don’t have money in them either.

Interesting to see if Zopa changes now that it is a bank.

https://blog.zopa.com/2018/12/04/zopas-launching-bank/

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Interesting. As far as I know the highest available flexible savings rate covered by FSCS is around 1.45% (e.g. Marcus or Raisin).

5% AER will have to come with slightly higher risk. Both Dozens and Zeux look way more attractive despite not having FSCS protection.

thanks. i have just signed up to Zeux to try out their 5% AER flexible savings product.

however i am currently stuck in long que…will keep you posted!

would be interesting to see the rate that Zopa can offer.will need to be at lest 2x of 1.45% Marcus rate

From what I have read on here Zeux seems to be a better option than the dozens bonds as you can withdraw when and as you like, and they both have a similar risk level.

I’m just looking for somewhere to put my savings rather than Marcus which isn’t earning all that much interest.

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I’d personally put Dozens over Zeux on first glance. With money being stored in a partner institution, which should benefit from FSCS protection.

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Happy to try out both and decide for myself. will keep you posted

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the only issue with Zeux is the sign up que. not sure how long it will take to sign up

That would be super helpful, thanks! :slightly_smiling_face:

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Currently #1032 with ‘up to 5 days’ wait

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You can withdraw from dozens when you like, but you can only deposit when they’re accepting bids.

Zeux says the capital is secured against Wecash and Zeux, whereas dozens puts your money in a segregated emoney account. I know which of those options sounds less risky to me…

I think people see “bonds” and think high risk, but there are bonds and bonds

Edit: Here’s the wording from the Zeux terms

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Saw a very text heavy poster for Dozens at Cardiff Central today, really wasn’t an attractive ad and I had no time to try and read it.

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