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

[nickh]

My tax friend has sent me the bill…

I’ll be sending you all a monzo.me link shortly

[Mrberry (Dave Berry)]

Got my card this week. I’m an iPhone SE user, on a small screen all the elements are small and the whole thing looks cramped.

Can’t apply for one of these bond thingies, click on add a bond and follow the process but it takes you to a calculator, not a way to apply for the next allocation or a screen telling you when it might be issued.

The design is super busy and it wants to tell me things like ‘soon you’ll see the amounts you spend the most. You may be surprised’. Really?

I thought the budgeting features might be better than Monzo’s but it looks like a lot of work and not clear to me that there clever stuff like automated committed spend is there (it might be, but it’s not there).

So, in a nutshell, I’ll be sticking with

[Nsteer (Nathan Steer)]

@Mrberry

Can’t apply for one of these bond thingies, click on add a bond and follow the process but it takes you to a calculator, not a way to apply for the next allocation or a screen telling you when it might be issued.

Bidding on the next issuance opens up tomorrow (Friday March 1st). I agree that this should be mentioned within the app though.

[MRMR (Marcel Ruhf)]

Regarding the tax situation in regards to the bonds, I just received the following email (emphasis mine):

Hi Marcel

Congratulations again on your successful bid in dozens’ first Trust Bond issuance of 5% fixed-interest bonds.

These bonds will be issued as per the schedule on 1st March, 2019. To make sure you have the very latest version of the bond Terms & Conditions, we are attaching them here, along with the NEX Base Admission document as an appendix.

<<>>

We’d like to point out that some minor changes were made to clarify some tax related matters. This will only be of relevance if you chose to hold the bond in the General Investment Account (GIA) rather than through an ISA.
_ _
We have been able to confirm that the dozens bonds do not require the withholding of tax on interest payments and that the interest earned fits the HMRC definition of savings income. This means that we will pay you the full 5% bond interest, gross of tax, for bonds not held through an ISA, and you may be able to benefit from your Personal Savings Allowance.
_ _
The following is an extract of the related section in the terms:

"Interest payments are made gross of tax. For dozens bonds that you do not hold through an ISA, you will be responsible for paying any tax due on the interest earned.
_ _
Basic rate tax payers are generally able to benefit from £1,000 of tax-free income from savings (such as dozens bonds), and higher rate tax payers can earn up to £500 of interest without paying tax. There is no allowance in the additional rate (45%) bracket. Otherwise please note that interest from the dozens bonds is treated as (and therefore taxed as) income at your normal tax rates depending on your annual income level.

Any tax-free allowances must take into account all interest you earn across any savings products, not just dozens bonds. Please note that we cannot give you financial or tax advice, and we are required to tell you by law that tax treatment (including ISA tax treatment) depends on your individual circumstances which could change in the future if your circumstances change."

If you have any further questions, or comments about the Trust Bonds, we’d be happy to hear from you via help@dozens.com or in our community at https://weare.dozens.com

Regards,

The dozens team

[anon99402360]

I feel like we made this happen.

[MRMR (Marcel Ruhf)]

Possibly, but this was only sent to successful bond holders (though I think our discussions made it clear that there would need to be some reassurance regarding that issue).

[anon20446743]

Any idea when the bidding process opens?

[Sendu (Sendu Bala)]

Just got a £10 gift from Dozens as a thank you for being an early user. Very nice of them!

For anyone who placed a £100 bid last month and was an early user, this is like getting 15% return on your “investment” in being a Dozens customer.

[Nsteer (Nathan Steer)]

@Sendu

Just got a £10 gift from Dozens as a thank you for being an early user. Very nice of them!

It was for people on the waiting list, not necessarily early users, I was in the first 100 users but had never been on the waiting list, so didn’t get £10

[adztaylor]

Yeah I received the £10 last night. I actually forgot about that offer so was a nice surprise this morning.

[rob_dozens (Rob)]

That is correct - thanks @Nsteer (sorry you missed out)

Back before December, when we had a waitlist, but no app and therefore no queue, we offered a £10 top up for those who had been waiting for 3+ months already by that point if they downloaded the app and created an account once we were live.

We waited for many of them (you?) to join and made the first round of payments yesterday.

This has nothing to do with when you got in the queue or downloaded the app, and not to do with how quickly you got your card.

[dudesuper (Si)]

Have received my £10 year thank you very much Dozens

[anon20446743]

What are the projected timelines on opening Joint Accounts?

[stefanocarlo (Stefano)]

Thanks for the £10 dozens! I completely forgot about it so it was a lovely surprise this morning. Moved straight into savings, just like dozens would like it

[rob_dozens (Rob)]

@stefanocarlo

Moved straight into savings, just like dozens would like it

[KyleRisi]

Thanks for my £10

[jgw2001 (john)]

Just want to point that Dozens does not compete with Monzo, the services Dozens provide is not provided by Monzo and vice verse.

With Dozen, you can not use it as a normal current account, there is no overdraft, standard interest on the current balance or ability for direct debits/standing orders…

However it is ideal for daily money management (put a fix money aside each month for spending), high interest saving and investment. I think Dozen is a great supplement to any existing current account rather than a replacement.

There is some complaints in the forum that Dozen is using this forum for advertising, then my advise to the Admin why the hell do they allow to have the forum in the first place and do they expect Dozen not to respond when individuals have issues.

There a multiple reasons why companies like Starling made the decision to shutdown their on forums.

[anon99402360]

@jgw2001

There is some complaints in the forum that Dozen is using this forum for advertising, then my advise to the Admin why the hell do they allow to have the forum in the first place and do they expect Dozen not to respond when individuals have issues.

I haven’t seen much complaining.

I think the Monzo forums are more of a community hub then the app is a banking hub. I really like the fact that other apps can do Q&A’s, talk to users and allay fears without reprimand. Monzo have got this 100% correct.

[anon72173902]

@jgw2001

There is some complaints in the forum that Dozen is using this forum for advertising

Where are said complaints?

[JustJordds (Jordan)]

@jgw2001

With Dozen, you can not use it as a normal current account, there is no overdraft, standard interest on the current balance or ability for direct debits/standing orders…

Well they literally went live 2/3 weeks ago - I think putting this statement out there wouldn’t be fair on Dozens.

For example:

I don’t have an overdraft on Monzo - does that mean that its not a “normal” current account
Monzo doesn’t pay interest on current balance - does that mean its not a “normal” current account.

They don’t have a banking license yes, but do offer FSCS protection through their partnered bank and are looking to obtain a banking license.

@jgw2001

There is some complaints in the forum that Dozen is using this forum for advertising

Where be these complaints?