Have they got or applied for uk banking licence?
In short, yes they will be applying to become a bank.
Longer version: @rob_dozens answered my question on that on their community:
Sorry to hear you’ve had some delays in your registration.
The technology for scanning and uploading the documents is fairly advanced and as such there are always some issues with integration, but it means that we can capture and check the document and also do some OCR at the same time, to save you effort.
At the same time, we are having to be particularly stringent with our checks. It is important to us, but also because we are offering an integrated solution that will include not just current accounts but also savings and, eventually, investments. It means that there are some extra checks in the onboarding stages and this may be adding some delays in certain circumstances.
If you’ve uploaded documents, we will check these and if we need any more we will get in touch.
As is mentioned elsewhere, these are still early days, so we’re very grateful for all the interest, but there is also no immediate rush since this gets you into the queue but it will still be a few days, or more, before we can give more people access to the app services.
Hope that makes it clearer, and thanks again for making the effort. I do hope you consider re-installing it in the future.
Regarding the bonds, so 5% interest I have a question. If I put £200 in, will the value of it increase or decrease - I’ve heard bonds are equivalent to shares. Will my £200 I’ve put in be guaranteed to stay there, and not decrease in value?
I can’t speak for Dozens, but I think I remember from the Podcast that they are guaranteeing the return for the first year (putting 105% of your deposit in a separate account that’s ring fenced in case bad things happen to the company). The CEO did say that that wasn’t scalable, so I’m not sure what the future solution is, though.
(I’m sure @rob_dozens will be able to confirm properly one way or another, though).
Even if I do reinstalled the app, the click button to re upload does not work
Bonds are a different beast to what the majority of people know as “investments”. There are some excellent products out there that the majority just cannot afford. Dozens is looking to be the link man
As stated above, for the first year at least your money will be guaranteed. There will be capital in a trust to ensure that you do not lose out…a trust to build trust!
If you haven’t listened to the podcast yet I would recommend it
dozens are offering a 5% fixed return - so the amount you get back will not vary. In addition, you can start with only £100 and if you need to take the money out before the 12 months are up, you can do that and keep the monthly interest paid to date.
We are putting aside an equivalent amount of each issuance in a trust so that you will always get your money, and interest due, back should anything untoward happen.
Hope that clarifies matters
correct - if you have gone through the process already, we already have your documents and application so just sit tight and we’ll check these and get back to you
If that’s the case then why send out a message that document is not accepted
Awesome, thanks. Is this even after the first year?
And after the first year, you have to leave it in for the whole year to get the returns?
This answers your question mate… ill give you an example if youre unsure how interest actually works:
You have £100 in and take it out after 3 months
- You’ll earn 5% per year which then divided by 12 will give a monthly interest rate of 0.41% (roughly)
- therefore in this example of £100 withdrawn after 3 months youd have earned £1.25ish interest for those 3 months for having your £100 left in for 3 months which is yours to keep but not earn any new interest after this if you take all your money out
Thanks. Just wondering how long it will be fixed for as someone said it was just the first year.
Pretty new to all of this as you can tell!
On the podcast it was stated that the trust set up to protect the money in bonds would last a year. There is scope for this to extend, depending on uptake.
The return from the savings bond could fluctuate and once the money is not in the trust (currently after a year) you could in theory lose money. I suggest you look into investment products if you have not already done so
The point made by Dozens is that the bond they are using is normally for high rollers and as an individual, it would require a large investment. This type of product tends to have good returns, the rich always get richer
Podcast is well worth listening to, if you have the time
As I said above
I do have an update here, I just got a nice email from rob. Apparently my ID was rejected for some reason…and he asked me to email the pic which I have just done…
Let’s see what happens…there should be no reason for refusal as fully valid passport and id card been sent
Any idea how long it normally takes for Dozens to verify identity documents? I uploaded around 3.20pm on Friday and still getting the ‘We’re just verifying who you are - this takes a few minutes’…
Also, I’m not sure if I’m being really really forgetful with the 5 digit passcode (5 digits - I’m so used to 4 or 6 digit passcodes or unlimited length passwords?) but I’ve had to reset it twice now… Once the app kept prompting for a +34 (IIRC) country code with no way of changing that.
I think you’re behind me in that queue.
Update: I should’ve checked the app first. I guess they are ploughing through them this morning.