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

Just saw this one online

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


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.


That does look interesting :+1:t2:

1 Like

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


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?

1 Like

That’s my big worry!

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


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

1 Like

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:

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:


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

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


@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.

1 Like

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 ?

1 Like

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.

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:


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.

1 Like

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:

1 Like

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.

Project Imagine (dozens) will be in direct competition with fully digital banks such as Starling, Monzo or Atom.

These have managed to have an impact in the industry, but are nonetheless struggling to maintain a momentum, so their market share is considered by many not big enough to present a threat to traditional high street banks.

“We want to be a mix of Monzo, Nutmeg and Moneybox, all in one, which means a digital current account, savings and investment all in one, with heavy focus on personal finance management (PFM),” the CEO tells FinTech Futures. “We want to encourage savings and money management, and help people get out of the overdraft/over-spending loop – hence we will offer 3.14% in deposits from the start.”

According to the CEO, the bank will launch in Q4 this year with an e-money licence, and will be looking to acquire a banking licence some time in 2020.

Emphasis mine.

Very interesting development with a stacked team. I’m curious as to who’s financing Project Imagine to have a product launch ready seemingly out of nowhere.


Is anyone else having problems with the email sign up form?