thanks for sharing this. its an interesting approach.
the 5% AER is very attractive, but my biggest concern is that bond allocation system prioritize smaller allocations. the higher rate is only interesting on a meaningful deposited amount, otherwise the £ value of interest is too small to make a difference.
as far as I understand, Zeux allow flexible deposit and withdrawal that is not limited to max investment size. so potentially i will have more certainty of my larger savings pot earning 5% p.a. fixed rate. if i ever get through their que that is…
Manged to get through Zeux que and had a chance to look through the app.
Of the bat, the cyptocurrency part in not that valuable to me as I currently do not own any. However, I can see how this could be useful for someone who wants to spend their Bitcoin in shops around London. Only drawback is that Zeux virtual visa card cannot be connected to Google Pay. I am using Pixel
Also had a chance to try out their 5% interest saving pot and so far have quiet liked it! The savings pot is obviously not under FSCS protection, but allows me to earn a significantly higher rate on my idle cash and some of my savings. I have tried withdrawing, and the money were back to my current GBP account almost instantly.
So far happy with Zeux app and will definitely recommend to my colleagues.
Only have been using Zeux for couple of days but as far as I can see the interest is paid daily. I did a quick test to withdraw my entire principal + earned interest and had no issues. The funds came back to my Zeux GBP wallet pretty much instantly. So far so good…
This is how I came across them, it does a decent job explaining their 5% savings pot
Didn’t realise there was so much chat since I’ve been away. I took out my £50 + Interest accumulated daily. - Withdraw all instantly, which was great. Have put it back in and added a couple of hundred. So far so good.
I emailed Zeux with the following questions 7 days ago. I didn’t receive a response. Can anyone here shed any light?
I am interested in your app as a potential customer. I have not yet opened an account. I wanted to ask a few questions first:
Your FAQ mentions “Client fiat funds are stored in a segregated account held with an FCA authorised and regulated Electronic Money Institution”. Which Electronic Money Institution do you use and which bank holds the segregated funds?
I am interested in your Flexible Money Account, which I understand is a crypto-based product rather than a fiat product ( https://medium.com/zeux/how-to-earn-5-aer-in-a-flexible-money-account-93184c20951a ). Is there any safeguarding of crypto-based client funds that prevents the funds being available to creditors in the event that Zeux goes bust? i.e. anything similar to the safeguarding of the client fiat funds?
What fiat-based products do you offer? At the moment, I can only see crypto-based products (I have been looking at your Medium blog).
For question 1, the sort codes are for Modulr FS, who are indeed registered as emoney agent for Zeux. As an aside, they’re also registered for dozens (Project Imagine, the parent company)
Of course, your GBP fiat is actually converted into BGBP stablecoin when you add money to the pot, so you’re getting a stablecoin secured somehow against two companies…
For question 3, it looks like they don’t offer any fiat products at all.
The whole model seems to be based on either immediately converting fiat to coin somehow - no idea how (BGBP stablecoin) or taking custody of your crypto (Bitcoin, Ethereum), presumably to circumvent all the requirements that would come with holding fiat and taking advantage of the cheap the disintermediation you get with coins. Then Zeux pays interest on the coin and again somehow pays out GBP when you withdraw from the BGBP product.
The app initially advertised Ratesetter P2P “coming soon”, but that has changed to “P2P Account”, so I wouldn’t hold my breath.
I took out my £50 + Interest accumulated daily. - Withdraw all instantly, which was great. Have put it back in and added a couple of hundred. So far so good.
