Grow 1-3 years product

The graphic in the Your Money section of the app alludes to a Grow product designed for 1-3 year time horizons.

What is this product?

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Great question. It doesn’t exist in the Dozens app, yet!

In principle, the products that fall into these categories would be:

Now: Current account
Up to 1 year: Dozens Savings plc 5% p.a. bonds
1-3 years: Deposit products, including fixed term … so a 30/60/90 day account paying interest (that we cannot offer ourselves, but could be sourced from a partner)
More than 3 years: Investment funds including ETFs, multi-asset funds, etc. (the ideal here is obviously longer terms)
Retirement: SIPP / Pension

This graph is the early version of how Dozens wants to help give our customers a view of their money overall - so it will be partially based on Dozens balances, but can also include balances coming from, Open Banking in future.

We are working on both the product range and the analysis tools to help you get a better understanding of your overall wealth this way.

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Presumably fixed term accounts longer than 1 year if in the 1-3 years column?

That’s possible too, but that might have to be a different product.

You don’t necessarily hold money in a 90 day savings account for just short terms though. They tend to be longer term (several years) where you can afford the longer withdrawal terms for the added interest, so these would still suit 2-3 years where the short to middle term access to money is important, as opposed to investments. Do you agree?

However, that’s not to say that other options might not be available with that term in mind

Yes, but the same could be said for 1 year bonds (which currently occupy the up to 1 year column).
So perhaps the up to 1 year column is redundant.

True. However, the bonds are a 1 year product by definition. If you want to put money from one bond into another, it starts a new term.

In this case, the point is that <1 year is ‘instant’ (or easy) access but NOT current account (which we need to differentiate as the current account is e-money and your cash savings and bonds are held separately in an investment account).

As I say, this is the initial iteration of this graph and analysis which will soon, hopefully add further nuance to the analysis.

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