These are all valid and useful feedback, thanks @o99 and @gt94sss2.
We do accept that, at present, there is not enough clarity regarding GIA vs ISA cash savings and interest in the Grow section. We are actively working on a fix for this so that you have all the information you could need. Here are some details on what is happening:
ISA and GIA statements
This section of the app was working, but we needed to upgrade it to be able to offer you separate GIA and ISA statements alongside your current account exports. This work is still ongoing and unfortunately this button has therefore been disabled. It will be back so that you will be able to review all the separate balances, interest payments and money movements in the near future. We apologise for the delay but we trust that the great new functionality will be worth the wait.
In the interim, you can calculate how much has been invested in your ISA by totalling the sums you have successfully bid for bonds (where you asked for these to be in an ISA wrapper). The interest that is paid on these does not count towards your annual “subscription” as long as you do not remove it and then reinvest it.
Any remaining balance (any money you have transferred manually, via rules or round-ups) will remain within the GIA until it is invested.
In the interim, if you have any questions on your balance, or whether a particular bond is within your ISA or GIA, then do get in touch via customer service and our team can send you a personalised report as we are able to work this out for you.
Bidding for Bonds
The app does not currently allow you to manage your ISA and GIA cash savings separately. This means it is not possible to allow users to choose which of their pots to use for investments.
Because of this, we prioritise moving funds for any new bid from funds you add from your GIA. This means a new bid for bonds is a movement in to your ISA (if selected). If there are insufficient funds for the full amount then we will use your ISA funds as well rather than ask you to add more.
If you withdraw money from your cash savings to your current account, we also prioritise your non ISA funds for this so your ISA funds stay within the wrapper as long as possible. If you withdraw your full balance, or there is not enough, then you would be withdrawing your ISA balance.
In the near future it will be possible to manage these funds separately.
Grow vs Invest
Grow was created to hold your cash savings in order that you could make different kinds of investments. The reason Dozens can offer you our OWN investment products is that we have an e-money licence (so you get your debit card for spending, and you can know that your money is ring-fenced) and our MIFID licence (so we can sell you investments, and manage your money for this purpose).
We therefore need you to have money in this account to bid for bonds or invest in ETFs, and to pay any bond interest payments back into.
The reason that bonds appear in Grow, as opposed to Invest is to separate two very different kinds of risk. While your capital is at risk with any investment, there have been some very specific steps we have taken to minimise this risk for the Dozens Fixed Interest Bonds. We want to make sure that no-one is confused about the risk of other investments. In particular, you need to go through our risk assessment questionnaire to use the Invest section, but not to buy the fixed-interest bonds, and therefore it is better to keep these separate.
In addition, there will soon be other options for cash savings that will appear in Grow.
Hope you don’t mind the long and detailed reply, but hopefully this clarifies the situation.